Real Hard Facts to Consider

Considering that the whole class warfare tactic taken by the left leaning politicians, the narrative of which is supported by the mainstream media is based on false assumptions and factious expected results, it’s no wonder middle American thinks it is important to raise taxes on the higher income earner.

 

The fact is ,if you raised taxes on the rich by 100%, it would have little or no effect on the real financial issues facing the country.  The real problem is government spending too much. Until that is controlled, it is only a matter of time before we have to move tax tables to target the not so rich as well.

 

Politicians are misleading the nation as it relates to Social Security as well. This is supposed to be money that is set aside for the future to pay those who pay into it.  What they did not tell you is that they were going to use your money to buy votes for themselves which would result in the ultimate failure of the system.  To make it worse, the SS system which is already in trouble because government did not have the courage to tell the people that they would have to pay far more of their income if they expected it to receive anything in the future.  Now they want to extend tax cuts for social security even enough though it is already in trouble.

 

Instead of the Social Security funds being quarantined in the so called “lock block”, government now considers the employment tax as part of the federal general budget. That is not the way it was designed to be.  They used to talk about barrowing the money from Social Security, but not anymore.

 

Below are some charts with data points that were sourced from various government agencies. A careful review of the information contained here will shed some light on the problem. Too much spending that must be controlled before the people should be expected to pay more in tax. We pay enough.

 

The latest data show that a big portion of the federal income tax burden is shoul­dered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 per­cent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare.