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Eat the rich! Not so fast.
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<blockquote data-quote="moreluck" data-source="post: 883066" data-attributes="member: 1246"><p><span style="font-family: 'Arial'"><span style="font-size: 15px"><strong><u><span style="font-family: 'Garamond'">Millionaires & Billionaires</span></u></strong></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"><span style="font-family: 'Garamond'">But as for taxes, let’s please remember who does “pay the freight” in the US these days… and it is not the lower half of the nation’s income earners, it is the very upper reaches of income earners who pay not only their “fair share” but a huge and rising portion of everyone else’s The top 1% of income earners pay roughly 40% of all federal income taxes and the top 5 percent pay approximately 70% of the federal income taxes. On the other hand, the bottom 50% of wage earners pay only 3% of the nation’s taxes and even that is somewhat distorted for the bottom 47% of American households pay no federal income tax at all. They are net takers of money from the system, while the top 53% are the net givers. </span></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"><span style="font-family: 'Garamond'">Bowing then to the data from the Tax Policy Center the numbers are as follows: The bottom 20 percent of the nation’s households pay -3.8% of the nation’s taxes, and yes, that is a negative number, for they are the beneficiaries of “earned income tax credits” that eliminate all of their tax liabilities and have money sent to them from Washington. Interestingly, the next 20% does even better for they pay -4.3%, and we can only imagine that that is because the 2nd 20% are likely better educated and know how to use the system just a bit better than the first. But at any rate, the bottom 40% of the nation’s households are net takers of money from Washington. Quite honestly, we do not perceive that to be terribly wrong for these are the poor and having the poor pay taxes is probably wrong on any front. We shall grant that and we shall move on. We do indeed have a liberal bone in our otherwise conservatively constructed body, contrary to popular belief.</span></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"><span style="font-family: 'Garamond'">The middle quintiles with an average income of $44,000 pay 3.9% of the total federal income-tax revenue and at this point we are still, effectively, “in the hole” when it comes to taxes, for remember, quintiles 1 and 2 pay negative income taxes </span></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"><span style="font-family: 'Garamond'">It is only when we reach the fourth quintile, with incomes up to $102,000, do taxes begin to add up, for this quintile pays 15.1% of the total taxes. Doing the math thus far, we are at total taxes of approximately 11%; 80% of the nation’s households pay just 11% of the total tax revenues, leaving the top 20% of the nation’s households to pay the rest! This in and of itself is amazing, and it something that President Obama shall never take the time to explain to his constituents… he should of course, but he won’t.</span></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"><span style="font-family: 'Garamond'">.</span></span></span></p><p><span style="font-family: 'Arial'"><span style="font-size: 15px"><span style="font-family: 'Garamond'">And even here, the tax receipts are skewed monstrously upward, for the up 0.1% of all income-earners pay 16.4% of all federal income taxes and that is really quite a extraordinary number for this group pays as much to the government in taxes as the bottom 80% pays collectively. It is the “millionaires and billionaires” who do indeed pay their fair share of the nation’s taxes… theirs, and the fair shares of those below them and yet it is they who are vilified by the President and his compatriots on the Left. We just thought everyone ought to know.</span></span></span></p></blockquote><p></p>
[QUOTE="moreluck, post: 883066, member: 1246"] [FONT=Arial][SIZE=4][B][U][FONT=Garamond]Millionaires & Billionaires[/FONT][/U][/B][/SIZE][/FONT] [FONT=Arial][SIZE=4] [FONT=Garamond]But as for taxes, let’s please remember who does “pay the freight” in the US these days… and it is not the lower half of the nation’s income earners, it is the very upper reaches of income earners who pay not only their “fair share” but a huge and rising portion of everyone else’s The top 1% of income earners pay roughly 40% of all federal income taxes and the top 5 percent pay approximately 70% of the federal income taxes. On the other hand, the bottom 50% of wage earners pay only 3% of the nation’s taxes and even that is somewhat distorted for the bottom 47% of American households pay no federal income tax at all. They are net takers of money from the system, while the top 53% are the net givers. [/FONT][/SIZE][/FONT] [FONT=Arial][SIZE=4] [FONT=Garamond]Bowing then to the data from the Tax Policy Center the numbers are as follows: The bottom 20 percent of the nation’s households pay -3.8% of the nation’s taxes, and yes, that is a negative number, for they are the beneficiaries of “earned income tax credits” that eliminate all of their tax liabilities and have money sent to them from Washington. Interestingly, the next 20% does even better for they pay -4.3%, and we can only imagine that that is because the 2nd 20% are likely better educated and know how to use the system just a bit better than the first. But at any rate, the bottom 40% of the nation’s households are net takers of money from Washington. Quite honestly, we do not perceive that to be terribly wrong for these are the poor and having the poor pay taxes is probably wrong on any front. We shall grant that and we shall move on. We do indeed have a liberal bone in our otherwise conservatively constructed body, contrary to popular belief.[/FONT][/SIZE][/FONT] [FONT=Arial][SIZE=4] [FONT=Garamond]The middle quintiles with an average income of $44,000 pay 3.9% of the total federal income-tax revenue and at this point we are still, effectively, “in the hole” when it comes to taxes, for remember, quintiles 1 and 2 pay negative income taxes [/FONT][/SIZE][/FONT] [FONT=Arial][SIZE=4] [FONT=Garamond]It is only when we reach the fourth quintile, with incomes up to $102,000, do taxes begin to add up, for this quintile pays 15.1% of the total taxes. Doing the math thus far, we are at total taxes of approximately 11%; 80% of the nation’s households pay just 11% of the total tax revenues, leaving the top 20% of the nation’s households to pay the rest! This in and of itself is amazing, and it something that President Obama shall never take the time to explain to his constituents… he should of course, but he won’t.[/FONT][/SIZE][/FONT] [FONT=Arial][SIZE=4][FONT=Garamond].[/FONT][/SIZE][/FONT] [FONT=Arial][SIZE=4][FONT=Garamond]And even here, the tax receipts are skewed monstrously upward, for the up 0.1% of all income-earners pay 16.4% of all federal income taxes and that is really quite a extraordinary number for this group pays as much to the government in taxes as the bottom 80% pays collectively. It is the “millionaires and billionaires” who do indeed pay their fair share of the nation’s taxes… theirs, and the fair shares of those below them and yet it is they who are vilified by the President and his compatriots on the Left. We just thought everyone ought to know.[/FONT][/SIZE][/FONT] [FONT=Arial][SIZE=4][/SIZE][/FONT] [/QUOTE]
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