Yesterday was tax day. It’s the time when all Americans face the realization that there is no escaping the tax man. Rich and Poor alike must pay their fair share. Or that’s what we’re told.
Last week the Wall Street Journal ran data from the nonpartisan Tax Policy Center and found the general principle of paying our fair share in taxes really isn’t happening. Researchers found the top fifth of all income earners (above $134,300) pays about 84 percent of $1.26 trillion in federal income tax collected.
In fairness, the figures include income taxes only the results do not include social security and Medicare taxes. When those figures are included the percentage paid by the top fifth of all incomes, falls from 84 to 67 percent. Why everyone pays the same percentage on both social security and Medicare taxes—up to a certain income.
Still, no matter how you slice it the top fifth of all earners provides 67% to 84% of all revenue generated by federal income taxes.
As much as the Left prattles on about equity and everyone paying their fair share, no one seems too upset at this imbalance. Of course you have to wonder how much longer it can continue when you realize nearly half of all households pay no federal income tax.
Click graphic to expand