Comments on: McCain, praising Texas leaders, almost “forgets” Bush http://blogs.reuters.com/talesfromthetrail/2008/06/16/mccain-praising-texas-leaders-almost-forgets-bush/ Tracking U.S. politics Wed, 16 Nov 2016 03:39:51 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: OK Jack http://blogs.reuters.com/talesfromthetrail/2008/06/16/mccain-praising-texas-leaders-almost-forgets-bush/comment-page-1/#comment-363896 Tue, 17 Jun 2008 23:20:02 +0000 http://blogs.reuters.com/trail08/2008/06/16/mccain-praising-texas-leaders-almost-forgets-bush/#comment-363896 The three paragraphs that follow, Mr. & Mrs. Reader, are all I want Mr. McCain to remember about Texas…er…t-a-x-e-s, I’m sorry!

AMENDMENT XVI
Passed by Congress July 2, 1909. Ratified February 3, 1913.
Note: Article I, section 9, of the Constitution was modified by amendment 16.
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.

Between 1913 and 2008, inflation has been roughly 2,000%, i.e., you must have $20 in your pocket today to purchase what $1 bought an American 95 years ago. If you as a taxpayer had lived in 1913, you would have paid ZERO INCOME TAX on the first $3,000 of your annual income (for married couples, the exemption was $4,000). Adjusted for inflation, that is $60,000 today ($80,000 for married couples). The bottom tax rate was 1% in 1913, and the top rate was 7%, the top rate being applicable to multi-millionaires only, i.e., those earning $500,000 or more…$10,000,000 or more per year in 2008. The 2% rate was applicable to those earning $400,000 in today’s dollars!

What the preceding tells all of us is that the federal income tax was NEVER INTENDED to apply to the middle class or working class folks like you and me…but only to the privileged class of multi-millionaires. The super privileged class of billionaires have been avoiding the income tax since 1913 by putting their billions in trusts. Lastly, the income tax was meant to collect money from the privileged few in order to pay America’s bills.

One can’t argue with the facts. However, politicians will continue to fabricate their own “facts”, i.e., whatever “facts” suit the occasion. The first generation Texan with his true roots in New England is a prime example of that sort of politician. Something tells me that Mr. McCain may be headed in the same direction, even though he voted against “Texas Taxes” in 2001.

OK Jack

P.S. Source: http://en.wikipedia.org/wiki/Revenue_Act _of_1913

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By: D Davis http://blogs.reuters.com/talesfromthetrail/2008/06/16/mccain-praising-texas-leaders-almost-forgets-bush/comment-page-1/#comment-363889 Tue, 17 Jun 2008 21:12:40 +0000 http://blogs.reuters.com/trail08/2008/06/16/mccain-praising-texas-leaders-almost-forgets-bush/#comment-363889 Oh come on now. He was standing there surrounded by senators. He was a close friend of the late John Towers and he and Phil Gramm were best buddies in the Senate. He and Hutchison have been on the Armed Services Committee and later the Commerce Committe for years and they have traveled together overseas. He was talking about great Texas senators and he’s right. Texas has indeed had some great ones. There really is less here than meets the eye.

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