Before you buy into the argument that the wealthy aren’t taxed enough, consider:
The wealthiest 1% of the population earn 19% of the income but pay 37% of the income tax.
The top 5% earn 33% but pay 57%.
The top 10% earn 44% but pay 68%.
I have a degree in economics. Here’s something I learned early on: if you want to stifle or strangle an economy, raise taxes on the most productive participants.
In a tough economy, I have no problem with tax cuts for Americans who are struggling, but I’m tired of hearing the wealthy blamed as if they aren’t carrying their fair share of the tax load. The reality is that they are carrying more than a fair share.
Amen Mark! Thanks for pointing out these facts with clear, obvious statistics. -Michael
Spot on… The economics just don’t work with the Obama philosophy on taxes.
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