The "Rich," Poor, and Taxes
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Harrison
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Democrats hypocrites Liberals Obama rich pay taxes stimulus tax burdenEven though most Democratic members of Congress are rich, they still love playing class warfare… better stop biting the hand that feeds them:
To put this in perspective, the top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined.
Some in Washington say the tax system is still not progressive enough. However, the recent IRS data bolsters the findings of an OECD study released last year showing that the U.S.—not France or Sweden—has the most progressive income tax system among OECD nations. We rely more heavily on the top 10 percent of taxpayers than does any nation and our poor people have the lowest tax burden of those in any nation.
Regarding the Obama administration’s upcoming claim of “victory” regarding the economy, Investor’s Business Daily says don’t believe the hype:
Don’t believe it. Claims that higher taxes and a total of $2 trillion in stimulus, TARP and bailout spending this year have turned the economy around are unconvincing. Indeed, they’re farcical.
As economist Casey Mulligan noted on the New York Times blog after dissecting second-quarter GDP data, total stimulus at the state and federal levels amounted to about $12 per person. That’s stimulus?
Suggesting that government is responsible for what looks to be a rather weak recovery is an insult to all the small private companies and millions of laid-off workers who bore the brunt of bad government policies over the past two years.
We’d rather they just thank us and go their way.
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2:20 PM
Does this chart include payroll taxes? (Social Security and Medicare) Somehow I don’t it. Those are as you know a very large percentage of federal spending, and the tax is not only not progressive, it is regressive. Also of course the chart does not include sales taxes, which also fall more heavily on those who spend a higher percentage of their income. So it would probably be more accurate to look at a chart of all taxes, state, federal and local, and see how their combined burden falls across income levels. We can agree that it would still be progressive, but perhaps not as progressive as your chart of income taxes only, indicates.
.-= Joe Markowitz´s last blog ..Laughter is the best medicine. =-.
2:47 PM
I believe the distinction to be made between a sales tax and an income tax is that sales taxes are not designed to be “progressive” while income taxes are… thus income taxes are designed with a political point as to their rates (even though sales taxes “hurt” the poor more because they must spend a larger share of their money on them).
6:39 PM
It is the wealthy that buy more and pay more in sales tax. They pay more in property taxes, pay more in capital gains taxes, pay the maximum amount of social security and medicare taxes. And as large stockholders they bear a disproportionate burden of corporate taxes.
In contrast, people in the bottom quintile readily benefit from transfer payments. How many of the people in the bottom quintile ever created a job? Ever pooled funds to invest in a start-up? I’m not trying to disparage the poor. I am simply trying to point out that the “get the rich” mantra that pervades the Democratic party isn’t very honest.
.-= vulcanhammer´s last blog ..Stossel’s 20/20 Take on Health Care Reform =-.
6:36 AM
Twelve dollars in stimulus money.. Wow I absolutely cannot think of anyway to spend all that money..Maybe the government would be wise just to keep it and find a worthwhile pork-laden project to spend it on…These large sums of money are to much for me to handle..I’d buy pack of cigarettes but I don’t have enough money..