I get a little irked at times over all this "class warfare" stuff - as in we have to stop picking on the rich. I would state the reverse in that at one point we have to stop picking on the poor.
Taxes are a big thing right now of course - everyone failing to note that we are playing the lowest level of personal taxes since the days of Eisenhower (that's half a century in case you weren't around then) and we are hearing two refrains in the howling about all this.
1. the top 10% pay 65% of the income taxes
2. The bottom half pay NO taxes
3. The 35% tax bracket is killing job creation
Here are the rejoinders:
1. The top 10% of wage earners earn roughly 60% of all income so they are paying about the right amount if they pay it. The top 400 earners paid nothing. The top 20% have 85% of all wealth.
2. The bottom half pay no taxes. They may get a refund of the meager 10% income they pay but they pay SS and Medicaid just like everyone else and that money goes in the general fund.
The top 10% pay at about 18% give or take or roughly at the rate for the 30-50% earners.
Those are the facts. You might not like them but you can't make up your own.
3. There is no correlation between tax rates and job creation. None. Job creation is a function of demand for goods and services. Corporations are sitting on 2 trillion after tax dollars and they aren't creating any jobs.
Makes me crazy - these arguments are straw dogs and why anyone wants to believe or does believe some of the goop that passes for facts is beyond me.
I feel better now. Thanks.
Taxes are a big thing right now of course - everyone failing to note that we are playing the lowest level of personal taxes since the days of Eisenhower (that's half a century in case you weren't around then) and we are hearing two refrains in the howling about all this.
1. the top 10% pay 65% of the income taxes
2. The bottom half pay NO taxes
3. The 35% tax bracket is killing job creation
Here are the rejoinders:
1. The top 10% of wage earners earn roughly 60% of all income so they are paying about the right amount if they pay it. The top 400 earners paid nothing. The top 20% have 85% of all wealth.
2. The bottom half pay no taxes. They may get a refund of the meager 10% income they pay but they pay SS and Medicaid just like everyone else and that money goes in the general fund.
The top 10% pay at about 18% give or take or roughly at the rate for the 30-50% earners.
Those are the facts. You might not like them but you can't make up your own.
3. There is no correlation between tax rates and job creation. None. Job creation is a function of demand for goods and services. Corporations are sitting on 2 trillion after tax dollars and they aren't creating any jobs.
Makes me crazy - these arguments are straw dogs and why anyone wants to believe or does believe some of the goop that passes for facts is beyond me.
I feel better now. Thanks.
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