John Torinus reminds us that those evil 1%ers are paying for a lot of the other 99%’s lust for big government.
• The 1% pays about nearly half of federal incomes taxes, while the bottom 60% pays about 2%. That 1% percentage has risen under President Obama by about six points.
• The 1% pays about 28% of all federal taxes, including payroll taxes.
• The 1% takes in about 16.5% of all income.
• The 1% pays an average tax rate for all income of about 20%.
Note that the lower level earners have benefited from an explosion of tax credits.
Note that the top 10% pays more than half of all federal taxes and two-thirds of all federal incomer taxes.
In the 3 decades following WW11 we created the largest middle class ever in the world. The typical workers earnings doubled in those years as the size of the America economy doubled. Over the last 30 years the economy doubled again but American workers saw practically nothing come their way. After WW11 CEO’s earned about 20 times the typical workers pay. Now they get over 200 times the workers pay. Back then the 1% took home 9% of total income, now the top 1% get more than 20%. We have been told by those in Washington from Reagan to the present that the economy will function better for everyone if government is kept out of the way and if taxes are cut. What has happened is by so doing the concentration of political power has shifted from the people to the corporate and financial elite and they have been able to dictate the rules through a bought and paid for congress by which the economy runs. And guess to whom the rules favor and work in their behalf….the 1%.
Jerry is absolutely correct! The trickle down BS from Reagan combined with Citizens’ United is moving us relentlessly toward an oligarchy rather than a democratic republic. Roosevelt proposed a 100% tax rate for incomes above $25,000 in 1944. A panicked congress compromised on 90% and for the next 35 years the middle class expanded. Why on earth should CEOs make 200 or 300 times what their line workers make? How does that benefit society as a whole?! If the middle class want to eventually return to a feudal system of serfdom let’s stick to the current plan. If not, vote for Bernie and a blue congress…period!