Wednesday, September 28, 2011

Michael Graham: About Those Millionaires Not Paying Their “Fair Share”

Obama deflected the charge of resurecting the class war the other day by saying:
“If asking a billionaire to pay the same rate as a plumber or a teacher makes me a warrior for the middle class, I wear that charge as a badge of honor,”
He lies to the American people by suggesting that Billionaires don't pay the same rate as regular people. Well, they don't. THEY PAY A HIGHER RATE!

as I pointed out in a post the other day, IRS data shows they do pay a higher rate.

Krugman's Social Contract and the Coming Class War

and in a post today by radio talk show host Michael Graham, more IRS data to prove the point. The post is so good I am posting it here in it's entirety (without his permission. I hope that's OK Michael.)

About Those Millionaires Not Paying Their “Fair Share”

Economist Veronique de Rugy continues to fight the media-driven ignorance on taxes and who pays them.
In 2009, millionaires made up 0.1 percent, or just fewer than 240,000, of the 140 million tax returns filed that year. Despite their small demographic imprint, the magnitude of their contribution in paid taxes is hard to overlook. Over the past ten years, millionaires have paid 17 to 28 percent of total income tax returns per year.
Also note that, under evil George W. Bush and his “tax cuts for the rich,” the share of the income tax bill went UP—not down—by about 60%.
Add all the other facts about the people earning 20% of the income but paying 30% of the income tax bill, and I ask you again: How much more do they have to pay before you’ll call it “fair?” If they pay double their share—40%—would that be “fair?” Triple? 60%?
The LAST thing angry extremists like Elizabeth Warren want is “fairness.” They want “equal outcomes” for the hard-working and the lazy; for the smart and the dumb; for the risk-taker and the coward. Everybody gets to share the wealth.
What could be less “fair” than that?

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