{"id":55090,"date":"2024-05-28T09:20:46","date_gmt":"2024-05-28T13:20:46","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=55090"},"modified":"2024-05-28T09:20:46","modified_gmt":"2024-05-28T13:20:46","slug":"exactly-who-pays-our-taxes","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=55090","title":{"rendered":"Exactly Who Pays Our Taxes?"},"content":{"rendered":"

On Monday, The Washington Examiner<\/a> posted an article about the progressive tax code in America. Just for the record, we are already overtaxing the wealthy.<\/p>\n

The article reports:<\/p>\n

The ultra-wealthy are paying the highest average share of taxes<\/a>, according to a new analysis from a nonpartisan congressional committee.<\/strong><\/p>\n

The Joint Committee on Taxation found<\/a> that the top 1% of earners<\/a> pay an average tax rate of around 30% in combined income, employment<\/a>, and excise taxes, double or more than the share of taxes that the bottom 80% of the country pays. Additionally, the top 5% of earners in the United States make up a whopping 46% of the country\u2019s tax base.<\/strong><\/p>\n

According to the Economics Help<\/a> page:<\/p>\n

The Laffer Curve states that if tax rates are increased above a certain level, then tax revenues can actually fall because higher tax rates discourage people from working.<\/strong><\/p>\n

This is a picture of the Laffer Curve:<\/p>\n

\"\"<\/a><\/p>\n

The Reagan tax cuts increased federal revenue. Unfortunately, the Democrats who controlled the House of Representatives offset those increases with increased spending. The Trump tax cuts also increased federal revenue, but again the House of Representatives increased their spending. At some point we need to realize that we don’t need more taxes, we need less spending.<\/p>\n

The Biden administration is currently pushing for a tax on unrealized capital gains. The talking point is that it would only impact a very small number of taxpayers. Just for the record, this was the argument used to justify the establishment of a federal income tax in 1913.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Monday, The Washington Examiner posted an article about the progressive tax code in America. Just for the record, we are already overtaxing the wealthy. The article reports: The ultra-wealthy are paying the highest average share of taxes, according to … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2609,13417,853,7533,451,542,3596,2016,1419,14460,1947,6746,16667,14017,2720,430],"class_list":["post-55090","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-biden","tag-biden-administration","tag-democrats","tag-economic","tag-house-of-representatives","tag-income-tax","tag-laffer-curve","tag-revenue","tag-tax-cut","tag-tax-on-unrealized-capital-gains","tag-tax-rate","tag-tax-revenue","tag-tax-revenues","tag-the-biden-administration","tag-the-washington-examiner","tag-washington-examiner"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/55090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55090"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/55090\/revisions"}],"predecessor-version":[{"id":55096,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/55090\/revisions\/55096"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}