The Bottom Line on Taxing the Wealthy
Monday, July 25, 2011 11:44 AM

President Obama made his case on Friday, July 22, stated openly that his declaration of the necessity of revenue increases was not about punishing the better off in American society.

You could have fooled me.

"This isn't about punishing wealth, it's about asking people who've benefited the most over the last decade to share in the sacrifice," the president said.

Share in the sacrifice? We hear all this talk about "skin in the game" or "pay their fair share", but what is fair?

Can the adult in the room please stand up? Breaking it down, here is how American income taxes work:

The wealthiest 1 percent of the population earn 19 per­cent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare.

Wow, that really puts things into perspective doesn't it?

Taxing the rich is just something you do, and it sounds good on paper doesn't it? I mean, you don't really want to say "Let's tax the poor", right?

The truth of the matter is, this administration HAS declared war on the wealthy, and through their rhetoric, they have made no attempts to hide that fact. All of their, "skin in the game" and "shared sacrifice" comments are all aimed at those Americans who are doing well for themselves.   

And don't tell me that proposing tax increases isn't radical. First of all, raising taxes in the middle of a recession ( I hope you don't have the impression that we are actually out of the recession yet) on those individuals who are responsible for CREATING jobs is a disastrous idea, and purely ideological in base.

Secondly, in a study done by The Heritage Foundation, they conclude that tax increases now would eliminate hundreds of thousands of jobs each year between 2012 and 2020, going against what Congress has done since 1996, which is DECREASE the tax burden on Americans.

The bottom line is this: This IS a war against the wealthy, which in turn could further upset the delicate balance that our economy hangs within.

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