Posted on 08/04/2009 8:01:58 PM PDT by Turret Gunner A20
Well, folks. The figures are out. The latest numbers from the IRS have hit the mean streets --- and guess what? The rich still aren't paying their fair share! Well .. that will be the liberal line, but since you're reading the Nuze YOU are going to know the truth. So here it is .. the latest figures from the year 2007, according to the Tax Foundation.
The top 1% of taxpayers officially paid 40.4% of total federal income taxes. This is the highest percentage in modern history. Compare that number to twenty years prior (1987) when the top 1% of taxpayers paid 24.8% of income taxes. Now if you're not initiated into the Church of the Painful Truth you're probably thinking that the evil top 1% probably earn way over 40% of the income.
Well .. you would be wrong. These nasty, disgusting and oh-so-easy to hate high-achievers actually earned about 22.8% of total adjusted gross income. And just how much does some crook have to earn to be in this top 1%? Try $410,000.
Remember now .. many, if not most, of these wretched people are small business owners and their adjusted gross income is really their business income. Still .. they're nasty. Right?
Ok .. more painful truth. The share of taxes paid by the top 1% of taxpayers now exceeds the share paid by the bottom 95% of taxpayers. Again, the top 1% paid 40.4% of incomes taxes while the bottom 95% paid 39.4% of the income tax burden. For those of you who are government educated, that means that the top 1% of taxpayers (which is just 1.4 million people) paid a larger share of the income tax burden than the bottom 95% of taxpayers (which is comprised of 134 million people). This means that the evil rich are carrying the load.
The key to these numbers is that over 9 out of 10 Americans will never see them nor will anyone ever share these numbers with them. So the Democrats will, in spite of these numbers, be able to continue to demonize the evil rich and spread the lie that somehow they aren't "paying their fair share."
To make things worse ... Democrat demagogues will continue to promote the idea that all of their vote-buying social welfare programs can easily be funded with additional taxes on the rich. Where do they start? When the top 1% is paying about 80% of all income taxes?
Well .. it gets worse. Now for the first time, the IRS decided to break things down even further. It presented data on the super rich, the top 0.1% of tax earners. We are talking about the top 10% of the top 1% of earners. About 141,000 taxpayers fit into this group. Those 141,000 people account for 12% of the adjusted gross income earned but they pay 20% of all federal income taxes.
First of all... taxes are being levied on income... and rich people have a lot of assets... and they probably incorporated themselves... so they naturally pay less taxes...
This is why rich congress people such as the ladies from California or John Friggin' Kerry don't pay a lot of taxes in relative to their wealth... and they don't mind increasing taxes on OTHERS' income taxes...
And here's another thing to keep in mind... rich folks are rich for a reason... most of them put in the time to know where to keep their money (outside the states) and how... which of course leaves the rest of up poor saps holding the bag...
So anyone still drinking the Obama kool aid and believing that their taxes won't go up... your life is really, really gonna suck.
................Well .. it gets worse. Now for the first time, the IRS decided to break things down even further. It presented data on the super rich, the top 0.1% of tax earners. We are talking about the top 10% of the top 1% of earners. About 141,000 taxpayers fit into this group. Those 141,000 people account for 12% of the adjusted gross income earned but they pay 20% of all federal income taxes..............
Actually, I’m kind’a surprised. I had thought that the top of the top - the 141,000 super rich - would have paid in more than 20% of all the income taxes.
Yet, we’re doomed! As about 50% of the citizens pay zero or very little taxes, they don’t give a shit what the government spends; they will just continue to vote for RATS as they perceive that the RATS will give them more freebies!
Reduced Federal Revenue, coming soon from a virtual Galt’s Gulch near you.
Luckily the Dems have learned the special Marxist secret on how to squeeze ketchup from a rutabaga.
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LOL. Hold the ketchup please. Rutabaga’s are too damn hard to squeeze and they are quite tasty without it. Turnips on the other hand could use a little something.
The revenue coming in is at its lowest rate since 1932. (so i’ve read). How do they expect to keep the “RICH” in country with the class warfare that is already playing? The next tax is on the middle class, and I will bet anyone on it.
All the more reason to get behind the FairTax and work like fury for it.
Those things don't need something -- they need everything -- and then they wouldn't be fit to eat. UGH!!!
Every time the rich pay all the taxes is reported, they miss one not so small thing. The middleclass pays most of FICA. The rich are spared this because of the cap on FICA. FICA is not an insignficant portion of General Revenue where it goes.
>>>The rich are spared [FICA tax] because of the cap on FICA. FICA is not an insignficant portion of General Revenue where it goes.
Don’t the middle class and the low- or non-taxpayers use most of FICA’s “benefits?” The rich are means tested away. Social Security benefits look at Adjusted Gross Income, if I recall correctly. Receiving interest and dividends would drop their benefits from FICA.
Recall that there is also a cap on Social Security payments.
Upon retirement, the rich receive a smaller proportion of what they've paid in, compared to the middle class.
The rich are paying 90% more than they should.
The cap for FICA is the same for everyone...rich or middle class. The "rich" pay the max amount each year...all the way to the cap. Most of the middle class don't get anywhere near the cap. The "proportion" be damned. If that matters to you, you are engaging is class warfare on the theory that the "rich" can "afford" it. It's none of your business what others earn.
ping
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