September 20, 2010
The closer we get to the election and of course the expiration of the Bush tax cuts the more we hear from the left that the rich need to pay their fair share.
I have a question.
How much is fair?
The top 1% of earners pay 22.83% of the income tax burden.
The top 5% of earners pay 37.44% of the income tax burden.
The top 10% of earners pay 48.05% of the income tax burden.
The top 25% of earners pay 68.71% of the income tax burden.
The top 50% of earners pay 87.74% of the income tax burden.
That leaves 12.26% for the lower half of earners.
The left only seems to understand class warfare. What they will never understand is that by taking more money away from "the rich" they take it out of the private economy where it does the most good.
Please remember this when you hear a leftist cry about fairness. Ask them what they would consider fair when 50% of us are already carrying 87.74% on the burden.
Source IRS via The Tax Foundation.