There is a lot of talk about how we need to increase taxes for the richest Americans. People spout lines about how the rich need to pay “their fair share.” What these people never do is actually look into how much the richest Americans pay in taxes. Solely because I like to rain on peoples’ parades I looked into the matter.
I’ve discovered that the richest 1% of Americans pay 40% of the federal income tax. That means of all the money stolen by the government via income tax 1% of Americans pay 40% of it. In dollars that means the top 1% pay more than the lowest 95%.
Here’s the raw data on the percentage of income taxes per income bracket. I’d say the top 1% are already paying their “fair share” and then some. Maybe instead of looking to gouge these people which gives them cause to consider moving somewhere else (and remember these rich people generally own companies that employ a lot of people) our government should look at reducing the amount of money they spent. I’ll help them out here.
First and foremost bring our overseas troops back home. Our spending on national
offense defense is a huge majority of our spending. Cancel all government approved bailouts, if a company is facing bankruptcy they did something wrong and their assets could be sold off to small start up companies who actually have good ideas. Eliminate welfare and social security, we can plan for our retirements better than the government. Disband some of the hundreds of federal agencies because frankly we don’t need an agency that exists only to ensure taxes and regulations on alcohol, tobacco, and firearms are followed. Hell if the government follows my ideas we won’t even need a federal income tax to make ends meet.