Posted on 11/13/2008 4:20:54 PM PST by NCjim
During the presidential election campaign many were dumbfounded upon hearing for the first time that at least a third of Americans pay no income taxes whatsoever. The Tax Foundation notes that in 2006, 45.6 million filers (33%) paid no income tax whatsoever. Under current law, in 2009 47 million filers—representing approximately 96 million individuals— will pay no income tax.
The Foundation maintains that under Obama's tax plan 63 million filers— representing 44% of all returns— will pay no income tax. In contrast, in 1985, just 16.5% of filers paid no income tax.
It appears Obama wasn't kidding about redistributing the wealth, although he appears to be somewhat late to the game.
At the other end of the spectrum, IRS data show that in 2006 the top 10% of all filers ( $109,000 and above in taxable income) paid 71% of all income taxes. The top 25% ( $65,000 and above) paid 86% of all income taxes.
Exempting huge swaths of the populace from the income tax burden while piling that burden on a shrinking cohort is a prescription for economic, political and social dysfunction.
Eventually, even fans of steeply progressive taxation might be compelled to ask, "Do the top 25% of filers really access/consume 86% of all government services?" Obviously, the relationship between government and citizen isn't a retail one, but we shouldn't be surprised if the imbalance displayed by the above figures begins to prompt such unvarnished questions around kitchen tables across the country.
Sure, many of those who don't pay income taxes still pay excise, payroll, etc. taxes. But income taxes represent the biggest tax bite by far. The anger and resentment at bailing out Wall Street, Detroit, etc. isn't going to be dampened by the belief that nearly half of Americans won't be doing much bailing at all.
bttt
Atlas shrugs when the producers go on strike and refuse to produce for the looters and the moochers.
Not only do I pay much more than my “fair share,” I’m vilified while I do it.
(Join Operation Thrift)
The shrinking percentage of taxpaying Americans is a very dangerous trend. Eventually, as Tytler observed, the non-taxpaying masses will vote themselves largesse from the public treasury, and us “rich” folks (aka “taxpayers”) will be outvoted, out-represented, and outnumbered. And the nation will be insolvent.
If you have earned income, you should pay taxes — something, anything.
At what point do we invert the Founders’ cry to “no representation without taxation”? But of course, that will never happen.
How about this: If you receive more money from the federal government — either by interest income or wealth redistribution — than you pay in, you don’t vote.
Not sustainable.
Sounds like a plan!
Articles like this that show who ISN”T paying taxes are nice, but they are incomplete without the really surprising figure: the top 1% of incomes are paying 40% of the income tax. It should ask the obvious question — “How difficult/easy would it be for that top 1% to opt out?” Because there is no way the remaining 99% can pick up the slack. That would require almost doubling all their taxes.
I don't see anything happening yet.
Zimbabwe still hasn’t hit rock bottom.
It doesn’t matter if he shrugs or not. There are a billion Chinese and another billion Indian guys willing to take up the slack.
In fact, they’re standing around chanting, “SHRUG! SHRUG! SHRUG!”
Marker BUMP!
Wat’s operation thrift
“The government is actively bailing out anyone who has been irresponsible. All of the people who have behaved responsibly are being forced to give their wealth away to people who specialize in pissing wealth away.”
Very true. I wonder how Toyota, Honda, Hyundai, BMW, Mercedes and all the other solvent automakers who have plants in the U.S. (and their many employees) feel about bailing out their uncompetitive, failing counterparts?
Up until 1933, there was an instrument called "the pauper's oath". If you were on any form of public assistance, you were required to sign that document and give up your right to vote until you were producing again.
The Great Depression killed it, and then the 26th Amendment finished it off for good.
What’s operation thrift?
Ping.
That's the part that really pisses me off... It's bad enough to take a lot more from me, but to then turn around and call me a thief and liar and slaver because I run a business? Well, if you don't like what I do then keep your hands off the results of what I do...
It's like those early "abolitionists" who publicly decried slavery, but were more than happy to make money off of building and repairing slaver ships...
Hypocrisy, thy incarnation is Obama!
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