"Fair Shares" Would Mean Payday for "Millionaires and Billionaires"
The President has been jetting around the country demanding that "millionaires and billionaires" pay their "fair share" of income taxes. Apparently, he didn't get the memo. As the above graph, based on data from the Heritage Foundation, shows, the 1 percent-ers are already paying a lot more than they should be, 2.18 times as much to be exact. The same goes for the 2-5% (1.47x) and the 5-10% (1.09x). Also notable, the 10-25% group rakes in about 35% more income than the top 1%, but pays less than half as much in taxes. Put another way, relative to the bottom 50%, the top 1% currently pays over 14 times as much in income taxes for each dollar earned. The president's solution to this glaring inequity: raise taxes on the top. I may not be a mathematician, but I'm pretty sure that would make the tax inequality gap bigger, not smaller. Aside from demonstrating the canyon-like tax disparity, the graph also highlights another economic point generally lost on liberals: the 1% may control a vast amount of income, but they still can't match the income earned by the rest of the country. As rich as the "millionaires and billionaires" may be, the 99% can still outspend them. [print_link]