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The Tax Truths?

November 18, 2012

The president wants to raise the tax rates for the rich, it actually seems to be an obsession for him. I have gotten to the point over time where I question his motivation for everything he does, so why the need to raise taxes on anyone in this economic environment. No one on public assistance has ever created a job to the best of my knowledge, most job creation is done by small businesses in America.

Why do we not hear any talk from either party about cutting costs, when we do it is just one party trying to blame the other for trying to take from the poor. A political ploy the democrats have elevated to a science (but that’s a whole other article). Our debt and deficit are out of control with over a trillion dollars in spending in each of the last 3 years, now they of course will want to raise the debt ceiling again.

So here we are looking at raising the tax rates for the rich again. Though the administration does not want you to know it, the rich already pay more in taxes then the rest of us combined. I have posted this chart from the IRS before, and I am going to share it again. I tried to get more updated information from the IRS website but they changed the format so it is harder to get the facts in an easily post-able format, I am sure that was not an accident. This chart is from 2009, still relevant because that was just a few years ago, it shows who pays what percentages of the total tax base and approximate tax rate for each group.

2009 Tax Table from the IRS website grouping taxpayers by income level

The chart is self explanatory, but if you have any questions please let me know, I will be more then happy to answer them for you. As you can see from the chart though, the top 1% of the taxpayers pay 36.7% of all taxes paid in that tax year. The top 50% of taxpayers paid 97.7% of all taxes collected, this is according to the IRS, I don’t believe they would have any reason to lie about these figures.

 

So we can read the statistics or listen to the rhetoric from the politicians. You can get more updated information from the IRS if you wish, when I get the time I would like to bring you an updated and more comprehensive picture of the situation. But this gives you a little food for thought, and might make you hungry for more, that is part of the reason for this blog. My hope is to get the average American asking more questions and refusing to accept the status quo of party talking points.

 

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