Thursday, December 12, 2013

Top 40% Pays ALL the Taxes

A few years ago I wrote a blog to counteract the fact-free demagoguery of politicians like Obama who claim that the rich don't pay their fair share.

The rich pay more than than their fare share.  They always have.  Obama, as usual, doesn't know shit.

In fact, the top 40% of income earners pay ALL of the income taxes and then some.  They pay 109% of the taxes!  The bottom 60% gets a refund amounting to 9% of their income-A NEGATIVE TAX!. They receive a "gift" of 9% of their income from the top 40%.

Take a look at the following graph showing income distribution, taxes and transfer payments; this informtion from the CBO and from Mish's Global Economics Analysis


Income and Distributions and Federal Taxes in 2010


The richer Americans are earning much more in the past 20 years than everyone else, but they are paying more in taxes.  It's the top 1% that are paying more, everyone else is paying the same or less.

Here's a history from my blog entry Income Tax Demagoguery: Who Pays US Income Taxes:

Tax Share By Income from 1979 to 1996

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