Taxing The Rich
The recent talk by ideologues of taxing the rich is so much propaganda and smoke. Their cry of “The rich need to pay their fair share” is run over by the fact that the rich already pay super way more than their fair share. At taxfoundation.org IRS statistics are used. Looking at 2008, the most recent year, IRS figures paint a picture opposite to that of the rich dodging their tax responsibility.
The top 0.1% of personal income tax filers paid a tax rate (after Adjusted Gross Income), of 22.7%. The top 1.0% paid a rate of 23.3%. The top 5% (20.7%) – the top 10% (18.7%) – the top 25% (15.7%) – the top 50% (13.7%) – the bottom 50% (2.6%).
In the same year the top 0.1% of filers paid in 18.5% of all personal income tax revenue raised in the country. The top 1.0% paid in 38.2% – the top 5% (58.7%) – the top 10% (69.9%) – the top 25% (86.3%) – the top 50% (97.3%) – the bottom 50% (2.7%).
Clearly the rich pay copiously. The fact is, the country practically gets a free ride on the shoulders of the rich. This excessive ‘progressive tax’, class warfare stuff, promoted by the have naughts, and unwittingly out of Marx’s Communist Manifesto of 1848, will lead to degeneration of our innovative abilities, and our enslavement to the mediocrity of ‘social sameness.’
(Author’s note: Marx wrote the Communist Manifesto in 1848)