As one who often does not side with Republicans on issues of taxation, I have to admit that I’m a bit annoyed with the Democrat’s latest mantra — “those rich are not paying their fair share of taxes, damn it!”
What does that even mean — fair share?
Apparently, America’s upper class are not paying their fair share in taxes because multi-billionaire Warren Buffett’s income tax rate is less than his secretary’s (although, in all fairness, I should mention that he still payed over 8 million dollars in taxes this year).
That certainly seems a bit odd, but is that actually the rule for the wealthy or just for the few Warren Buffetts of the world?
I find facts are often helpful in such discussions: (Source: CBO)
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The richest 1% pay a 31% effective tax rate (far greater than a secretary).
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The top 10% of earners pay nearly 70% of all US income taxes.
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The average worker pays less than a 14% effective tax rate.
So, that rich guy who is paying only 31% of his income (over double the average national percentage, who is part of that small group that is paying 70% of all US taxes) is not paying his “fair share”?
That selfish bastard!
Wait a second….
Perhaps, though, what the Democrats mean to say is a bit different.
Maybe what they mean to say goes something like this:
“In these desperate economic times, part of our national recovery requires additional taxation to generate desperately needed revenues. As the wealthy have done far better than the poor and middle class over the past generation and are in a far better position to further assist their country, we now appeal to the wealthiest amongst us to make an even greater personal sacrifice on behalf of their country– to pay an even greater percentage of their incomes to help save a country that has been so good to them. In return, we will honor this extra generous sacrifice with a pledge to use these additional revenues in as efficient and effective manner as possible.”
Oh, in that case, I understand.
And agree.
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the politically challenged 