On Thursday the Washington Examiner posted an editorial with the title, “If top 5% paid 40% of taxes, what is their ‘fair’ share?”. That is a very reasonable question.
The current Democrat talking points are stated in the editorial:
Obama said in his postelection news conference earlier this month, “want to make sure that middle-class folks aren’t bearing the entire burden and sacrifice when it comes to some of these big challenges. They expect that folks at the top are doing their fair share as well.” House Minority Leader Nancy Pelosi, D-Calif., echoed this point in a fundraising pitch sent out on Monday: “Voters sent a clear message to Republicans in the election: we must stand up for the middle class and ensure the wealthy pay their fair share.”
What does the amount of taxes the wealthy pay have to do with standing up for the middle class?
The editorial reminds us:
As matters stand, the top 1 percent of American households paid 39 percent of income taxes in 2009, according to the most recent data compiled by the Congressional Budget Office, and the top 5 percent of taxpayers paid 64 percent.
But income taxes, taken in isolation, do not tell the whole story, because lower-income Americans do pay payroll taxes. But even taking into account all forms of taxation, the top 1 percent still paid 22 percent of federal taxes while earning just 13.4 percent of household income. The top 5 percent paid 40 percent of all federal taxes, despite earning only 26 percent of all income. No matter how you slice the numbers, it’s hard to understand why anyone would think the wealthy aren’t already shouldering a burden commensurate with their blessings.
It seems to me as if the wealthy are already paying more than their fair share. And if raising taxes on anyone is going to slow down an already struggling economy, why in the world would you want to raise taxes on anyone?
In March of this year I posted the following (rightwinggranny.com):
Fox News has a video posted showing President Obama stating in April of 2008 that, despite evidence it doesn’t increase revenue, he’d raise the capital gains tax on America’s richest Americans. Then-candidate Obama used one of his favorite words by saying it would be the “fair” thing to do! So it’s not really about revenue–it’s about redistributing wealth–taking money away from people who have earned it and giving it to people who have not earned it. How does that make our society better?
The purpose of being President (or House Minority Leader) is not to carry out your own personal vendetta upon those you resent because they are successful. It’s time to grow up and get past the idea that it is up to you as President or Congressmen to punish those who are successful.
We will all be seeing tax increases in January due to Obamacare. The question is how much additional taxation will we stand for. I personally feel taxed enough already–I think it’s time for the Tea Party to get back to their roots and begin to make noise again.