The Working Class is Subsidizing the top 10%
Irrelevant chart:
STEPHEN MOORE: Do the rich pay their fair share of taxes? - Washington Times
The idea that the rich aren’t paying any taxes is based on misinformation fed to voters. They have been told over and over by politicians and the media that the wealthiest among us — Bill Gates, Mark Zuckerberg, Tom Brady, and Taylor Swift — are paying very little income tax compared to the rest of us. We are told by no less than Mr. Obama that these millionaires and billionaires have all the money, but they don’t bear much if any of the burden to pay for the schools, and the roads, and the police, and the welfare benefits, and the rest of the tasks of government.
So time for a reality test. Mr. Obama wants to raise the income tax payments from the top one percent to level the playing field and enhance tax “fairness.” Here are the latest statistics from the IRS for 2011. The top one percent earned 19 percent of the total income and paid 35 percent of the federal income tax. So one of 100 shouldered 35 percent of the entire burden. And the average of the five most recently reported years (2007-2011) is closer to 40 percent. Several years ago Al Sharpton, now of MSNBC said the “top one percent in this country pays very much less than 10 percent” of the income tax. Most Americans no doubt believe the same thing.
The top 10 percent pay two-thirds of the income tax. And the bottom 50 percent — all Americans with an income below the median — pay just 3 percent of the income tax. The federal income tax, according to a recent study by the Tax Foundation, is one of the most progressive tax systems in the world. Scott Hodge, president of Tax Foundation, says: “Almost no other industrialized nation depends on the rich to pay the bills more than the United States.”
All 100% Bullshit. You don't have a clue what effective tax rate or a subsidy is! All your copying & pasting political hacks proves your ignorance!
The rich aren't getting subsidized. That would be the record nunber on govt assistance programs that Obama has created that are being subsidized. As your income goes up so does your tax rate that is a fact. Remember how Obama promised "if you're making 250,000 or less your taxes won't go up"? Let's throw that promise in the same trash bin where his "you can keep your doctor" went.
Just more proof of your ignorance!
Q: Is taxing Ethanol $0.15/gal & Gasoline $0.45/gal an Ethanol Subsidy?
Q: Is taxing Solar Power at 1% & Coal Power at 30% a War on Coal? Is it a Subsidy to Solar?
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