Their “Fair” Share? The “Rich” Pay Four Times The Rate

This will come as a surprise to exactly no one who reads this blog. Those damned evil “rich” pay a rate four times in taxes what the middle class pays:

Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America.

This may be individually true. Buffett pays a lower rate than his secretary and Romney pays a lower rate than most of us who make our living from salaries.

But nationally, the tax code is still broadly progressive. The more your make, the more taxes you pay as a percentage of your income.

According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits.

Put another way, millionaires pay a rate that’s more than four times that of the middle class.

I’ve addressed it as has Joe, augger and texas…as Veronique de Rugy has noted, we have the steepest progressive tax system of any developed nation – and yet for “progressives” is isn’t enough.

What is?

The last cent.

4 thoughts on “Their “Fair” Share? The “Rich” Pay Four Times The Rate

    • America has a “FAIR” tax. Ask the lower 99% taxpayers….

      oops, maybe not:
      the top 1% KNOW they pay too much,
      the bottom 99% think they pay too much, and the top 1% aren’t paying enough….

  1. The Left will NOT like this (which is the only real reason they deny it), but the only “fair” system of taxation is a flat rate tax: either per head or by percentage of income. This “progressive” BS is just a way to hide Marxist-driven urges to redistribute (which also masks the buying of votes with other peoples’ money).

    And as to the objection that the poor cannot afford to pay taxes: BS! They buy their cigarettes and beer, don’t they, and they have their cell phones and cable TV. Then they already pay taxes. Besides, contrary to what the Left may argue, the “poor” benefit MOST from govt. as they get far more than they contribute. If this were not the case, there’d be no obesity problem among the poor.

    Harsh words, to be sure, but then, matters of right and wrong do not afford the luxury of worrying over hurt feelings. Once you start worrying about feelings rather than what’s right, you have already started down the road of wrong.

    • You left out the tattoos, $150 sneakers, $250 jeans around the knees, cellphones with data plans…. Shall I continue?

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