Whenever a politician utters the magic phrase “Tax the Rich” I suggest you put on your thinking cap and remember these facts:
Taking the latest 2009 figures, about 8.2 million Americans earned $10 million dollars or more that year. They sure were rich. If you taxed those scoundrels 100% of their earnings, every penny they were “lucky” to get, the government would come up with $240 billion.
That lasts Uncle Sam a few weeks.
The truth: The top 1% earners pay about 37% of taxes The top 5% pay about 53% The top 10% pay about 68% of taxes/ The top 50% of income earners pay 96% of taxes, so if some folks are getting away with not paying taxes, it’s not the ‘RICH’
Furthermore, most of the rich earn, not inherit their wealth, so taxes are a burden on the entrepreneurial, job-producing economy. ( See the Earl J Weinreb NewsHole® comments.)
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