The opinions expressed by columnists are their own and do not represent our advertisers

Wednesday, August 29, 2012

The Rich Don't Pay Enough?

If you listen to America's political hacks, mainstream media talking heads and their socialist allies, you can't help but reach the conclusion that the nation's tax burden is borne by the poor and middle class while the rich get off scot-free.

Stephen Moore, senior economics writer for The Wall Street Journal, and I'm proud to say former GMU economics student, wrote "The U.S. Tax System: Who Really Pays?" in the Manhattan Institute's Issue 2012 (8/12). Let's see whether the rich are paying their "fair" share.

According to IRS 2007 data, the richest 1 percent of Americans earned 22 percent of national personal income but paid 40 percent of all personal income taxes. The top 5 percent earned 37 percent and paid 61 percent of personal income tax. The top 10 percent earned 48 percent and paid 71 percent of all personal income taxes. The bottom 50 percent earned 12 percent of personal income but paid just 3 percent of income tax revenues.



Anonymous said...

Americans, for the most part, are lazy when it comes to looking up facts. Just vote REPUBLICAN in 2012 and everything will turn out all right!

Anonymous said...

Interesting how the rich were still rich when they paid higher tax rates.

When I have to pay a higher tax rate I have to make decisions like...can I afford to go to the doctor?

Anonymous said...

8:30 I feel your pain.
But, thats your fault, not the fault someone who chose differently and became more successful.

Tax the rich at 100% if you want!
It will net about 85 billion and will run our Government for about ten days.
The middle class is paying for the other 355 days you fool.
At a rate we already can not afford.
That is why big Government regimes like Obama's are a failure.
Obama broke his promises. Period.

Anonymous said...

9:10 - Part of your response really bothered me and I couldn't help but to post.
"But that's your fault, not the fault of someone who chose differently and became more successful".
There are quite a few of the "rich" who were BORN with silver spoons in their mouths!
Sure, I made "choices" but SOME of my choices were made FOR me.
I didn't have the huge realm of opportunities that well-to-do families had. There were other factors that played a big part in deciding my path as well, which were totally out of my control, including the death of BOTH of my parents within a year of each other in my high school years. That was just the beginning.
I've worked HARD all my life. I started working when I was 13 and have worked ever since. I'm proud of who I've become. While I'm not "rich", I do okay. I'm better off that a whole lot of other Americans are but that doesn't matter anymore.
If you're not the RICH, you didn't do right, you made bad "choices".
Some people need to come down off their pedestals and realize there are hard working Americans out here who have never asked for government help but keep getting squashed so they can become a "have-not" by the "haves".
Vote Republican in this election and see where our economy goes after we enter into TWO MORE WARS! Then let's talk about broken promises!

Anonymous said...

54% pay NOTHING! I'm not rich, but if you demand for one person to pay their fair share, it only deems correct to go hit the other half. Everytime I hear this crap, nobody targets the people loathing off my hard-earned taxes with abuse.