eat the rich

Tax discussion has lately centered around a belief that the rich don’t pay their fair share and our income tax system must be more progressive. I decided to look into this.

According to the US Treasury Department back in 1990 the richest 1% of Americans were paying a fairly stiff 25% of all taxes. Ten years later that rose to 37%.

By 2005 that same 1% was paying 39% of all taxes. And by 2007 41% of New York State tax revenue was taken from the top 1% of all New York State earners. That increased yet again by another 6.54% by 2009.

So at present, 1% of the people in New York State bear 47.54% of the taxes, a rate that has almost doubled from 25% back in 1990. 

And this isn’t considered “progressive”? 

There’s more.

According to the Wall Street Journal, July 21, 2008, the 50% of all Americans earning below the median national income paid 2.9% of all income taxes. Just 2.9%. 

The 50% earning above the median national income paid the remaining 97.1%. 

Which half are you in?

http://www.taxcutsincreaserevenue.com

And the public still thinks the top half don’t pay their fair share.

We don’t just tax our better-than-average wage earners in this country.

We crucify them. 

Did you know that?

I didn’t know that.

www.halfwaytoconcord.com