Nov

28

2012

Data Point – The Rich DO pay more in taxes

by Skip

All Obama and the Dems can say is that certain folks don’t pay their fair share in taxes.  I know that there are some socialist / Progressives that would be fine with taking it all after a certain point (“you should not be able to make more than $5 million per year!”) and a high percentage on everything before that.  Equality, they say.  But the way they talk about it, the rich pay next to nothing; hardly:

% income tax paid
Adjusted gross income as a share of AGI
$1 to under $10,000 -13.6
$10,000 to under $20,000 -11.5
$20,000 to under $30,000 -3.7
$30,000 to under $50,000 3.1
$50,000 to under $100,000 7.5
$100,000 to under $200,000 12
$200,000 to under $500,000 19.6
$500,000 to under $1,000,000 24
$1,000,000 to under $1,500,00 24.9
$1,500,000 to under $2,000,000 25.1
$2,000,000 to under $5,000,000 24.9
$5,000,000 to under $10,000,000 24.2
$10,000,000 or more 20.7

As the chart shows, the only folks paying nothing are the poor – and with the EITC, the govt actually pays them. I bet you’re noticing “Skip, look at the top two brackets – they are paying LESS – you LIE!”.  Er, no – and this is where the Dems pull the magic trick of demogoguing over the low-information voter:

And that would be due to the difference in earned income (commonly referred to as wage/salary income) and capital gains / dividend income (income derived from invested money on which taxes have ALREADY been paid – and now the Govt wants a SECOND cut at what it didn’t earn):

% of gross income from
Adjusted gross income capital gains &dividends

$1 to under $10,000 0.4
$10,000 to under $20,000 0.6
$20,000 to under $30,000 0.7
$30,000 to under $50,000 0.8
$50,000 to under $100,000 1.4
$100,000 to under $200,000 2.2
$200,000 to under $500,000 5.6
$500,000 to under $1,000,000 10
$1,000,000 to under $1,500,00 14.6
$1,500,000 to under $2,000,000 16.6
$2,000,000 to under $5,000,000 21.7
$5,000,000 to under $10,000,000 28.8
$10,000,000 or more 48.5

Look at the last two catagories here and in the previous table – it shows that most of the very rich do not work for a wages – their income comes from making successful investments for the longer term.

 

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by Skip Murphy

Co-founder of GraniteGrok, my concern is around Individual Liberty and Freedom (and how Government is taking that away from us). My fight, from a Conservative (with small "L" libertarian leanings) and evangelical Christian perspective, is with the Progressives that are forcing a collectivized and secular humanistic future upon us. As TEA Party activist, citizen journalist (and pundit!), my goal is to use the New Media to advance the radical notions of America's Founders back into our culture again.

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Leave a Comment

  • Tim from Nashua

    Billy Idol was singing about DemocRats when he sang,’With a rebel yell, they cry “More! More! More!”. ‘

    Or, to amend Proverbs 30:15-16, The leach has two daughters that cry, “Give! Give!” There are FOUR things that are never satisfied; FIVE that never say, “Enough!” : the grave, the barren womb, the earth that is not filled with water, fire, and the DemocRat Party’s desire for more revenue and power .

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