Tax Day....

Taxed Enough Already

April 15^th is a great time to consider our broken and fatally flawed tax system.

Right now, America is the 4^th highest tax nation in the world. It SHOULD be, 19^th.

The top 1% of income earners (families AND small businesses earning $410,000/year or more) pay 40% of all income taxes. The 10% of income earners (families AND small businesses earning $113,000/year or more) pay 71% of all income taxes, while 47% of Americans pay NO income taxes at all.

Given that the top 10% of income earners earn app. 43% of the aggregate annual income (they provide over 50% of the productive output in the country), it would seem that they are grossly over-taxed...by somewhere around 25% to 30%!

The bottom 90% of income earners, where the rest of that 57% of the aggregate annual income is found and upon which less than 29% of all income taxes are received, seem to be grossly UNDER-taxed, especially relative to productivity.

Ironically enough the truly “rich” don’t factor into any of this at all.

The truly “rich” don’t rely upon income for wealth.

So, the productive “rich,” those who earn the highest incomes are NOT at all “under-taxed,” as most of the pseudo-elitists claim, they are, in fact, over-taxed, it’s the bottom 80% to 90% and especially the bottom 50% of American income earners.

Moreover, higher tax rates demonstrably harm the lowest income earners by tamping down job creation. For every 1% rise in the total overall tax rate for the highest income earners over 40% costs an estimated 4 million new jobs each year. While every 1% rise in the overall tax rate on those same job creators over 50% costs an estimated 11 million new jobs every year!

Think about all THAT as you ponder the 2010 tax deadline.