“The Rich needs to pay their fair share of TAXES” the nanny state groups usually shout.
They seem to completely ignore a few facts.
The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.
First let’s point out that 400 people paid taxes on 345,000,000 dollars for 1 year — 58,650,000 in taxes. (thanks for the catch Perlhaqr)
Over the same period, the average federal income tax rate for all taxpayers declined to 9.3 percent from 9.9 percent.
My quick computation puts the “rich” at paying 82% more in taxes than the average.
There are so many breaks that 45 percent of U.S. households will pay no federal income tax for 2010, according to estimates by the Tax Policy Center, a Washington think tank.
They also ignore the fact that many people don’t pay income tax. Have you heard of them calling for that 45% to contribute their fair share?
More than half of the nation’s tax revenue came from the top 10 percent of earners in 2007. More than 44 percent came from the top 5 percent. Still, the wealthy have access to much more lucrative tax breaks than people with lower incomes.
Obama wants the wealthy to pay so “the amount of taxes you pay isn’t determined by what kind of accountant you can afford.”
I think a more accurate statement of President Obama desires would be “He wants the wealthy to pay.” Period.
Those “lucrative tax breaks” are designed to benefit the country by providing charity and capital for companies to create jobs so those people paying nothing in income taxes can work.
President Obama, like many other “Tax them until they bleed liberals” isn’t willing to give up his income beyond what it takes to feed, shelter and clothes his kids.
And Vice President Biden — yeah, there is a real compassionate guy – less than $5,000 in charitable contributions.
Have to hand it to Senator Hatch — great quote
Sen. Orrin Hatch of Utah, the top Republican on the Senate Finance Committee, said he has a solution for rich people who want to pay more in taxes: Write a check to the IRS. There’s nothing stopping you.
“There’s still time before the filing deadline for them to give Uncle Sam some more money,” Hatch said.
So, what do you think is a fair percentage of their money each person gets to keep?
Please join the discussion.
Edited to Add — Jake at Curse Foiled Again also posted on this article….and did a better job at it.