Many people seem to think that by taxing the rich, it will help the lower income families. I disagree.
Except it is just absurd and any critical thought exposes this for what it is: the proven failed policies of the socialist.
The rich already pay the lion’s share of the taxes. Here’s a breakdown:
The Top 1% of income earners pay 40% of all income taxes collected!
The top 5% pay 60% of all taxes.
The top 10% pay 70% of all taxes.
The top 25% of income earners pay 85% of all taxes.
The bottom 50% of income earners pay 3% of income taxes.
We’re already ridiculously lopsided. The rich are already getting soaked. Soaking them more will just cost jobs, lower wages and send jobs overseas.
Now let’s put it into perspective: When Obama says he’s going to give 95% of people a tax cut it is not possible. How can you give a tax cut to the 40% of people (at the bottom of earners) who don’t pay income tax? Barack calls it a “tax credit” when you give someone money who doesn’t pay income taxes. I call it welfare, or socialism.