What? “The claim that rich Americans pay a smaller share of their income in taxes than any other households in verifiably false” claims an article in the 2/26/2020 Wall Street Journal-“Wealthy Americans Already Pay Their Share”.
The top 10% of earners in the U.S. pay 45% of all income taxes, including social security and medicare. In France that number is 28%, Sweden 27%. If the U.S. adopted the “enlightened European system” taxes on the lower 90% would double.
The numbers: The top 1% pay at a rate of 40% of income; the next 4% -38%; the next 4%-34%; those in the 81-90% pay at 33%; the next quintile at 27%; the next at 22%; the next at 12% and the bottom 20% of earners in the U.S. pay at the rate of 5%.
If the data is accurate why all the caterwauling about the rich? Is it they happen to have a bunch of money and we don’t? Is it envy? Or maybe the subject is a good one to energize folks to take wealth from those that have “too much”, after all it is only 2 cents as Warren says.
Do some rich people squander their money on themselves, many times obscenely, absolutely!! But progressives don’t talk much about entertainers who do that; or billionaires who give them money-like George Soros; or….. The bile is reserved for those who happen to think that liberty is better than a huge ass government intruding into every facet of our lives. Why, because they want to intrude into every facet of our lives, to have power, to tell us what is good for us. Are we going to say that the all enlightened government will spend our money better that the Gates Foundation? Absolutely not!
Are there any immigrants from socialist, democratic socialist or communist systems who are advocating to move away from our system to the ones they left? A few maybe, 2% let’s say. The other 98% are aghast that 40% of young people think socialism, and attacking the wealthy is a good idea.
Liberty and a fair free market system has raised billions of people out of poverty. Go to Hong Kong or Taiwan and listen to those millions of people. Go to China and try to do something, or read something that the government doesn’t minisculey control. Be a Muslim in western China.
People, look at the data. Please.