For the past few years, we’ve been inundated with platitudes referring to the top one percent. Evict the one percent, pay their fair share, redistribute the wealth. Occupy Wall Street made some of these phrases quite popular, even when they didn’t really understand economics or the real state of affairs (the Federal Reserve System, for instance).
A part of the reason why Bernie Sanders is so popular with young people is because he exploits their irrational thoughts and unjustified ideas. Kids want free education so he promises to give it to them. Kids want the rich to give their wealth away so he vows to do it. Kids want government to look after them from cradle to grave so he pledges to do so.
Indeed, we’re regularly told how wealthy the one percent is. We’re always told there is a widening gap between the rich and the poor, and there must be a government solution to the growing income inequality.
But one thing we’re never told is how much taxes the top one percent already pay. If we were informed daily as to how much taxes the richest members of society pay then wouldn’t there be an agreement that the rich already pay their fair share? Perhaps, but it’s doubtful. The people want to extract more, they want to elect politicians to steal more on their behalf.
According to numbers from the Internal Revenue Service (IRS) via the Tax Foundation, the top one percent pay nearly as much as the bottom 95 percent of Americans. The data suggest that the top one percent dole out just under 38 percent to cover all federal income taxes ($465 billion), while the bottom 95 percent pay 41.45 percent of taxes ($510 billion).
Here is what Mark Perry for the American Enterprise Institute writes:
We can thank the top 1% of US taxpayers for paying almost as much in federal income taxes in 2013 (most recent year available, see Tax Foundation data here) as the entire bottom 95% of taxpayers. By the numbers, the 1.38 million taxpayers in the top 1% earned 19% of total income in 2013 (about $1.7 trillion of $9 trillion total) and paid nearly 38% (about $465 billion) of the total federal income taxes collected (roughly $1.2 trillion). In contrast, the nearly 137 million taxpayers in the bottom 95% earned 65.6% of the total income (about $6 trillion of $9 trillion total) and paid 41.45% of the total federal income taxes collected ($510 billion). Thanks to the “Top 1%” for paying what could be considered to be more than their “fair share” of federal income taxes paid in 2013!
The next time some college kid who just came back from his gender studies class demands the billionaires to pay more then show him this chart:
People want to rid the country of the one percent. But who will pay for all of their goodies?