Tax Day: The Top 20% Pay 90% of All Income Tax Collected
These numbers are really amazing.
Check it out:
Conservatism is the individual is gonna do much better acting in his own self-interest than he will allowing government to do something for him. Self-interest is not selfishness. Self-interest is a far, far different thing than selfishness. The Democrats, the left, they are selfish, and they use people and they denigrate people and they characterize people, and they diminish people and they destroy. And it’s left to us to try to fix and repair. So here you’ve got this great income inequality, and the left looks at it as a problem as some people have too much. And of course that plays in low-information America, “Yeah, yeah, they got more than they need. Take it away from ’em, yeah, yeah.” Except don’t take it away from their favorite athlete and don’t take it away from their favorite actor.
No, we love those actors living rich lives. We can pretend we’re doing it, too. We love those athletes running around nightclubbing and partying, but the CEO of Big Oil, you take his money. The CEO of Big Pharma, you go get his money. The CEO of Walmart, you bet, go get his money. The CEO of anybody on Wall Street, damn right, take his money, leave my athlete alone, leave my favorite actor alone. They can earn whatever they want to earn, ’cause they love me, they understand me. It’s just sick. So now we’ve gotten to the point, ladies and gentlemen, where the top 1% now pay nearly 30% of all federal tax revenue, not just income tax, all, 30% of all federal tax revenue is now collected from the top 1%.
The bottom 50%, it’s next to nothing that they pay. And the share of all federal tax revenue paid by the 1% has doubled since the 1980s. And likewise, the top 20% of income earners have gone from paying 65% of all federal taxes in 1980 to 90% in 2010. So the top 1% are paying 30% of all tax revenue. If you expand it to the top 20%, they are paying 90% of all collected tax revenue. And the 20% number includes couples with two kids making more than $150,000.
So if you make $150,000 a year or more, you are in the top 20% of wage earners, and you are in the group that’s paying 90% of all tax revenue, and still it’s not enough. If you listen to Barack Obama and the Democrat Party, it’s still not enough. You are still not paying your fair share. In fact, the left is mocking them for even complaining. There’s a snarky piece from The Atlantic. “Rich People Are Mad They Have to Pay So Many Taxes on Their Ballooning Incomes.”