The Senate passed an extensive tax cut last week, and as usual, Sen. Clinton opposed it. She resorted to calling the bill "a fiscally unsound and unbalanced package that will mostly benefit the wealthiest American," which is the typical, tired Democrat description of most all tax cuts. But as usual, this liberal canard completely misses the point, as our nation’s tax code is such that the richest pay the most to the federal government coffers, by far.
For example, America’s top 1% earners pay 34.27% of all income taxes and the top 5% pay over 54% of all income taxes, while the bottom 50% pay just 3.46% of all income taxes. In other words, since lower-income Americans hardly pay anything in taxes, relatively speaking, a fair tax cut would largely benefit those who pay the most in the first place. Hillary also called the tax cut "shortsighted," but these GOP-led tax cuts are undeniably helping the overall economy. How? For one thing, by increasing tax revenues. The Wall Street Journal recently reported that the federal government ran a monthly budget surplus of $118.85 billion in April, which was far stronger than the same time last year. And the Bush tax cuts have led to years of steady economic growth and low unemployment, no thanks to Hillary and her Democrat cohorts. In fact, if it weren’t for the Republican tax cuts, Hillary’s 2000 campaign promise to magically create 200,000 new jobs for upstate New York would have probably fallen even shorter than the 230,000 it actually did.