tomder55
Mar 5, 2023, 04:50 AM
Clueless Joe keeps sounding the tired old trope that the rich are not paying their "fair share" . He used it when he proposed his fiscal 2024 budget . He used it when speaking about bailing out the failed ponzi scheme called Social Security .
The president hinted that he's agreeable with some level of higher taxes in his State of the Union address with a reference to "making the wealthy pay their fair share."
Joe Biden Could Soon Push for This Huge Social Security Change | The Motley Fool (https://www.fool.com/retirement/2023/03/04/joe-biden-could-push-huge-social-security-change/)
Such comments don't get scrutinized by the so called 'fact checkers' in the compliant press.
It is hard to define something like "fair share " . That is a subjective statement . The facts however are an inconvenient truth to Clueless and the progressives .
Based on Adjusted Gross Income(AGI) :
In 2020, the bottom half of taxpayers earned 10.2 percent of total AGI and paid 2.3 percent of all federal individual income taxes. The top 1 percent earned 22.2 percent of total AGI and paid 42.3 percent of all federal income taxes.
In all, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $723 billion in income taxes while the bottom 90 percent paid $450 billion.
Summary of the Latest Federal Income Tax Data | Tax Foundation (https://taxfoundation.org/publications/latest-federal-income-tax-data/#:~:text=High%2DIncome%20Taxpayers%20Paid%20the%20 Majority%20of%20Federal%20Income%20Taxes,of%20all% 20federal%20income%20taxes.)
The top 5% of earners reported 38.1% of total AGI but paid 62.7% of all income taxes. The bottom 50% of earners reported 10.2% of AGI but paid 2.3% of all income taxes.
You could argue that other taxes like sales taxes which are a fixed percentage of the sale ;and the payroll tax which is capped are less progressive . But the income tax code is progressive in the extreme.
He has to keep the illusion that the rich are not paying their fair share because the Dem progressive's appetite to spend is insatiable.
The truth is that any move to increase taxes will be targeted at the middle income earner , The rhetoric keeps people's focus away from that reality .
The president hinted that he's agreeable with some level of higher taxes in his State of the Union address with a reference to "making the wealthy pay their fair share."
Joe Biden Could Soon Push for This Huge Social Security Change | The Motley Fool (https://www.fool.com/retirement/2023/03/04/joe-biden-could-push-huge-social-security-change/)
Such comments don't get scrutinized by the so called 'fact checkers' in the compliant press.
It is hard to define something like "fair share " . That is a subjective statement . The facts however are an inconvenient truth to Clueless and the progressives .
Based on Adjusted Gross Income(AGI) :
In 2020, the bottom half of taxpayers earned 10.2 percent of total AGI and paid 2.3 percent of all federal individual income taxes. The top 1 percent earned 22.2 percent of total AGI and paid 42.3 percent of all federal income taxes.
In all, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $723 billion in income taxes while the bottom 90 percent paid $450 billion.
Summary of the Latest Federal Income Tax Data | Tax Foundation (https://taxfoundation.org/publications/latest-federal-income-tax-data/#:~:text=High%2DIncome%20Taxpayers%20Paid%20the%20 Majority%20of%20Federal%20Income%20Taxes,of%20all% 20federal%20income%20taxes.)
The top 5% of earners reported 38.1% of total AGI but paid 62.7% of all income taxes. The bottom 50% of earners reported 10.2% of AGI but paid 2.3% of all income taxes.
You could argue that other taxes like sales taxes which are a fixed percentage of the sale ;and the payroll tax which is capped are less progressive . But the income tax code is progressive in the extreme.
He has to keep the illusion that the rich are not paying their fair share because the Dem progressive's appetite to spend is insatiable.
The truth is that any move to increase taxes will be targeted at the middle income earner , The rhetoric keeps people's focus away from that reality .