Who Pays The Taxes!
Obama called out yesterday that in order to solve our financial deficit it is just a simple matter of increasing taxes on that evil, dispical wealthy upper class, however, according to Obama, they won't mind paying more taxes back to a country that has done so much for them. So, if we are going to try and solve our financial problems by raising taxes then it is probably a good idea to know exactly who is paying the taxes to start with. Here are the numbers which are as of 2009 as 2010 taxes are just now being filed.
307,868,280 Americans compose 151,485,000 tax units
46.9% will have ZERO federal tax liability
80,438,535 will pay over $1 Trillion in taxes collected
So, who pays how much of the total?
That evil top 1% that everybody believes doesn't pay enough tax? They paid 40.4% of the total.
The next 2% to 5%? They paid 20.2% of the total.
The next 6-10%? Another 10.6% of the total.
The next 11-25%? Another 15.4%
How about the poor middle class that, according to Obama, is carrying the burden of American's problem on their shoulders? Just 10.5% of the total
Here is the bottom line. Over 70% of all the taxes collected in this country are paid by the top 10% of the wage earners. Sure, we can tax them more, we can tax them at 100% of their income - it still won't even cover the interest liability that is due on the debt that we have outstanding and won't but a dent in the long term, underfunded liabilities of the country.
One other thing - if you soak the rich too much, well, they can just leave the party altogether and then who is going to pick up their portion of the tab?