CLASS WARFARE: “FAT CATS”, DEMOGOGUES and SCAPEGOATS – The ECONOMICS of “FAIRNESS” & EQUALITY”

TAX BURDEN of TOP 1% NOW EXCEEDS THAT of BOTTOM 95%

by Scott A. Hodge
July 29, 2009

Table 1. Summary of Federal Individual Income Tax Data, 2008 (Updated October 2010)

Top 1% Number of Returns 1,399,606
Share of Income Taxes
38.02%
AGI Threshold $380,354 Average Rate 23.27%

Top 5% Number of Returns 6,998,029
Share of Income Taxes
58.72% 
AGI Threshold $159,619 Average Rate 0.70%

Top 10% Number of Returns
Share of Income Taxes
69.94%
AGI Threshold $159,619 Average Rate 9.29%

Top 25% Number of Returns 34,990,145
Share of Income Taxes
86.34%
AGI Threshold $67,280

Top 50% Number of Returns 69,980,290
Share of Income Taxes
97.30% >$33,048
AGI Threshold $33,048 Average Rate 13.65%

BOTTOM 50% 

Number of Returns 69,980,290
Share of Income Taxes
2.70%
AGI Threshold $<$33,048

CLASS WARFARE “FAT CATS”, “FAIR SHARES”& DEMOGOGUES The ECONOMICS of GREED, ENVY, “FAIRNESS” & EQUALITY”

The tax code is “PROGRESSIVE” – the “rich” “haves” pay a far bigger, unequal “share” in income taxes than the (poor-er) “have nots” the rich statistically pay more than their “fair” share, but also make more (the rich get richer) the “rhetoric” of “conflict” liberal economists criticize “trickle down” economics – does “trickle up poverty” work?

“EQUALITY” of OPPORTUNITY (everyone STARTS the same)
VS
OUTCOME (everyone FINISHES up with the same)

“PROPERTY is surely a RIGHT of MANKIND as REAL as LIBERTY” – John Adams

“The policy of the american government is to leave their citizens FREE, neither restraining nor aiding them in their pursuits” – Thomas Jefferson

“I think myself that we have more MACHINERY of GOVERNMENT than is necessary, too many PARASITES living on the LABOR of the INDUSTRIOUS.” – Thomas Jefferson

“A wise and frugal government … shall NOT TAKE from the mouth of labor and bread it has EARNED.

This is the sum of good government.” – Thomas Jefferson

CLASS WARFARE “FAT CATS”, DEMOGOGUES and SCAPEGOATS The ECONOMICS of “FAIRNESS” & EQUALITY”

CANDIDATE OBAMA: “Well, Charlie, what I’ve said is that I would look at RAISING the CAPITAL GAINS TAX for purposes of FAIRNESS.

Candidate Obama:“WE SAW an article today which showed that
the TOP 50 hedge fund managers made $29 billion for 50 individuals.

saul alinsky: “the agitator’s job is first to bring folks to the ‘REALIZATION’ that they are indeed MISERABLE,

… that THEIR MISERY is the FAULT of unresponsive governments or GREEDY CORPORATIONS

obama cited Las Vegas trips as an example of CORPORATE GREED run amok

victor davis hanson:

obama accuses jet-setting corporate grandees of draining the federal treasury at the expense of “kids’ scholarships”?

340 planned conventions and business meetings have been canceled there, costing the gambling mecca 36,700 hotel-room nights and an estimated $130 million in non-gambling revenue. it was only a five-second sound byte, meant for wall street fat cats asking for government bailouts. you can’t get corporate jets.

you can’t go take a trip to las vegas or go down to the super bowl on the taxpayer’s dime,” president barack obama said to a town hall meeting in elkhart, ind..

Military Pegs HOURLY Air Force One COST at $181,000 as Obama Sets Travel Record