Mike’s jealousy of success is showing again.
posted by Jim McAllister
at 25 November, 1:53 PM 0
“A recent TIME article notes that since the recovery began, the top 1% have earned 90% of the total income.
Seems that the “makers” are taking just fine.
Which suggests that they could easily withstand the 4 percent tax increase the President has proposed.”
Mikey, you sound like the proverbial broken record. What happens when you liberals decide that those mean rich people should kick in another 4% and pay 8%? That will happen under Obama eventually if he gets his way on this. There will always be more government programs for those who are successful to support. After all, it is only “fair”.
Actually, it’s not fair and there is one word that separates many of the rich and the poor: AMBITION. Keep giving away free stuff and the ambition disappears. Hell, why work? The government will always feed me!
From the IRS: people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits.
Put another way, millionaires pay a rate that’s more than four times that of the middle class. The average tax rate peaks at 25.1 percent for those making between $1.5 million and $2 million.
Rates don’t fall all that much once you get above $10 million. Even among the top 400 earners in America, whose average income is more than $200 million, the average rate is 18 percent — still more than three times the rate paid by the middle class.
So, lighten up on the makers; they are giving plenty. It’s not their fault they know how to make a lot of dough and you don’t. Jealousy is a terrible thing; get over it.
Have a nice day!
(Some information taken from CNBC)