The refrain from the left is that the “rich” need to pay their “fair share” as if they aren’t paying taxes. Let’s take a look at what that means.
The top 1 percent of taxpayers pay nearly double the income taxes than the bottom 90 percent. The top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion.
The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021. Over the same period, the share paid by the bottom 50 percent of taxpayers fell from 4.9 percent to just over 2.3 percent in 2021.
That’s right- the lowest 50% of wage earners paid just 2.3% of all income taxes, while the top 25% of wage earners pay 89.3% of them.
So just how much do you have to make to be in that upper 50%, or upper 25%? To be in the top 50%, a taxpayer must earn at least $46,637 per year. In order to be in the top 25%, a taxpayer would need to make $94,440. The top 25% isn’t all that rich- there are tons of people like nurses, firefighters, restaurant managers, electricians, and auto mechanics who fall into that top 25% category. The top 10% of wage earners? Those are people making $169,800 or more. Those are your doctors, chiropractors, accountants, lawyers, and many entrepreneurs. Successful, to be sure, but hardly evil people playing the part of Ebenezer Scrooge.
The left claims that they are only going to raise taxes on people making more than $400,000 per year. That is the top 3% of all wage earners, a group that is already paying more than 24% of their income on taxes, and who are already paying 60% of all Federal income taxes.
Even if we were to confiscate every penny made by the top 5% of earners, the government would only get $6.1 trillion. Since the government spends more than $6.2 trillion a year, that amount wouldn’t even be enough to run the government for the year, and I guarantee you that those wage earners wouldn’t be there to fleece next year.
No, when the left tells you that they want to increase taxes, they mean for everyone. Of course that won’t affect them, because they are getting a cut for themselves. You didn’t think that those billions going to Ukraine were all for beating Russia, did you?