Free Markets, Free People

Why the “tax the rich” mantra rings hollow

One of the things you constantly hear Democrats claim is the rich in our country simply don’t pay their “fair share” and we should be taxing them at an even greater percentage than they’re taxed now.  Other than the appeal to class warfare, as it turns out the claim simply isn’t true for a number of reasons.   The rich in this country pay more in income taxes – both in amount and percentage – than any other group.  And interestingly enough, according to the OECD, the “progressivity” of the tax system as it pertains to the rich, is highest here as this chart demonstrates:

Richtax

Just a public service and a little ammo for the next time you hear the left whining about fair shares and a more progressive income tax – a code phrase for “tax the rich”.  Hey, we here in the land of the free lead the world.

Then, with perfect justification, you can say, ‘its not about who is or isn’t paying their “fair share” in taxes, it’s about an out of control federal government spending more than it takes in …. or said very succinctly – cut spending and cut it dramatically”.

~McQ

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6 Responses to Why the “tax the rich” mantra rings hollow

  • Besides, there aren’t enough “rich” people.  If you tax 100% of everything over $1 million, the best you can hope for is $850 billion.  The deficit this year is $1,340 billion, and it’s going to grow.
    And that before the “Law of Unintended Consequences” kicks in.  Expect to see lots of “older” money go offshore, not to mention that all sports will be on TV with only foreign teams, Hollywood moving to Vancouver, and Broadway moving to Toronto.

  • ALLLLLLLLL Federal spending needs to be reviewed.  NOTHING SACRED, NOTHING OFF THE TABLE.
    But the prospects are not good when you have Harry Reid going into full rolling-cat-fit mode over defunding cowboy poets.

  • What’s the source of this data? Is it available online?

  • Actually, according to IRS data, the richest 10% pay 70% of taxes and earn 45% of the income.

     
    The sickening one is the Bottom 50%, and that with 48% paying NOTHING!
    Guess which group says most frequently that the rich pay NOTHING.