Non-Political Economics:and the “Taxing the Rich” Diatribe

                           

Whenever a politician uses the magic phrase “Tax the Rich” I suggest you put on your thinking cap and remember these facts:

                           

Taking representative 2009 figures,which closely hold today, about 8.2 million Americans earned $10 million dollars or more. 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 and @BusinessNewshole at Twitter.)