|Past the tipping point|
|Wednesday, 05 August 2009 05:13|
The tipping point: the point at which a system becomes unstable and falls down. See the US in 2009.
Today, the Tax Foundation released the new 2007 income tax data. And we see the effects of George W. Bush's "Tax Cuts For the Rich": the top 1%, who made 22.8% of all income, paid a whopping 40.4% of all income taxes (nearly twice the taxes for their share of income). But that's not why we've gone past the tipping point...
Take a look at that data. The top 1% paid $451 BILLION in income taxes, a truly staggering amount. 1.4 million people - less than one half of one percent of the entire population - pays $451 billion annually in income taxes. And what makes that number amazing is this: look at the total taxes paid by the top 5%: $676 billion of a $1.15trillion total income tax revenue.
Think about that - the top 1% paid $450 billion; the bottom 95% paid $434 billion. The wealthiest 1% are paying more in income taxes than the bottom 95%. Yet the current Administration continues to demonize the top 1% as not paying their fair share, and as being greedy and unworthy. They aren't doing enough, according to our President.
So we are past the tipping point; we have reached a point where we are relying on too few to generate too much, and promised the vast majority beyond whatever could be realized. We have fallen over, economically - this Adminstration does not have the intestinal fortitude to stand up to the 95% and say "you need to pay more". No, they will simply demand more from that top 1% until there is nothing left, and will still come up short.
|Last Updated on Thursday, 03 December 2009 17:46|