Are the Occupy Wall Streeters (OWSers) protesting the wrong people in the wrong place? The OWSers claim the rich (the 1 percent) are not taxed enough. Data I’ve seen indicates the top 1 percent pays 38 percent of the federal income tax. The top 5 percent pays 50 percent. The top 10 percent pays 70 percent. The top 25 percent pays 85 percent. The bottom 50 percent pays 3 percent of federal income taxes. These numbers lead me to conclude the 1 percenters do pay their share.
I see Congress and the administration, irrespective of party, as the problem, not the 1 percenters’ tax bill. Our economic doldrums are a function of deficit spending, not tax revenue. The current year’s deficit is $1.65 trillion, is it not?
I’ve heard it said if the IRS taxed the 1 percent at 100 percent it would not make a ripple on our ocean of debt. I find that plausible. I’ve heard it said if the IRS taxed everyone at 100 percent it would have no impact on the debt unless Congress drastically cut spending. Correct, according to the CBO and the IRS. If Congress (our hired representatives) doesn’t cut spending by massive amounts, the deficits – and debt – will continue to rise.
God bless America, and God bless our troops.