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Willisms

« Trivia Tidbit of the Day: Part 572 -- Obamacare. | WILLisms.com | Trivia Tidbit of the Day: Part 574 -- Human Activity & Global Warming. »

Trivia Tidbit of the Day: Part 573 -- Who Pays What In Taxes.

We're Taxing Our Most Productive Citizens Way Too Much-

richpaymost.gif

The Heritage Foundation adds:

In 2006, the latest date data is available, the top 20% of earners paid 69.3% of all federal taxes. Never has the top 20% of earners paid such a high share of federal receipts. Meanwhile, the bottom 90% of households paid only 45%, and the lowest 20% of earners paid only .8% of all federal taxes.

The lopsidedness of our nation's tax structure is bound to cause our economy to cave-in/topple or-- a much better option-- it could produce a tax revolt.

Ari Fleischer adds:

A very small number of taxpayers -- the 10% of the country that makes more than $92,400 a year -- pay 72.4% of the nation's income taxes. They're the tip of the triangle that's supporting virtually everyone and everything. Their burden keeps getting heavier.

As a result of the 2001 tax cuts enacted by a bipartisan Congress and signed by President George W. Bush, the share of taxes paid by the top 10% increased to 72.8% in 2005 from 67.8% in 2001, according to the latest data from the Congressional Budget Office (CBO).

Contrary to the myth that Mr. Bush cut taxes only for the wealthy, the 2001 tax cut reduced taxes for every income-tax payer in the country. He reduced the bottom tax rate to 10% from 15% and increased the refundable child tax credit to $1,000 from $500 per child, both cuts that President Barack Obama says we should keep. In so doing, millions of lower income taxpayers were removed from the tax rolls, shifting the remaining burden to those at the top, even after their taxes were cut.

According to the CBO, those who made less than $44,300 in 2001 -- 60% of the country -- paid a paltry 3.3% of all income taxes. By 2005, almost all of them were excused from paying any income tax. They paid less than 1% of the income tax burden. Their share shrank even when taking into account the payroll tax. In 2001, the bottom 60% paid 16.3% of all taxes; by 2005 their share was down to 14.3%. All the while, this large group of voters made 25.8% of the nation's income.

When you make almost 26% of the income and you pay only 0.6% of the income tax, that's a good deal, courtesy of those who do pay income taxes. For the bottom 40%, the redistribution deal is even better. In 2001, these 43 million Americans, who earn less than $30,500, made 13.5% of the nation's income but paid no income tax. Instead, they received checks from their taxpaying neighbors worth $16.3 billion. By 2005, those checks totaled $33.3 billion.

Today, Mr. Obama and many congressional Democrats want the "wealthy" to pay even more so there is more money for them to redistribute. The president says he wants the wealthy to pay their "fair share." Who can argue with that? But he never defines what that means. Is it fair for 10% to pay 70% of the income tax? Does he believe they should pay 75%, or 95%, or does fairness mean they should pay it all? It's clever politics to speak like that, but it is risky policy.

It's an important discussion to have. When more and more Americans pay ZERO income taxes, they have very little incentive to care about what the rate is for people paying income taxes. When everyone pays the same flat rate, everyone has an incentive to keep the rate low. For themselves. For everyone.

-------------------------------------

Previous Trivia Tidbit: ObamaCare.

Posted by Will Franklin · 14 April 2009 09:24 AM

Comments

It is revolting! Time for tea.

Posted by: ZsaZsa at April 14, 2009 09:27 AM