First off, here’s a breakdown of who pays into personal income taxes. Look at those numbers and SMELL the unfairness.
So, the top 10% of income earners pay 69.9% of the income tax while the bottom 50% of Americans pay 2.7%. Now, if we were actually going to make the tax code more “fair,” who would actually be paying more and who would be paying less? Maybe the rich aren’t getting quite as sweet a deal as you’d think if you got your information from Obama speeches and MSNBC.
Now, here’s another chart that defies conventional wisdom.
Over the decades, tax rates have varied quite a bit. They’ve even gone up as high as 90% in some brackets. Yet, the actual amount of revenue coming in doesn’t change very much in relation to revenue. It’s almost as if conservatives are right and people do react to higher tax rates by changing their behavior.