So for the umpteenth time I have watched some right leaning pundit give the “well the Top 1% pay 40% of the taxes” schpiel, and a left leaning pundit sputter and try and redirect the conversation … WHY?
Jesus! The rebuttal to that is fairly simple and obvious as far as I can tell
First off, that is income tax, which only accounts for 45% of taxes collected. Payroll taxes account for another 36% of government revenues (the difference being made up by corporate and various excise taxes), and considering that the cap on payroll taxes is $106K, the top1% pay a very small percentage of that. Let’s be generous and say that the top 1% pay 5% of the payroll taxes. Their total tax burden between income taxes and payroll taxes would be ~24%
Second – let’s see how much the Top 1% make. In 2009 they accounted for 17% of income (they peaked in 2007 @ 23%) and have 42% of wealth in the US. I don’t really feel bad or see any inequity here. Think about that, the Top 1% own two thirds as much as the remaining 99% of the population. If you go down the ladder even further it gets worse. The Top 20% own 93% of the … ninety … three … percent … of the wealth
Third and last – the Top 1%’s incomes have tripled in the last thirty years, and their share of wealth has risen, and income inequality has risen. Note to self … if the tax structure is ‘oppresive’ to the wealthy this does not happen.
Please dear Mr. Leftwing Pundit Man, please point these things out for a change as opposed to just letting them get away with it ….