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Wednesday
Mar312010

The Rich Are Getting Fleeced, Regardless Of What Biden Says

Joe Biden says that taking from the rich and giving to the poor is just fair. Let's take a look at what percentage of taxes various income groups pay. You decide what fair is:

To be clear, the Top 1% earns 22% of the total income, but pays 40% of the income tax. Next time you hear some disingenuous Democrat moron (Biden) saying the rich don't pay enough, keep these stats in mind. It's an outright lie.

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Reader Comments (7)

It's the Left's go to play. The only way to increase the dependent class is to soak the rich to pay for it. I think we'll see taxes on this group of folks go up another 25% before he leaves office.

March 31, 2010 | Unregistered Commenterwesjones

Yeah, looks like screw the rich guy is going to be taken to a whole new level.

March 31, 2010 | Unregistered CommenterMonte Hall

Obama and Biden won't be happy until the top 10% pay 100% of the taxes. Afterall, that leaves 90% of the population not paying taxes, thereby developing a large Democrat voting base.
Of course, this all falls apart when the Ayn Rand effect takes place and most of the top 10% decide is isn't worth it.

April 1, 2010 | Unregistered CommenterBruce

Learned some more facts as I looked into this subject further. According to The Tax Foundation;

http://www.taxfoundation.org/taxdata/show/250.html

posted July 30, 2009 using data through 2007:

"The top-earning 25 percent of taxpayers (AGI over $66,532) earned 68.7 percent of the nation's income, but they paid more than four out of every five dollars collected by the federal income tax (86.6 percent). The top 1 percent of taxpayers (AGI over $410,096) earned approximately 22.8 percent of the nation's income (as defined by AGI), yet paid 40.4 percent of all federal income taxes. That means the top 1 percent of tax returns paid more in federal individual income taxes than the bottom 95 percent of tax returns."

What is wrong with this picture? Where is the "fairness"? How do they get away with this policy? I hear every rich liberal say this progressive tax policy is fair and they think they should pay more. Well they can, just write out a check from your bank account to Uncle Sam and give him your money. They won't ask any questions.

We must abolish the current income tax and move to a flat tax, exempt the poor if that makes the bleeding hearts happy. Just make the system fair.

B-rude

April 1, 2010 | Unregistered CommenterB-rude

One more thing your audience may already be aware of but just dumbfounded me when I read about this fact; "50% of the eligible income tax payers in this country pay NO tax at all." That's right zero, in fact they probably get a check from Uncle Sam in the form of a "tax credit" for being such a slacker.

April 1, 2010 | Unregistered CommenterB-rude

That's great stuff B-rude. Welcome to the board. Always good to have another well-considered opinion to take in.

April 1, 2010 | Unregistered CommenterTurd Ferguson

B-rude you are dead on. Think about this, what if the federal deficit this year was added in proportion to the current income tax levels. In other words, what if 40.4% of the 2010 federal deficit were added to the federal income taxes of the top 1%. Deficit spending is in effect an additional, hidden tax. Wouldn't this calculation result in a "real" tax rate? And how obscenely high would it be?

The left's old stanby play of taxing the rich is akin to Soylent Green. For those unfamiliar, it was a great 70's movie with Charlton Heston about the future. The world was overpopulated and rife with hunger. A miracle food, Soylent Green, was being made supposedly from the oceans to feed the masses. But it was a lie, the oceans were dying, and Soylent green was being made from people.

Today they libs can talk all they want about paying for their programs by taxing the rich, but it's getting to a tipping point where spending is so out of control that taxing the rich can't pay for it all. For example, in 2007 the top 5% of earners had combined AGI of $3.2 Trillion and paid federal taxes at a 20% rate. Based on the 2010 federal deficit of about $1.6 Trilion the top 5% of earners would need to have their federal tax rate go up to 70% to balance the budget. Maybe when Obamacare, Cap & Trade, and the Student Loan program's costs kick in we can get it up to 100%. Wouldn't that be great?

April 1, 2010 | Unregistered CommenterHerb Tarlek

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