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Did you know? 5% of Americans Pay 60% of All Taxes. 30% of Americans Pay No Taxes

clock October 9, 2008 00:57 by author robertkgaudet

So, what do "the rich" pay in federal income taxes? Nothing, right? That, at least, is what most people think. And Democratic presidential candidate Barack Obama wants to raise the top marginal rate for "the rich" -- known in some quarters as "job creators."

A recent poll commissioned by Investor's Business Daily asked, in effect, "What share do you think the rich pay?" Their findings? Most people are completely clueless about the amount the rich actually do pay.

First, the data. The top 5 percent (those making more than $153,542 -- the group whose taxes Obama seeks to raise) pay 60 percent of all federal income taxes. The rich (aka the top 1 percent of income earners, those making more than $388,806 a year), according to the IRS, pay 40 percent of all federal income taxes. The top 1 percent's taxes comprise 17 percent of the federal government's revenue from all sources, including corporate taxes, excise taxes, social insurance and retirement receipts.

Now, what do people think the rich pay? The IBD/TIPP poll found that 36 percent of those polled thought the rich contribute 10 percent or less of all federal income taxes. Another 15 percent thought the rich pay between 10 and 20 percent, while another 10 percent thought the rich's share is between 20 and 30 percent. In other words, most people thought the rich pay less -- far less -- than they actually do. Only 12 percent of those polled thought the rich pay more than 40 percent.

Let's try this another way. A U.S. News & World Report blogger went to the Democratic National Convention in Denver and conducted an informal poll of 24 DNC delegates. He asked them, "What should 'the rich' pay in income taxes?" Half the respondents said "25 percent"; 25 percent said "20 percent"; 12 percent said "30 percent"; and another 12 percent said "35 percent." The average DNC delegate wanted the rich to pay 25.6 percent, which is lower than what the rich pay now -- both by share of taxes and by tax rate!

Thirty percent of American voters pay nothing -- zero, zip, nada -- in federal income taxes. And, not too surprisingly, compared with taxpaying voters, they are more likely to support spending that benefits them. The majority of the 30 percent who don't pay federal income taxes agree with Obama's $65 billion plan to institute taxpayer-funded universal health coverage. But the majority of the 70 percent who pay federal income taxes are opposed to Obama's health care plan.

Read Rest of Article on Townhall.com

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AIG Spends Money and US Government Doesn't Like It. Too Bad

clock October 8, 2008 11:46 by author robertkgaudet

So is this a taste of how our newly forming socialist country will react to businesses whos spends invested money in ways that the US Government does not approve?

The arguement that it is taxpayers money is weak. If you give them the money in a capitalist society you give them the ability to spend it in any way they see fit, it's called an investment. We've invested in AIG. Now we have to trust the executives to run the company as required to make the investment pay off.

If it's not an investment then what is it? Did the US Government just purchase AIG outright? Okay so if that's the case, the government now 'owns' AIG and it can tell the employees how to spend their money. Isn't that socialism

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The truth about the financial crisis.

clock October 6, 2008 07:06 by author robertkgaudet
Want to know how the US got into this mess? Watch the video below!
 
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