Thursday, November 27, 2014

The Top 20% Support The Bottom 60%

In the sharpest rebuke to the notion that the "wealthy" don't pay their "fair share" of income taxes, the following graph shows that the top 20% of income earners substantially support themselves and  nearly all the others.  The bottom 60% receive far more benefits than they pay, mostly because they don't pay any income taxes! And yes, the graphs below reflect payroll taxes paid for all brackets.

Mitt Romney happened to mention this fact in a private campaign meeting and it was SO taken out of context by the evil media outlets in a massive and dirty smear tactic.  Thanks to that and Obama spouting his usual bullshit about "fairness," Mr. Wrong stole the election.  Now you and the rest of the world have to live with the massive incompetence of "wrong way" Obama.  Tricks and lies are the essential meaning of "progressive."

 From Carpe Diem blog:

In another remarkable graph below, the top 400 taxpayers pay almost as much income tax as the bottom 50%.   I don't want to hear that the wealthy don't pay their fair share ever again from Obozo or any stupid Democrat.  Also from the Carpe Diem blog:

It looks to me that the bottom 80% need to pay more taxes.  Let's say all income above the poverty line should be taxed at least 5% in income taxes (in addition to payroll taxes).    In that way, people trying to start a small business and files as an S-Corp or LLC should pay only 15% along with all corporations.

Mark Perry, who writes Carpe Diem blog is a professor of Economics and Finance at the University of Michigan.

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