Thursday, May 05, 2011

Are you one of the Filthy Rich?

It’s now official. We’ve been heading to this for quite a while … and now we’re there. Critical mass. More than half of households in America do not pay federal income taxes. For 2009, the latest year for which figures are available, 51% of U.S. households owed no federal income tax.

From the Wall Street Journal:
A 2008 study by the Organization for Economic Cooperation and Development, for example, found that the highest-earning 10% of the U.S. population paid the largest share among 24 countries examined, even after adjusting for their relatively higher incomes. "Taxation is most progressively distributed in the United States," the OECD study concluded.

Meanwhile, the percentage of U.S. households paying no federal income tax has been climbing, and reached 51% for 2009, according to a new analysis by the Joint Committee on Taxation. That was the first time since at least 1992 that more than half of households owed no federal income tax, according to JCT estimates.; earlier data were unavailable on Monday.

Are you following this? The OECD says that our tax system is the most progressive among 24 large economies studied ---- yet our re-distributor in chief says that the rich really aren’t paying their fair share. They just need to pay more.

And when you have over one-half of the people in this country not paying any income taxes – and from that you can suppose that over one-half of eligible voters don’t pay income taxes – how easy is it for a politician to talk about raising taxes on the evil rich?

And while these pitiful people just don’t make enough money to shoulder one single dollar of the cost of operating our government, almost 90% of U.S. households have cable or satellite TV service. As for the 49% of suckers who are sharing the burden, my guess is that that number will only continue to shrink as more and more Americans become dependent on government and there is less incentive to produce.