It’s amazing how the left has convinced so many of our population through either our education system, or the left slanting media, that the rich don’t pay their fair share of federal income taxes. They use statements that are intentionally deceptive to propagate beliefs that are not true. They will tell you that the percentage that Warren Buffet pays in federal income taxes is less than his secretary. There are 2 things that they aren’t telling you.
1. Buffet takes his salary in dividends and capital gains which is taxed at a lower rate, true, so he does pay a lower rate, because she pays on wages earned.
2. Buffet “Chooses” to take his pay in dividends and capital gains. If he took his pay through wages, he would be paying at the highest tax rate, which is much higher than his secretary.
But again you hear that the rich don’t “pay” their fair share. Well when you talk about “paying”, you can’t talk about percentages. When you talk about “paying”, you have to talk about money paid. So let’s look at that.
The top 1% pays about 40% of all taxes “Collected”.
The top 5% pays about 60% of all taxes “Collected”.
The top 50% that have incomes of around $40,000.00 and up, pay about 97% of all taxes “Collected”.
And the bottom 50% pay only 3% of taxes “Collected”, and even some of them get more money back than they paid in through federal tax withholding's.
Now let’s define fair
1. Free from bias, dishonesty, or injustice: a fair decision; a fair judge.
2. Legitimately sought, pursued, done, given, etc.; proper under the rules: a fair fight.
3. Moderately large; ample: a fair income.
4. marked by favoring conditions; likely; promising: in a fair way to succeed.
Synonyms
Fair, impartial, disinterested, unprejudiced refer to lack of bias in opinions, judgments, etc. Fair implies the treating of all sides alike, justly and equitably: a fair compromise. Impartial.
So I would like for any of the people that think that the rich don’t pay their fair share, to explain how they don’t?
Now if you want to make the case that they don’t pay all they should, yea you could make that argument because of the deductions and loop hole in the tax code. But everybody gets some sort of deduction. But the rich do benefit more in actual money.
But the rich still do “pay” more of the federal income taxes collected than most other people.
My cure for this is to have a flat tax system. You could have a 3, 4, or 5 tier system.
Right now the closest thing we have to getting a better tax system is Herman Cain’s 9-9-9 plan.
Art Laffer, an economist that I trust, believes that this is a good plan.
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