Since Tax Day was this week, here are a few facts that readers may wish to consider next time they hear another Obama speech attacking millionaires and billionaires.
From a October 2011 Tax Foundation study:
The income earned by the top 1% of Americans has declined for the second year in a row while their average tax rate has increased, according to a new Tax Foundation study. The average federal tax rate for those reporting at least $343,927 in income has increased from 22.5% in 2007 to 24.0% in 2009, while the average income for the top 1% has declined from $1.4 million to $1 million over the same period.
Got that? Those evil 1%, who according to Obama are not "paying their fair share," have actually seen their incomes drop but their taxes go up. At one point the 1%ers were even paying more in total tax than the remaining 95% of tax payers. And for the super rich, the top one tenth of 1% who do pay a lower tax rate due to capital gains, it's rarely pointed out that "income derived from these sources has already been taxed once by the corporate income tax, which is not included."
Should we also mention that the U.S. has the highest corporate income tax rate in the world? The same is true for overall income taxes among the top 10%.
And a reminder of who actually pays income taxes (source National Taxpayers Union):
|Top 10% (those making $112,124 or more) pay 70% of ALL income taxes. Who is not paying their fair share?|
Last year at Tax Day I posted the following chart from the Wall Street Journal:
Take 100% of the income earned by roughly the top 10% (who by the way pay 70% of ALL income tax) and you won't have enough to pay for Obama's spending for one year let alone do more than dent the unprecedented five trillion in new debt Obama has managed to run up in 3+ years.
So where will Obama get the money to continue his spending spree for those so-called "investments" in green energy which don't create any jobs but do line the pockets of his campaign contributors? The only place left to tax is the Middle Class who have already suffered the most from Obama's corrupt and incompetent handling of the economy.
Want some "change" left in your pocket? Your only "hope" is to vote for Romney this fall!