He’s a warrior for the middle class, don’tcha know, even though it’s the middle class that’ll end up shouldering the load of Obamanomics once people realize that we can’t possibly tax the Warren Buffetts of the world enough to pay for everything. Further to that point, check out the snazzy chart posted yesterday at the Atlantic by Daniel Indiviglio. Even if we took the “Buffett rule” to its ultimate extreme and confiscated 100 percent of the earnings of people who take in $1 million or more each year, we’d eliminate less than one-third of the annual deficit. (That’s assuming, of course, that the deficit wouldn’t rise as economic activity collapsed under the new tax rate and the feds were forced to borrow more for stimulus.) More from David Freddoso:
In 2009, about 237,000 individual income tax filers reported adjusted gross income of $1 million or more. Taken together, these filers — families and small businesses — made a grand total of $722 billion, and paid $178 billion of that in income taxes.
Their effective federal income tax rate was 24.6 percent, between three and four times the effective rate on middle-income families that pull in $50,000 to $75,000 per year.
This million-plus crowd — who comprise less than 0.2 percent of all taxpayers — made 10.6 percent of all income in 2009 and paid 20.5 percent of all individual income taxes.
To be sure, the wealthy can and should pay more in taxes than the poor. The point here is that they already do pay more — a lot more.
September 21, 2011 | Categories: 2012 Election, America's Freedoms, Class Warfare, Cloward and Piven Strategy, Congress, Constitutional Responsibilities, Corruption in Government, Economic Security, Elections Politics, Employer Uncertainty, Excessive Government Spending, Freedom Justice and Liberty, Government Regulations, Jobs, Liberals Big Spending and Taxes, Most Americans Reject Socialism, National Security, New Media News, Politics, POTUS Deception, POTUS Elibility Issue, Radical Liberal Progressive Left, Redistribution of Wealth, The Economy, UNIONS ACORN and SEIU | Tags: Americans reject Socialism, Barack Obama, Class Warfare, economic failure, economy, health care legislation 2013, Jeff Emelt GE-NO TAXES, Marxist/Socialist, Marxists in the White House, Obama, Obama deception, politics, tax increases, two faced, Warren Buffet is a 'standup guy' | Leave A Comment »