Wednesday, July 27, 2011

Tax numbers and class warfare

President Obama seems to be on this kick of demonizing "the wealthy", whom he proposes to tax more so that "they pay their fair share". So what do "the wealthy" really pay in taxes? There is an interesting chart here at the Tax Foundation website.

According to the IRS (2008 figures, updated 2010), the top 5% earners ($159,619 or more) in the nation already pay 58% of the total personal income tax collected, while the bottom 50% pay only 2.7% of the total personal income tax collected. Seems to me from these numbers "the wealthy" are already paying more than their fair share. Of course liberals love to play Robin Hood and redistribute the wealth (though I notice that liberal politicians, mostly wealthy, seem to use their tax accountants like any other wealthy people, and avoid as much tax as possible). Still, I find President Obama's constant harping on the class warfare themes pretty tiring, and frankly, pretty insincere.