Tax the Rich, That Will Fix Everything

When are people going to realize the lunacy of this strategy?  Let’s take a tiny segment of the population and charge all (or at least the vast majority) of the costs of our society to them while everyone else consumes more and more services for which they pay a smaller and smller percentage of the cost.

As this op-ed in the Wall Street Journal points out, the top 3.8 million earners in the United States (those with incomes of more than $200,000) already pay 62% (yes, you read that correctly, sixty-two percent of all the income tax paid in this country.  Let’s do some simple arithmetic – that means that the other 98% of taxpayers carry only 38% of the burden.   But, look at this chart taken from the IRS website, because it gets even worse.  The top half of wage earners are paying 97% of the income taxes.

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%



Top 5%



Top 10%



Top 25%



Top 50%



Bottom 50%



Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

Keep in mind this is only tracking the people who pay taxes and says nothing about the millions who are too young, too old or too “sneaky” to contribute anything.  So, we have a system where significantly less than half of the citizens make ANY financial contribution. How long do you suppose that is sustainable?

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Filed under Taxation

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