Skip to main content

Tax the EVIL Rich!!

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.
Labels:

Comments

Post a Comment

Popular posts from this blog

Our Guv'ment

Section 8 - Powers of Congress The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises , to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; To borrow money on the credit of the United States; To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes; To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States; To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; To provide for the Punishment of counterfeiting the Securities and current Coin of the United States; To establish Post Offices and Post Roads ; To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings a...
2 comments
Read more

Who's got gas?

Here is another thing that is bothering me - I am tired of people whining about gas prices. Gas was never free!! When people whine about "$40 to fill my tank" they forget that even at $2 a gallon it was $25 or so to fill it!! Here are some numbers: The average car in the U.S. is driven about 12,000 miles a year. If you get 20 MPG (hey if you are driving a Hummer, getting 10, I don't want to hear it!) That is 600 gallons of gas a year. Most people would be estatic if gas was at $2 a gallon again -SO, that is about $600 a year (for the extra $1 a gallon) or $11.54 a week. Now I know there are a LOT of folks that were struggling to pay the $2, but the average person I know was not. Here is another way to look at it. How many Starbuck's coffees or lattes have you had lately at $$37.33 a gallon? ($3.50 for a 12 oz one) How about a beer on an airplane at $53.33 a gallon? ($5 per) Then there is bottled water at $10.66 a gallon. ($1 a 12oz bottle -and it can be MUCH higher...
1 comment
Read more

A Three Hour Tour, or, Perchance to drown

Imagine you and your spouse, or significant other, are on a nice boat ride called life. You are on this inconceivably large boat in a sea of unimaginable size on a trip of indeterminate length. Once in a while, you go through some beautiful. almost indescribable days where birds sing, wonderful angelic music accompanies you in your daily activities , and everything you want is there before you. Then there are the dark and stormy days where all you can do is hold on to the rail and upchuck your lunch into the water. Most of the days, however, are just a boat ride. One day your spouse falls overboard, fully clothed, and for no apparent reason. You quickly toss them a line, and say"hold on, I'll get you out!" There is no reason to panic, people fall into the water all the time. Plus, they are a fairly strong swimmer, we will get them out. So, you start pulling on the rope. After pulling and pulling you notice they are not any closer to the boat. You decide you need help....
1 comment
Read more