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The Top 1% Of Income Earners Now Pay More Income Taxes Than The Bottom 95% Combined.

Posted in Politics5 years ago • Written by Defender Of LibertyNo Comments

Fair Share
“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.” – Winston Churchill
“Do we go forward towards a new vision of an America in which prosperity is shared? Or do we go backward to the same policies that got us in the mess in the first place? I believe we have to go forward.” – Barack Obama

“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.”  – Thomas Jefferson

     The United States of America is suffering under the constant barrage of Marxist class warfare rhetoric aimed at confiscating money from the producers to redistribute to the takers. We have heard ad nauseum about how the “rich” must pay their “fair share.” Who are the “rich” people? What is the definition of “fair” and “fair share” for the big government politicians that inhabit Washington, DC? I’ve yet to hear from the ruling socialist, Barack Obama, why we need to raise taxes on the “rich” other than they need to pay their “fair share.”            

     In America today, the majority of people pay no federal taxes.  According to the Tax Policy Center, 47 percent of all wage earners “pay no federal income taxes at all in 2009. Either their incomes are too low, or they qualified for enough credits, deductions, and exemptions to eliminate their liability.” Are these people paying their fair share? How about the wage earners who claim the Earned Income Tax Credit (EITC), are they paying their fair share?             

     The EITC is the largest welfare program in the U.S.  Currently, 23 million people who file returns to the Internal Revenue Service receive checks under the EITC totaling $44 billion. Are the wage earners that pay no federal taxes and receive money at the end of each year paying their fair share?

     According to the Tax Foundation’s fiscal report, the greater majority of income taxes are paid by the top 10 percent of earners. The data compiled by the Tax Foundation reveals that the “rich” pay disproportionate amount of total taxes in the U.S., period. The following is from the Tax Foundation’s fiscal report:
“The top 1% of income earners (1,410,710 people) pay 40.42% of all income taxes in the United States. The top 2.5% (5,642,839 people) pay 20.20% of total income taxes, while the top 5% (a combined 7,053,549 people) pay 60%. The top 10% as a whole pays 71.22%, while the bottom 50% of taxpayers account for only 2.89% of all income taxes.”

     How much more of the earnings of the top 10 percent does the federal government need to confiscate to satisfy the Democrats? How big does the tax burden on the “rich” have to be to reach the “fair share” that the party of big government speaks of ad nauseum?            

     If the federal government taxed every millionaire at 100 percent, it would only generate enough money to operate the federal government for two and a half months. Of course, this is why the new number of $250,000 has been used as the number that triggers the highest tax rate to confiscate more money from the “rich.” In 2006, the U.S. Census Bureau reported that there were only 2.2 million households that made over $250,000 a year, which means even if the federal government taxed the $250k club at 100 percent, it would be a drop in the bucket and might fund the federal government for an additional month on top of the two and a half months of funds confiscated from the millionaires.            

     There is no possible way that taxing the “rich” is going to balance the budget and reduce the deficit. The problem that plagues America is the lack of fiscal responsibility by politicians and fed gov bureaucrats. The sole reason Obama and the Democrats want to “tax the rich” is to confiscate more money to give to their voting blocs. “Democrats are the Party of Government. They feed it, and it feeds them. The larger government becomes, the more agencies established, the more bureaucrats hired, the more citizens receiving benefits or checks, the more deeply entrenched is the Party of Government.” (Buchanan) The Party of Government depends on the takers for their power, so they constantly talk about the “rich” paying their “fair share,” but the “rich” do not have enough money to fund federal government operations and pay for the handouts.

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