I think we are all aware of Barack’s ‘spreading the wealth’ comment.
Sounds socialist to me. Anyhow, there is a great article on Powerline regarding his comments. Here are some interesting facts regarding taxes pulled from the article.
According to the most recent (2006) data released by the IRS, the top 1 percent of filers paid nearly 40 percent of all income taxes; the top 5 percent paid 60 percent of all income taxes. The bottom 50 percent paid virtually no income taxes (3 percent of all income taxes paid).
INTERESTING! The top 1% of earners in this country pay nearly 40% OF ALL INCOME TAXES! And people have the right to claim it’s not fair to give tax breaks to the rich. Here is some fuzzy math for all of you Obama lovers AKA Tax More Spend More Save Less people. What is 25% of $40000? Well .25(40000) = 10000. And now 25% of $250000 which is (.25)250000 = 62500. Wow, that’s more than 6 times as much as someone making $40k with a federal income tax rate of 25%. Now with real tax brackets. A person making $40k will be in the 25% tax bracket as shown before. This is a rough estimate since pre-tax items are not included such as itemized deductions, health care, 401k, etc. Earning $40k, you will have to pay $10k in federal income tax (not including SS and Medicare). A person that makes $250k will be in the 33% tax bracket. (.33)250000 = 82500. As you can see, the dissparity is huge! Do not make the argument that the rich people can afford it so they ought to pay more. RUBBISH! You know what’s fair/ethical and what’s not. Read the Powerline story linked above. Do your own research. Ask questions.
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