The Leftists will not give up on one of their election winning memes – ‘The Rich need to pay their fair share’ – and I’m getting tired of this lunacy.
Blogger and Twitter superstar @IowaHawkBlog has shown how taking all the profits from wealthy people and corporations won’t solve our debt problem.
I’ve taken a couple of cracks at this from other angles here and here but I think I’ve stumbled on a simple rebuttal to this Leftist meme and it can be summarized with three numbers –> 3-25-50.
Looking at the 2009 IRS tax results (the latest official results I can find), you’ll notice something interesting and I’ve highlighted a portion of the IRS spreadsheet below (yellow line and red fields are the focus).
Those making $200,000 or more per year:
1) Represented just 2.8% of all income tax filers,
2) Accounted for 25.8% of the total Adjusted Gross Income (AGI) reported on Income tax returns and
3) Paid 50.2% of all Federal income taxes.
So rounding off, we can say that 3% of all income tax filers accounted for 25% of all AGI and paid 50% of all federal income taxes!
If that isn’t an example of paying their fair share, I don’t know what is!
Next time you hear a Leftist spouting this meme hit them with 3-25-50!
This is a 38 caliber in the war for ‘fair’! (otherwise known as lyin socialism).
I love it when you bring the data!
Nicely done, Cosmo!
Of course, NO amount paid by the “wealthy” will EVER be enough….but you knew that already.
Oh, one more thing: when I Tweet out your posts, I’ve noticed that your Twitter handle doesn’t automatically load, but rather the generic @Wordpress one.
I always change it to include yours, but thought I’d mention it.
I THINK you just have to add your Twitter to the “sharing” in WordPress.com.
Have a good one, brotha!
Thanks for that! I’ve wondered how I could change this but never figured it out! I’ll give it a shot.
As soon as I see the change take effect, I’ll let you know in a comment…
It would be interesting to see how much more income tax the $200,000+ earners would pay if total deductions were limited to say $50,000 as Romney once suggested.
Then if you raised the rates to Obama proposed levels after letting the Bush tax cuts expire, it would still only reduce the deficit less than 10%.
Who is going to pay the bill for the other 90%? The answer is it will never be paid.
The only solution is to spend less and grow our way out of it. Inflating our way out can’t work because entitlements are indexed to inflation and a growing percentage of the budget.
Just saw today household net worth is now down to a 47 year low.
Saw another story that 75% of millionaires in UK left the country. It’s starting to happen in France now.
The Caribbean and Cost Rico are looking better to me every day.
Hey, your Twitter handle is now included.
yes, I’ve been out of town most of this week but thanks for pointing this out and showing me how to fix it!
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