Even the term “the rich” is deceptive. The top 1% are not gazillionaires. They earn $293,415-plus a year – not billions in the grand scheme. The fight against repealing the Alternative Minimum Tax, which is so unfair even the IRS wants to get rid of, is another misrepresented topic. The Democrats do not want to repeal it because they don’t want to lose money for their big government vote-buying programs.
The EIB Pie Graphs below illustrate the shocking truth about who pays what. The wealthiest 1% pay over a third of the total income taxes. The top 5% pay 55%, the top 10% pay over two thirds and the least wealthy 50% pay only 4%!
The so-called wealthy do what they can privately to stop this, but as you can see, whatever they’re trying isn’t succeeding. The top 1% paid 19.29% of the total income tax paid in 1980, and in 1999, that percentage almost doubled to 36.18%. The top 50% of wage earners paid 92.98% of the total income tax paid by all of us in 1980, and in 1999, they paid 96.00%.
What are these people going to do when they see themselves being so unfairly burdened? They’re outnumbered and outvoted. No one will come to their defense, and they’re too intimidated to speak for themselves. They don’t want to be called greedy, selfish, heartless, cruel, cold and all that sort of stuff. So they just keep their mouths shut and continue to give trillions of dollars in gifts to other people who never even bother to say thank you.