Percent of income earned by quintile:
Lowest quintile: 5.1 percent
Middle quintile: 14.7 percent
Highest quintile: 50.8 percent
Percent of federal taxes paid by quintile:
Lowest quintile: 0.3 percent
Middle quintile: 9.4 percent
Highest quintile: 67.9 percent
The top 20% of Americans are the only ones who pay a larger percentage of their income into taxes than their share of total income. In other words, the only ones putting more than their fair share back in.
And that was a direct consequence of the evil and despicable Bush "tax cuts" ( readopted by Obama and not over turned by a Democrat majority Congress which was their right since one Congress cannot be bound by the actions of another Congress)
It also shows that the Federal government could confiscate the entire wealth of the top 1% and run out of money in far less than a year. Once all the wealth is confiscated from one group it is gone. Is that the kind of government advocated by Democrats and their crazy,cop car pooping Occupy This and That allies? It sure sounds like it every time Obama speaks.
by GA Anderson3 weeks ago
First, a little housekeeping;Recent comments by Wilderness and Live to Learn prompted me to refer to an old thread by My Esoteric.The motivating comments related to what a "Fair" taxation structure should be.I...
by GA Anderson17 months ago
Much is heard of a demand that corporations and the wealthy pay their "fair share" of taxes, but I have heard little of what that share should be.With only a single restriction; that the discussion is about...
by HuntersWhitt4 years ago
For the purposes of this discussion, let's assume that I am part of the 1%. What percentage of my income do you feel is my "fair share", and how did you come up with that number?
by Tony Lawrence5 years ago
Is nobody going to call Peter Schiff on his "I pay 50% tax" crap?Recently, Peter Schiff marched into OWS and confronted demonstrators, claiming that he pays 50% of his income to taxes. Unfortunately, the...
by rhamson3 years ago
With the implementation of the Affordable Healthcare Act what are your reasons for not getting the government mandated insurance?
by ahorseback2 years ago
I believe that the most important lessons of life were taught to me from being primarily raised in poverty .. I do NOT nor will I ever believe that any good will come of redistribution of wealth...
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