Rich people pay taxes
It seems to me that there is a real
problem in America today with people not knowing who is footing the
bill for government. Without the wealthiest Americans our government
would not be able to provide all those entitlements the bottom 50% of
Americans enjoy. Here are the simple facts from the IRS using 2006 tax
data (most recent data I could find).
The top 1% of Americans with an adjusted gross income of $388,806 pay 40% of all income tax collected by the internal revenue service. The top 5% of Americans with an adjusted gross income of $153,542 pay 60% of the income tax. That happens to be the top two tax brackets in the American tax code. I tend to think anyone making over $153,542 a year is rich in my book. That is not a middle class income when you consider the fact this is an adjusted gross income so it's their true income minus deductions. The top 10% of Americans with an adjusted gross income of $108,904 (a nice income to bring home) pay 70% of the income tax.
So the top 10% of all tax paying Americans end up footing 70% of the bill which means the other 90% of us contribute only 30%. In fact the top 50% of tax paying Americans pay in 95% of all taxes. So why is it people say it's the middle class that are the ones that support the economy? Why is it people feel the rich aren't paying their fair share? The fact is when you let mob rule control your reasoning you will always end up taking advantage of the people in the minority. In this case the minority happen to be the wealthy.
Obama likes to call out the people making $250,000 and above but there is no tax bracket for people making that amount. What he isn't telling you is that it will be people making $170,000 and above in 2010 feeling the pain instead of the rest of us. That's because he will allow the Bush tax cuts to run out and the people in the two highest tax brackets will see their tax rates increase. Is this really fair? Does this promote trying to be successful in life? I tend to think we need to encourage and inspire the uncommon man and it's clear the Liberals in Washington are not.
Source
The top 1% of Americans with an adjusted gross income of $388,806 pay 40% of all income tax collected by the internal revenue service. The top 5% of Americans with an adjusted gross income of $153,542 pay 60% of the income tax. That happens to be the top two tax brackets in the American tax code. I tend to think anyone making over $153,542 a year is rich in my book. That is not a middle class income when you consider the fact this is an adjusted gross income so it's their true income minus deductions. The top 10% of Americans with an adjusted gross income of $108,904 (a nice income to bring home) pay 70% of the income tax.
So the top 10% of all tax paying Americans end up footing 70% of the bill which means the other 90% of us contribute only 30%. In fact the top 50% of tax paying Americans pay in 95% of all taxes. So why is it people say it's the middle class that are the ones that support the economy? Why is it people feel the rich aren't paying their fair share? The fact is when you let mob rule control your reasoning you will always end up taking advantage of the people in the minority. In this case the minority happen to be the wealthy.
Obama likes to call out the people making $250,000 and above but there is no tax bracket for people making that amount. What he isn't telling you is that it will be people making $170,000 and above in 2010 feeling the pain instead of the rest of us. That's because he will allow the Bush tax cuts to run out and the people in the two highest tax brackets will see their tax rates increase. Is this really fair? Does this promote trying to be successful in life? I tend to think we need to encourage and inspire the uncommon man and it's clear the Liberals in Washington are not.
Source
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