The top 1% of income earners in the US already pay more in federal income taxes than the bottom 95%. Let that sink in for a moment. Worse yet, from my prior post: Good News: 51% of Households Pay No Income Tax (Most of Those Get Money Back!); Share of Taxes Paid by Rich Growing Faster Than Income. It's confirmed. There are now more people not paying federal income taxes than those paying them. So basically what is happening is a huge transfer of wealth from the productive to the unproductive, which will have the effect of incentivizing non-productivity while punishing productivity. Shouldn't that be backwards? So an update on a prior post on the issue before the 50% point was reached: not only does bottom 47% of taxpayers pay no federal income tax, but the bottom 40% GET MONEY BACK!
Well, that 50% level, as Granholm would say, has been blown away. The majority of Americans don't pay any federal income tax. From Tax Prof via memeorandum, Instapundit: 51% of Households Pay No Income Tax; Share of Taxes Paid by Rich Growing Faster Than IncomeIn connection with the hearing, Ranking Member Hatch released this letter from the Joint Committee on Taxation reporting 51% of U.S. households did not pay any federal income tax in 2009.
The rich are paying far more than their fair share, and instead of being thanked are demonized by Obama. In addition, all data clearly shows that conservatives and the evil rich give far more of their money to charity than liberals. Liberals are very generous... with other people's money. But not their own. A good example of just how punitive the tax system is can be seen not only at the top tax brackets, but at the lowest ones. From Zero Hedge: In Entitlement America, The Head Of A Household Of Four Making Minimum Wage Has More Disposable Income Than A Family Making $60,000 A Year
