...Right now, in the year 2008, the top 10% of American income earners pay MORE than "their fair share" of income taxes.
Not only that, but the bottom 50% of American income earners pay LESS than theirs!
The top 10% of income earners pay (beginning at $108.904/year, family income) pay 70.79% of the income taxes NOW! That’s up about 2% SINCE the Bush-43 across the board tax cuts.
Moreover, the top 10% of U.S. income earners account for just 47.3% of the total adjusted gross income (AGI)!
By comparison, the bottom 50% of U.S. income earners, while accounting for 12.51% of the AGI and pay just under 3% (2.99%) of the income taxes!
Bottom tier spending DOES NOT create businesses and generate investment income, or create new jobs.
Moreover, when the private sector catches cold, the public sector winds up on its back. Major Municipalities are looking at layoffs (Philadelphia is in the midst of serious public sector layoffs, New York is looking at a staggering $4 BILLION deficit next fiscal year. So, as private sector generated tax revenues fall, one of the few benefits is that the public sector is often forced to CUT BACK!
Unfortunately, those cut backs merely expand the economic pain and spread it out.
Moreover, the top 10% of U.S. income earners account for just 47.3% of the total adjusted gross income (AGI)!
By comparison, the bottom 50% of U.S. income earners, while accounting for 12.51% of the AGI and pay just under 3% (2.99%) of the income taxes!
Bottom tier spending DOES NOT create businesses and generate investment income, or create new jobs.
Moreover, when the private sector catches cold, the public sector winds up on its back. Major Municipalities are looking at layoffs (Philadelphia is in the midst of serious public sector layoffs, New York is looking at a staggering $4 BILLION deficit next fiscal year. So, as private sector generated tax revenues fall, one of the few benefits is that the public sector is often forced to CUT BACK!
Unfortunately, those cut backs merely expand the economic pain and spread it out.
Figures from: http://www.taxfoundation.org/news/show/250.html
No comments:
Post a Comment