Do the Rich Pay Their Fair Share?

In case your living under a rock, you know it’s an election year. When this happens, all kinds of pandering goes on – on both sides of the aisle. The most insidious lie that I always hear, mostly from the left, is that the “Rich” in America get all the tax breaks and the middle class and poor gets screwed. Sounds logical, but is it really true?

I was glad to find out that I’m one of those fat cats who is considered one of the rich. Funny thing, I didn’t know this. I have two cars, both paid off, but have well over 100,000 miles. I have a nice house, but not a mansion. I do alright at my job, but I wouldn’t consider myself rich.

The truth is, it doesn’t take much to be considered one of the “Rich” in America. The fact is that the Top 5% of wage earners pay over 50% of the tax burden. Further, the top 50% of wage earners pay over 96% of the tax burden.

Who are those 50% who are considered “Rich”? It will surprise you. If you made at least $29,000 filing jointly, you were in the top 50%. Hard to believe? The figures are directly from the IRS from the year 2003. Don’t believe me? Check it out for yourself.

If you ask, surely those under that level and the “poor” are paying taxes, aren’t they? The answer is no. There is something in the US called the Earned Income Tax Credit that actually gives a refund to those who either pay a little income tax or no income tax at all. This allows the recipients to receive all of their tax back in a refund, and sometimes more than they paid. Kind of like our current Social Security System – but that is a whole new topic.

So, if these politicians were really honest they would acknowledge the real facts. I’m really not that naïve, I know they are full of it and have no interest in the truth.

Of course, that’s just my opinion.

Rob’s Rant

Sources:
http://www.irs.gov/pub/irs-soi/04in06tr.xls
http://www.rushlimbaugh.com/home/menu/cy2003.guest.html (Chart)

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