Comments - Tax The Rich - Fair Tax Nation2024-03-28T08:02:35Zhttp://www.fairtaxnation.com/profiles/comment/feed?attachedTo=2636007%3ABlogPost%3A112462&xn_auth=no{CORRECTION]
You're on the r…tag:www.fairtaxnation.com,2010-10-17:2636007:Comment:1168712010-10-17T07:21:21.958ZJohn Gaverhttp://www.fairtaxnation.com/profile/JohnGaver
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You're on the right track. But the actual IRS numbers are somewhat different that yours. It still makes the same point. You just need to be accurate.<br />
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The top 1% of income earners (those earning over $380,354, in 2008) earned only 20% of the income in 2008, while paying 38.02% of the personal income tax that was actually collected.<br />
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That means that the top 1% of income earners paid almost double their share of taxes, based on income (1.9 times). That's money actually collected by…
{CORRECTION]<br />
<br />
You're on the right track. But the actual IRS numbers are somewhat different that yours. It still makes the same point. You just need to be accurate.<br />
<br />
The top 1% of income earners (those earning over $380,354, in 2008) earned only 20% of the income in 2008, while paying 38.02% of the personal income tax that was actually collected.<br />
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That means that the top 1% of income earners paid almost double their share of taxes, based on income (1.9 times). That's money actually collected by the IRS - not a projection or an estimate. It's actual money in the US Treasury tied to the income group that paid the taxes that put it there.<br />
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It also means that the top 1% of income earners are now paying in excess of 50% more of the tax load than they did when Ronald Reagan left office (38.02 / 25.24 = 51% increase).<br />
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The IRS collections data for 2008 can be found at:<br />
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<a href="http://www.actionamerica.org/taxecon/irsdata.shtml" target="_blank">http://www.actionamerica.org/taxecon/irsdata.shtml</a><br />
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There is another issue that this disparity causes. The government is effectively punishing people who:<br />
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• are successful,<br />
• likely have an entrepreneurial mind-set,<br />
• are likely problem-solvers,<br />
• likely don't get discouraged by adversity, but look for solutions and<br />
• can afford to implement one of the few legal solutions left to them.<br />
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According to Zogby International, "by a modest estimate", more than 3 million Americans "relocate" offshore, every year. Anyone want to guess how many of those expats are poor?<br />
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Then think about this. If just the top 1% of income earners (1.4 million taxpayers) were to leave (remember that 3 million Americans relocate offshore every year), then those who remain would be faced with a more than 60% tax increase, just to make up for the loss of that 38.02% of taxes.<br />
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Every time our government increases their punishment of the rich, more of the rich leave. So what does the government do, in response? They bear down on the rich, even more. What's wrong with this picture?