Written by Laurence M. Vance
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The loud and persistent cry we hear from Democrats, liberals, and progressives is that “the rich” aren’t paying their “fair share” of taxes. What they really mean is that “the rich” aren’t paying their “fair share” of federal income taxes, since “the poor” are certainly paying Social Security tax of 6.2 percent and Medicare tax of 1.45 percent on every dollar of their income, as well as state sales taxes and federal excise taxes on things like alcohol and gasoline.
Yet, contrary to this claim, the IRS says that about half of Americans pay no income tax. Since that half is made up of the poor, it appears that it is the poor that are not paying their fair share, not the rich.
According to the latest data from the IRS, in tax year 2010, the top 1 percent of taxpayers (in terms of adjusted gross income) paid 37.38 percent of all federal income taxes. The top five percent of taxpayers paid 59.07 percent. The top 10 percent of taxpayers paid 70.62 percent. The top 25 percent of taxpayers paid 87.11 percent of the taxes, and the top 50 percent paid a whopping 97.64
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And of course let's not forget the enormous problems faced by Chicago, which had big problems in this area. The Land of Lincoln is a disaster area when it comes to tax revenues, and with such poor economic growth and the continued exodus of business from this state, its only bound to get worse.
To add to the idiocy, Chicago Mayor Rahm Emmanual wants to raise Property taxes to meet Union Pension Fund obligations - a really dumb idea when part of Chicago are finally beginning to recover from the scourge of crime that liberal Democratic policies have wrought. Yes, it's what happened in Detroit and other big cities, but we are coming back.
But since the "Poor" constitute certain racial groups, anyone who points this glaring fact out is branded as a racist by the ultra-liberal left.
I wonder what HONEST ABE would think?
http://www.thenewamerican.com/economy/commentary/item/18040-taxes-are-the-poor-paying-their-fair-share
