Monday, August 1, 2011

American Tax Regime

I wanted to get a fix on these numbers.  

P.S. And Anon, the truth is that the wealthy in America pay a staggering amount of tax, far more than their fair share. In the US, the top 7 percent of those filing returns pay 51 percent of total income taxes—over half. The top 3 percent of filers pay 40 percent of the taxes; the top four-fifths of 1 percent pay 26 percent; the top one-twentieth of 1 percent paid 10 percent of the taxes. Since many of the wealthier Americans also own interests in companies, they pay corporate tax on top of that.

So I’m afraid the socialist fable of the downtrodden proletariat paying for the lifestyles of the rich and famous is just that—a fable. The truth is that it is overwhelmingly the rich who pay for social services used overwhelmingly by the non-rich. And what do they get in return? Hissing, spitting, unfounded accusations, and a thousand flavours of nastiness and ingratitude. Oh yes, the politics of envy is the beating heart of contemporary liberal philosophy.

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