With that, heh:
By the way, history shows that each $1 in higher taxes results in $1.17 of new spending. Increasing taxes on anyone is equivalent to giving an alcoholic more liquor, and will make the deficit and debt problem worse, not better.
Fact: Top 1% Pay More Fed Income Taxes Than Bottom 95%! Bottom 51% Pay None. Bottom 40% GET MONEY BACK! Worse yet, from a prior post: Good News: 51% of Households Pay No Income Tax (Most of Those Get Money Back!); Share of Taxes Paid by Rich Growing Faster Than Income. It's confirmed. There are now more people not paying federal income taxes than those paying them. So basically what is happening is a huge transfer of wealth from the productive to the unproductive, which will have the effect of incentivizing non-productivity while punishing productivity. Shouldn't that be backwards? This is indeed unfair: not only does bottom 47% of taxpayers pay no federal income tax, but the bottom 40% GET MONEY BACK!
Well, that 50% level, as Granholm would say, has been blown away. The majority of Americans don't pay any federal income tax. From Tax Prof via Instapundit: 51% of Households Pay No Income Tax; Share of Taxes Paid by Rich Growing Faster Than IncomeIn connection with the hearing, Ranking Member Hatch released this letter from the Joint Committee on Taxation reporting 51% of U.S. households did not pay any federal income tax in 2009.As I mentioned up front, it's now gotten so bad, so unfair, that the top 1% pay more in federal taxes than the bottom 95% (60 Minutes/Vanity Fair Poll: 50% of Americans that don't pay taxes thinks "rich" people ought to pay more, even though top 1% pay more than bottom 95%):
The rich are paying far more than their fair share, and instead of being thanked are demonized by Obama. In addition, all data clearly shows that conservatives and the evil rich give far more of their money to charity than liberals. Liberals are very generous... with other people's money. But not their own.
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