First, the working poor do pay taxes. Their social security taxes are just lumped into the general fund. But that aside, there is a certain withholding that everyone pays even if they get it back at the end. Fact is, if you make $12,000 a year you pay more taxes that GE, Citi and Bank of America combined because they pay none, nada, not a red cent.
The point is that the ultra rich 2% make so much money that of course their total paid in taxes are higher. That is the story and the 2% compared to the lower 50% is a red herring. If I have 50 households who pay $.20 in tax and the next 48 households (middle income) pay $5.00 and I have 2 households that pay $375 each then the bottom 50% pays a total of roughly 2% of the taxes and the top 2% pay 37.50%. AND NOT 75% as you might think. It is a clever number reporting trick. What is missing is the term "EACH". as in EACH person in the lower 50% contributes >2% or pays in at that rate. Each of the 99% persons pays 37.5% and each of the top or 100% persons pays 37.5%.
What is the kicker here is that the top 2% don't make 371/2 times the lower wage earners. They make 300+ times the lower wage earners on average but only pay 18.75 times what they do in taxes.
Clear?
And if you repeat that over and over, you may end up actually believing it.
ReplyDeleteJust for giggles, let's put aside income tax liability both on the federal, and state level and zero in on Real Estate Tax liability.
Last year my gross personal R E Tax liability in 4 different states was $97,500.00 I won't even bother you with the corporate real estate tax liabilities.
Let me know when you find someone in the lower 80% with such a contribution to the local cofers.
I have a comfortable chair to sit back and wait.
sit back as long as it takes to let it sink in that this is a federal issue we are talking about. your property taxes are local.
ReplyDeletei'm glad you are rich. you need to pay.