Are You A Deadbeat?
Aug 22, 2011, 10:37 PM
Did you know that half of American households pay NO INCOME TAX? Of course you did. And it outrages you!
Talk shows repeat this statistic relentlessly! And lately — in response to Warren Buffet’s perennial appeals to raise taxes on people like him — other billionaires have protested that they pay plenty of tax. They see Warren as a class traitor, and demand that the deadbeat lower classes pay up.
Except it turns out the reason the rich pay a greater share of the income TAX is that they have a greater share of the INCOME!
The top 20% pay 64.3% of the income tax, which sounds unfair — until you realize they have 59.1% of the income.
As for financial wealth — The top 20% have 93% of all the financial wealth, the bottom 80% have the remaining 7%. Sound like socialism to you?
(These percentages have changed slightly since the recession)
Also keep in mind that however low their tax rates, the “deadbeats” still pay payroll taxes, property taxes, sales taxes, excise taxes, gas taxes, car tabs, etc etc.
Bring this up the next time you hear about the 50% who “don’t pay taxes.” All the stats are here.
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Tune in to KIRO Newsradio weekdays at 5am for Dave Ross on Seattle's Morning News.
