SmallGovTimes.com

By: Neal Boortz | Published on 07/10/08    

In a few weeks, the IRS is going to release its latest data on who pays how much in taxes. But an article in the Wall Street Journal gives us a sneak peak on what we can expect. According to the Treasury Department, perhaps for the first time ever, the richest 1% of taxpayers will have paid more than 40% of the income tax burden.

Do you remember when we had Dennis Kucinich on the Boortz Show (audio) and I asked him what percentage of the tax burden do the top 1% of taxpayers pay? His answer was something like 15%. Not even close. I then asked him how much of total income the top 1% earned .. and he came back with the asinine figure of around 60%. In short (pun intended) he didn't have a clue. The actual answer was around 17.5%.

Again .. who are these people in the top tax bracket? Two-thirds of them are small business owners. Small business owners who provide 70% of existing jobs and 80% of all new jobs in our economy. These are the people Barack wants to nail with more taxes. Come on folks, liberal or conservative, black or white --- does this make any sense? Are you really going to go vote for someone just because he is the same color as you when it could well mean your job?

Do you get upset when I start talking about income redistribution? Get used to it. I think that income is earned. Democrats like Obama think that income is distributed. Obama's solution? Redistribution. The Tax Foundation reports that Obama's tax plan would transfer $131 billion from the top 1% of taxpayers – who are already paying 40% of the load – to all other taxpayers. Either you have to admit that this is wholly unfair, or admit that you are just plain flat envious of those who have accomplished more than you.

Do you want a peek behind the eyebrows of these evil people in the top 1%? Fine, here's what they're thinking. If Obama tries to raise their taxes – and that includes not renewing Bush's tax cuts – they are simply going to change their economic behavior. They are going to send some of their money into tax shelters, they're going to shift income to future years, they're going to reduce their workload and enjoy life a bit more. They will end up paying less, not more, in income taxes. Many of them will simply shift the burden of the higher taxes by passing the cost down the line --- down the line to the people who buy what they have to sell or who consume their services. Taxes, like that other stuff, roll downhill. You're going to see the cost of your next visit to the orthodontist or the next bill from your landscaping company go up ... and you'll never have a clue that you're actually paying for Obama's tax increases. Get smart folks. This is going to cost you a lot more than it will cost those nasty rich people you despise so much.

More figures? I know this is uncomfortable for those of you gunched up with wealth envy, but let's explore the top 50% of taxpayers. They will account for 97% of all federal income taxes. And when it comes to the bottom 50% ... those people that Barack Obama wants to transfer your money to ... they paid just 3%. When you get to the bottom 45% of income earners you reach the magic number of 0.0%.

What do you think now, Barack Obama? Are the evil rich still not paying their fair share, considering they are already shouldering 40% of the tax burden in this country? Economist Glenn Hubbard of Columbia University points out that in 1970, the highest tax rate was 70%. At that time, the top 1% of income earners shouldered 16.7% of the income tax burden. Now that the rate is at 35%, they shoulder about 40% of the burden.

But you Barack Obama supporters .... "Yeah, I am voting for Barack because he is going to tax the evil rich. They need to pay their fair share." .... The fact is that his Robin Hood scheme has proven that it won't work. But it sounds really good on the campaign trail, doesn't it?

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