Tiredoflibs beat me to this topic in the previous post, but I’d like to expand on the issue of tax fairness. Anyone who has been listening to the radio or watching any news show on TV is aware of the Left’s latest class warfare tactic. In the last couple days we’ve heard Lefties from Al Sharpton to network news anchors ask the question, “is it fair for millionaires to pay less than Warren Buffet’s secretary who, like most average Americans pays 30% in income taxes?” When Reverend Al asked Congressman Tim Huelskamp that question on Sharpton’s MSNBC show, the Rev simply wouldn’t accept the Congressman’s answer that his premise wasn’t true. Talk about comedy gold. And what’s even more pathetic is that Sharpton is delinquent on almost as much in federal taxes as Romney paid. How is that FAIR, Al?
A little research completely refutes this new Leftist assertion that the average American pays an effective federal tax rate of 30%. In fact, according to the IRS’ own data, 97% of Americans pay an effective federal rate of less than 13%. And, what’s even more interesting about the IRS charts that NewsBusters links to are the demographics of “the wealthy”. The charts show that there were (as of 2009) 235,413 Americans who had adjusted gross incomes of $1 million or more who paid $177.5 billion in income taxes on taxable income of $623.538 billion. So if we increase the tax rate on those “rich” back to the 39.6% Clinton era top marginal rate that so many of our resident Progressives have called for, it would raise an additional $23.3 billion (and that’s assuming 100% compliance) a year in federal revenue — enough to run the federal government for about 2 days. That’s barely a rounding error, but I guess it would be fair — right? No? OK, how about if we DOUBLE the top marginal rate on those making over $1 million. That would raise an amount equal to about 17.6% of the current deficit or enough to run the government for about 18 days. I think what’s FAIR is to say that we have a SPENDING problem, not a TAXING problem.
Folks, it’s time to take the gloves off — call a spade a spade and a liar a liar.