OK, this requires a bit of study on your part. Read the numbers below and then re-read them.
Percentiles Ranked by AGI
Percentage of Federal Personal Income Tax Paid
Percentile % of taxes paid
Top 1% 39.38%
Top 5% 59.67%
Top 10% 70.30%
Top 25% 85.99%
Top 50% 96.93%
Bottom 50% 3.07
Note: AGI is Adjusted Gross IncomeSource: Internal Revenue Service
For Tax Year 2004 (the most current year with statistics published)
Got it? What did you read? One of the most popular mantras of the left is "tax the rich". Since almost no one thinks of themselves as rich, this statement is rarely found offensive or challenged. When talking about an income tax, it is only natural that those with income pay the tax. But in the U.S. (as in most of the developed world) the "rich" pay a very large percentage of the total taxes. If you paid attention to the above you will see how big this disparity is. The top 1% pays just shy of 40% of ALL INCOME TAXES COLLECTED! The top 10% pay over 70%! The next time you hear someone mention that something about taxing the rich, you might want to tell them WE DO!
The other side of taxes that I wanted to make sure you were aware of is the collection of taxes, expecially in light of one of the other tax lies told by the left about the tax cuts. The income tax revenue collected has INCREASED almost 10% a year since 2004. And for the first three quarters of this year revenues are up even more. The garbage about the tax "cuts" being a problem with revenue collections is an outright lie. As I said, the IRS has reported record income tax collections. The real problem with the deficit has been spending. Federal spending has increased even faster than revenues. But that is the fodder for another blog. The tax "cuts" have increased tax revenues (and it has every other time it has been done!). So, when you hear a politician talking about needing to repeal Bush's tax cuts to balance the budget or whatever; just remember that is a load of B.S. What needs to be done is to reduce spending.
I was going to do a lighter post. I really did not intend this to always be so darn serious, but these topics are what has been on my mind lately. Later.
If you are truly pressed for time, just read the bold, italicized, and underlined sentences. That won't take you long at all! Another year has passed and if you are reading this, a new one is getting ready to start (or has started) for you. New Year’s celebrations are a time for reflection on what has happened and also a chance to start anew. New Year’s resolutions are a manifestation of this. Weight loss plans, gym proprietors, exercise equipment makers, and others know this. If you have watched any TV, gone online, or read any magazines or newspapers you know that the people that make their living selling and signing people up for those things are hitting it hard. We like new beginnings and the chance to reset and set new goals. Losing weight, stopping smoking, cut back or stopping drinking, and other things a lot of folks see as improvement are at the forefront of our collective thoughts and efforts this time of year. Although not a real advocate of New Year’s resolutions, I
Comments