Tax Facts

For years people have been saying that the “rich” need to pay their “fair share”.  I agree with that.  In fact for the “rich” to pay their “fair share” we need to cut their taxes because according to the IRS and the Congressional Budget Office for the recent year of 2005, the top 5% of the wealthiest people in the USA paid about 60% of the country’s tax bill.  If we go to the top 10% we find that this group foots the bill for 70% of the taxes.  This group is clearly doing more than their fair share of supporting the country.  Does their vote count more?  No.  Do they use more of the military?  No.  Do they use more of the welfare system.  No.  On the contrary, without this hyper-productive group of people who would pay for welfare, military, and everything (everybody) else on which the government spends money.

It’s even more “unfair” than you know.  The IRS reports that just under 100% of ALL the taxes paid in the USA are paid by the top 50% of income producing people.  Half of this country floats the bill for the other half and that in fact is not fair.

Here is the link to the story from the Wall Street Journal and a quick graph from the IRS itself. Click it.

Taxes and Income

Source: IRS

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