In another of our economics-in-pictures series, we have the facts on who actually pays taxes in this nation and refutes the “fair share” mantra we hear so often from Obama and the Democrats. Since 2008, when Barry and the Democrats won the White House, they have administered over a train wreck of an economy that has been in a holding pattern for at least four years waiting for better times to appear on the horizon. This has been encouraged by Obama, as he is a firm believer in the Democrats’ ever-flourishing government “Money Tree” that provides for all wants from the uneducated or indifferent electorate. Democrats embrace this principal so wholeheartedly that it has been in their election playbook since the time of Roosevelt.
So all they can now do is propose one tax, spend, and give away program after another in a vain attempt to alleviate any economic pains that follow natural business cycles. Governance is simply not in the equation when there are votes to be bought and the Democrats hegemony is on the line. It makes no difference if these policies create or exacerbate and extend the recession; it is just a natural consequence of their economic malfeasance and abrogation of leadership, which is the hallmark of Democrats in general. Detroit, Michigan is a case study in the economic realities of their disastrous “tax the other guy” policies and perspective.
Case in point: the ever-harkening cry of Obama, Democrats, and the OWS crowd is that the so-called “rich” are not paying their fair share; so let us look at who actually pays taxes:
The above graph shows that individual working stiffs that include the “rich” that Obama is constantly droning on about pay 83% of all taxes consumed by the Federal Government. The United States now has the highest corporate taxes in the world (this should give some pleasure to the OSW crowd.) This is only stifling investment and growth in this country; corporations paid only 7.9% of all tax revenues.
The remaining 9.1% of revenue comes from customs duties, excise, estate, and gift taxes. It is starkly obvious that working people of all income brackets float the government’s revenue ship by the fruits of their labors. So now, let us look at how much each income bracket actually pays as a function of collected tax revenues:
Already, we have a picture that the rich are paying a lion’s share of all federal taxes; the top 1% is paying 37% of all income taxes, the greatest proportion of income taxes. Wonder what the 99% of the OWS crowd will say about this? Next group from the graph is the top 2% to 5% who pay another 22%; when the top 1% is included, these folks are paying 59% of all federal income taxes. We have not broken out of the top 10% yet, and the so-called “rich” are paying a huge share. If we factor in the remaining 5% to bring the nation’s top 10% of earners into the picture ,we have them paying another 12% for a total tax debt load of 71%.
The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by WesternJournalism.com.