For example, we all know that the rich are getting away with paying too little in taxes and that the lower income earners are paying a disproportionate share. We also know that lower taxes are bad because they lower federal revenue.
Let’s check out the facts. The top 1% of earners with incomes over $388,000 a year pay 40% of all income taxes (while earning 22% of all income), that is the highest it has been in 40 years. The top 10%, those earning over $108,000 pay 71% of all taxes.
Looking it at another way, the bottom 50% of earners pay 2.9% of taxes while the top 50% pay 97.1%
Taxes paid by millionaires more than doubled between 2003 and 2006, a period when tax cuts were put into effect. :-2
So, is the tax system fair? Should we soak the rich more?
One has to wonder if a politician promises he will cut the taxes for lower wage earnings, how much lower than 2.9% it should go.
How much more are you willing to pay in taxes to help the lower 50% pay less (or nothing)? :rolleyes:
And who are all those millionaires, they are people who earned the money rather than inherited it.