Tag: Rich

The Rich pay 4x More than Middle

The Rich pay 4x More than Middle

And we still need to take more from them right? I’m thinking I could use a few more bucks from  Uncle Iris.

I’ll try to figure out exactly how much of that “Rich Tax” money I’m going to get. It will be tough to figure though.

Fair Share? IRS Data Says Millionaires Pay 4X Higher Tax Rate Than The Middle Class

Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America.

This may be individually true. Buffett pays a lower rate than his secretary and Romney pays a lower rate than most of us who make our living from salaries.

But nationally, the tax code is still broadly progressive. The more your make, the more taxes you pay as a percentage of your income.

According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits.

Put another way, millionaires pay a rate that’s more than four times that of the middle class.

All you Liberal/Progressives/Democrats/RINO’s who believe this will help with our national debt need to think a bit. Just a bit. Let me help:

Rich people, even people like Warren “Tax me” Buffet and Mitt “Its my money” Romney will tell you, tax them more doesn’t mean you will see a dime of it. Matter of fact if YOU pay taxes at all, taxing the rich will actually hit you.

Here’s why: Rich people own businesses and/or buy big ticket items. High end items. MOST High cost items are manufactured here in America. America can’t compete with the cheap good market in China but we can make the BEST out there. What happens when you take disposable income from someone? They cut back. A rich person who has a budget, while it may be 20k a month, if it’s decreased something isn’t going to get bought. IF it’s not bought, there’s no need for people to make it…. pretty simple huh?

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