| Share of Taxes (%) || Top 10% || Top 5% || Top 1% |
| All Federal Taxes || 55% || 44% || 28% |
| Individual Taxes || 72% || 61% || 39% |
| Social Insurance Taxes || 25% || 14% || 4% |
| Corporate Inc Taxes || 80% || 73% || 57% |
| Excise Taxes || 21% || 13% || 5% |
| || || || |
Taxes on US Corporations was 27.7 percent, compared with a non-U.S. average of 19.5 percent. Companies based in Japan, Morocco, Italy, Indonesia and Germany, faced higher tax rates.(And we see how well their economies run as well as their super high taxes on individuals)
Never the less the cry from Obama and the Leftist through out this entire week of BS called debate has been , "We must have a balanced approach with the rich and big corporations paying their share". Of course statistics show that when taxes on individuals and corporations are raised, revenues for the Government fall. However Leftist try to twist this to show the opposite through their smoke and mirror, convoluted accounting system.
Individuals( the so called rich) stop investing and corporations move out of the country. It would seem that the Leftist would learn from the past under Clinton what higher taxes do for the economy and business. Some people never learn.
Obama calls for tax reform but yet refuses to even consider the Flat Tax. Actually it shoudl suit his socialist leanings since everyone pays the same rate of taxes, rich and poor alike. Unfortunately the Left hates the idea since they Plantation would soon disappear because there would be no group paying ZERO INCOME TAXES as there are under the current system. The federal income tax is the government's largest source of revenue but yet nearly 50% of the people paid nothing so that leaves the other 50% paying for all the services that the non-payers enjoy. Yes they still pay some taxes but not income tax which is what the Flat Tax is all about.It's not uncommon for people to think that their Social Security taxes, their 401(k) contributions, their share of employer health premiums, all of that stuff in their mind gets lumped into income taxes, The Left uses this argument in their attempt to refute the idea that 50% pay no income tax. They twist the words and claim the Right says 50% pay no taxes, which of course is not what is being said. The Left takes it totally out of context but then what else is new. The Flat Tax would work but don't hold your breath for it to come about. It would also reduce the number of useless IRS employees by over 70%, which of course the savings from that waste of money could be used toward debt reduction. Remember how adding just a bit on the end of your house payment can reduce the amount of time it takes to pay it off and the amount of interest paid? Ah, but don't tell the Leftist that!
Just heard the "taxer in chief" cozening up to the AFL-CIO, union thugista's saying,
"Taxes need to be raised on the rich" He ticked off that wing of his socialist party and is now trying to smooth things over. He will play "hell" in getting taxes passed during his administration. Of course he will do things that will make taxes on items higher and of course hurt the lower class and middle class but then try to blame it on the Right for not wanting to raise taxes on the RICH. (I get so tired of that phrase I could puke.)
Beware of his "super committee" for they will be the machinery that Obama uses to try to raise taxes on the ones who already pay the majority of taxes. Clinton found out it didn't work in his last term so why does Obama think the results will be any different for him?
A typical Congress has a spending problem, not a revenue problem. This Congress is no exception, except that its members are spending at exceptional rates and have no will to stop.
During all this hub-bub about debt limit and the world coming to an end was pure contrivance on Obama's part. He hoped for more than he could get and it backfired on him but yet the failure continues to talk as if HE made it all happen. Nothing like a narcissist jackass braying to make your day. We also found out who the RINO's were (many were already known such as McCain and the ding-bat from Alaska , Lisa Murkowski, who might as well just switch to the Socialist Democrat Party given her rants against the conservatives in the House.
The House needs new leadership for "Bonehead " proved himself to be inadequate in getting the job done. McConnell needs to be replaced in the Senate as well for his time is over. He would make a deal with the devil if it meant getting re-elected on the idea that "I did the best I could." Listen for "Bonehead" to sling snot and try to use the same excuse his failure.
Well it's over for now but the LSM will beat it to death because it's an easy story with a never ending line of braying jackasses who want to defend their Messiah and call for more Taxes on the Rich. It would GAG a maggot on a garbage truck!
Let me know what you think.