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Their Fair Share (Do the Rich Pay Their Fair Share?)
Wall Street Journal ^ | 21 July 2008 | Unsigned Editorial

Posted on 07/21/2008 5:12:16 AM PDT by shrinkermd

...The nearby chart shows that the top 1% of taxpayers, those who earn above $388,806, paid 40% of all income taxes in 2006, the highest share in at least 40 years. The top 10% in income, those earning more than $108,904, paid 71%. Barack Obama says he's going to cut taxes for those at the bottom, but that's also going to be a challenge because Americans with an income below the median paid a record low 2.9% of all income taxes, while the top 50% paid 97.1%. Perhaps he thinks half the country should pay all the taxes to support the other half.

Aha, we are told: The rich paid more taxes because they made a greater share of the money. That is true. The top 1% earned 22% of all reported income. But they also paid a share of taxes not far from double their share of income. In other words, the tax code is already steeply progressive.

We also know from income mobility data that a very large percentage in the top 1% are "new rich," not inheritors of fortunes. There is rapid turnover in the ranks of the highest income earners, so much so that people who started in the top 1% of income in the 1980s and 1990s suffered the largest declines in earnings of any income group over the subsequent decade...

...If Mr. Obama does succeed in raising tax rates on the rich, we'd also wager that the rich share of tax payments would fall. The last time tax rates were as high as the Senator wants them -- the Carter years -- the rich paid only 19% of all income taxes, half of the 40% share they pay today.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Editorial; Extended News; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: 2008; barackobama; democrats; economy; electionpresident; elections; fairtax; incometaxes; irs; nobama08; obama; rich; socialism; taxes
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1 posted on 07/21/2008 5:12:16 AM PDT by shrinkermd
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To: shrinkermd

To the Dems, the rich will NEVER pay their fair share no matter how highly they’re taxed. The rich are an easy scapegoat for the moronic left.


2 posted on 07/21/2008 5:14:23 AM PDT by Slapshot68
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To: shrinkermd

Back to this ancient talking-point


3 posted on 07/21/2008 5:16:58 AM PDT by kcm.org (Conservatives bashing Sen. McCain has Ronald Reagan spinning in his grave!!!)
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To: shrinkermd

“do the rich pay their fair share?”

the rich will pay their fair share only when everything they have is confiscated and placed in government coffers.

(the democrat party is totally insane and populated with psychotic totalitarians.)

IMHO


4 posted on 07/21/2008 5:18:16 AM PDT by ripley
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To: Slapshot68
Depends on how you define rich. The Dems always talk a good game and then they come in and lay higher income taxes on the top 75%!

At the same time the folks who make up the data on "look who's paying" always leave out the myriad of other taxes that hit everyone.

Frankly, all taxes are too high. They are destructive of good economic order, and harm our ability to mount an effective national defense.

5 posted on 07/21/2008 5:19:25 AM PDT by muawiyah (We need a "Gastank For America" to win back Congress)
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To: shrinkermd
Too bad no one who needs to read and understand it will ever be able to comprehend it.
6 posted on 07/21/2008 5:20:01 AM PDT by xcamel (Being on the wrong track means the unintended consequences express train doesnt kill you going by)
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To: shrinkermd
Perhaps he thinks half the country should pay all the taxes to support the other half.

That's just a start. Assuming that most of those who are getting a free ride will vote democrat, the libs want to increase their numbers from 50% to 60% or higher. Since we all get just one vote, irrespective of our tax contribution, it makes mathematical sense for the socialists to raise the rates on the highest-paying group while eliminating taxes for those in the middle who are still paying something.

7 posted on 07/21/2008 5:20:39 AM PDT by TruthShallSetYouFree (Abortion is to family planning what bankruptcy is to financial planning.)
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To: Slapshot68
The rich are an easy scapegoat for the moronic left.

Even when some of those families have a bulk of their wealth in various accounts overseas, and in family Foundations... Right Senator Kennedy?

8 posted on 07/21/2008 5:23:48 AM PDT by theDentist (Qwerty ergo typo : I type, therefore I misspelll.)
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To: shrinkermd

Now, do you think the GOP will do anything with these statistics? So far, they’ve missed the boat on everything else, they’ll probably fumble it on this one, too. McCain should hammer BO on this relative to his tax policies!


9 posted on 07/21/2008 5:27:05 AM PDT by econjack (Some people are as dumb as soup.)
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To: shrinkermd
The idea that this has been a giveaway to the rich is a figment of the left's imagination

Fostering a myth is the agenda for people who lack the ability to process the reality of this, or any other, situation. The myth usually works to persuade others who also lack this ability.

In this case, ignorance of the fact that a tax cut is not a welfare program also furthers the myth.

In order for simple minded people to understand a tax cut they would first have to understand that a tax cut is not another welfare program.

John and Bill plan a week-end fishing trip together. They estimate that the cost for the trip will be $100. Rather than contribute $50 each they decide to contribute based on their yearly incomes. John earns considerably more than Bill so he contributes $80 and Bill contributes $20. When they return from their fishing trip they discover they over estimated the cost by $10. How should they divide the $10 left in the kitty?

Has John taken unfair advantage of Bill for receiving $8 of the remaining $10 while Bill only gets $2? Would Bill be justified in complaining? What would be Bill’s justification for complaining?

This explanation will not satisfy the simple minded but it does serve to expose the depth of their simple mindedness.

10 posted on 07/21/2008 5:28:11 AM PDT by MosesKnows (Love many, Trust few, and always paddle your own canoe)
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To: econjack
What's this 'GOP' of which you speak? Are they active in politics? How long have they been around?

/s

11 posted on 07/21/2008 5:30:35 AM PDT by tsmith130
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To: shrinkermd

Yes, the rich pay their “fair share.” We need to start hitting up the “poor” and making them pay their fair share - and the Fair Tax would be a good means of doing so, too!


12 posted on 07/21/2008 5:32:22 AM PDT by Little Ray (I'm a Conservative. But I can vote for John McCain. If I have to. I guess.)
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To: tsmith130
I'm pretty sure it stands for:

Gone Outta Politics

and I think they went moribund after Ronald Reagan's term ended.

13 posted on 07/21/2008 5:34:56 AM PDT by econjack (Some people are as dumb as soup.)
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To: shrinkermd

Fair/Unfair= Subjective.
Right/Wrong= Objective.


14 posted on 07/21/2008 5:37:24 AM PDT by Crawdad (I am my brother's keeper. I am not your brother's keeper.)
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To: Slapshot68
To the Dems, the rich will NEVER pay their fair share no matter how highly they’re taxed. The rich are an easy scapegoat for the moronic left.

Have you ever noticed how none of the "talking heads" never ask/demand that a lib/democrap put an exact figure on how much is a "fair share"?

15 posted on 07/21/2008 5:38:14 AM PDT by dearolddad (Like $6.00 + gas? Be sure to thank a democrap.)
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To: shrinkermd

Alright, it’s time for someone to post the “Ah, not this shit again photograph. By the way, god morning to all....


16 posted on 07/21/2008 5:47:16 AM PDT by xc1427 (It's better to die on your feet than to live on your knees...Midnight Oil (Power and the Passion))
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To: shrinkermd

Why should people who pay virtually no taxes get a tax break?

Simple as that.


17 posted on 07/21/2008 5:49:46 AM PDT by RexBeach ("Americans never quit!" Douglas MacArthur)
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To: shrinkermd

[Perhaps he thinks half the country should pay all the taxes to support the other half.]

Actually I think they want about 40-45% of the country to pay all the taxes for the other 55-60%. They think once they get it to that point they will never lose another election.


18 posted on 07/21/2008 5:52:25 AM PDT by KansasGirl (It is absolutely ridiculous that we have to fight congress for our own survival.)
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To: MosesKnows

And let’s not forget “tax credits”...they are simply a fee on those who don’t do what the government wants them to do.


19 posted on 07/21/2008 5:52:52 AM PDT by Gondring (I'll give up my right to die when hell freezes over my dead body!)
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To: shrinkermd

The ‘Rat definition of rich: Anyone who draws a paycheck.


20 posted on 07/21/2008 5:54:25 AM PDT by mewzilla (In politics the middle way is none at all. John Adams)
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To: dearolddad
1) The sad truth is that, as long as the federal government continues to run huge deficits and losing the Social Security Trust Fund in the "surplus", NOBODY is paying a fair share of the spending that we the voters continue to allow the politicians to do. When the national Debt stays the same or decreases, then we can talk about who is paying how much, and whether or not that is enough.

2) As long as we continue to allow the liberals to focus the discussion on excess government spending only on military spending, we will never have an intelligent discussion about federal government spending levels.

The military is one of the very few things that is specifically authorized in the US Constitution. The War on Drugs, the War on Poverty, the Clinton investment in midnight basketball, etc., is outside the scope of authorized government spending, but unfortunately, it is also outside the scope of most current discussion about spending. We are waging the wrong battle in this War about Fairness.

21 posted on 07/21/2008 5:54:36 AM PDT by Bernard (If you always tell the truth, you never have to remember exactly what you said.)
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To: mewzilla
Case in point...

Instead of a gas-tax holiday, Congress considers gas-tax hike

22 posted on 07/21/2008 5:55:50 AM PDT by mewzilla (In politics the middle way is none at all. John Adams)
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To: dearolddad

My wife and I together (joint filers) paid > $111,000 in income taxes for 2007. Sure, we have a strong cash flow, but also worked very, very hard to get to where we are in life. We were given our undergraduate educations by hard-working parents, but after that everything we did was based in merit and work. We were in debt with graduate and professional school loans, and paid them off completely and within the allocated timeframe. In addition to our taxes we give plentifully to our church, the VFW, various missions, and such.

I resent lilke hel* hearing from the likes of an affirmative action leftwing pissant like Barack Obama, and the leftist democrat party, that I and my wife do not pay our “fair share”. I can tell Mr. Obama that if he attempts to raise our taxes more, we will simply work less and defer income to less-taxed sources. We will not pay more than we do now, we will pay less. And we are the tip of the iceberg as far as that’s concerned. The truly rich will shelter money and reduce taxes. Obama will tip the US economy into a recession or depression with these policies.


23 posted on 07/21/2008 5:56:50 AM PDT by astounded (The Democrat Party is a Clear and Present Danger to the USA)
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To: shrinkermd

bookmark


24 posted on 07/21/2008 5:58:01 AM PDT by pepperdog (The world has gone crazy.)
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To: shrinkermd

Every individual in this country with an income of over $500/yr should be filing a 1040 and paying Federal income tax...even if it’s only $2/yr.This bullbleep of only 66% (or whatever the percentage is)of adults even being required to file is largely responsible for the “sure,I’ll vote to increase *their* taxes” attitude that exists today.


25 posted on 07/21/2008 6:01:24 AM PDT by Gay State Conservative (The problem with the rat race is,even if you win you're still a rat.)
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To: shrinkermd

Propose that all wealth over $5 million, including foundations, be taxed at 50% and watch the liberal pigs like kennedy and clinton squeal.


26 posted on 07/21/2008 6:01:30 AM PDT by sergeantdave (We are entering the Age of the Idiot)
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To: shrinkermd
They pay far more than their fair share.

In 2005, the top one percent of earners in the U.S. paid 39 percent of all income taxes, while the bottom 50 percent of earners paid just three percent.

The bottom 50% are living off the top and it's absurd.
27 posted on 07/21/2008 6:01:56 AM PDT by TexasGunLover ("Either you're with us or you're with the terrorists."-- President George W. Bush)
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To: ripley
“do the rich pay their fair share?”

the rich will pay their fair share only when everything they have is confiscated and placed in government coffers.

With inflation and asset value destruction, that's exactly what happens, even above the taxes paid.

28 posted on 07/21/2008 6:02:22 AM PDT by Pearls Before Swine (Is /sarc really necessary?)
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To: shrinkermd
Do the rich pay their fair share?

I am sick and tired of hearing this class envy statement. There is no tax on wealth in this country. Therefore, there is no such thing as the rich paying anything based upon their state of being rich. Instead, it is income (i.e. wealth creation) that is being taxed, regardless of their overall wealth.

Someone should ask the Democrats if they really want to tax wealth. It should be interesting to hear responses from John Kerry, Barbara Boxer, Diane Feinstein, Ted Kennedy, Maria Cantwell, John Corzine, Hillary Clinton, etc.

29 posted on 07/21/2008 6:04:30 AM PDT by Hoodat (Obama's only connection to the descendants of American Slaves is that his muslim ancestors sold them)
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To: shrinkermd

You mean the Kennedys? /sarc


30 posted on 07/21/2008 6:04:56 AM PDT by P.O.E. (Thank God for every morning.)
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To: shrinkermd

“Tax the Rich” is a way of saying, “Tax the hell out of the upper middle class so they won’t get as rich as we are.” This is a tax on the productive money in the economy—money that does not lavish in a some back account but is plowed back into the economy. That is why the really rich in this country despise the upper middle class, they see them as a threat and are way too independent, so they want to tax them into oblivion.

The people who pay no tax on the other hand think that the rich will “pay their fair share.” What a crock, the ultra rich have all kinds of ways to shelter their money. It is the upper middle class that will fork out big time.


31 posted on 07/21/2008 6:11:10 AM PDT by lone star annie
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To: shrinkermd

"I'll tell you what's fair, and what's not!"

32 posted on 07/21/2008 6:14:30 AM PDT by dfwgator ( This tag blank until football season.)
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To: Pearls Before Swine

with reference to higher and higher tax rates...

cast not thy pearls at the feet of swine.


33 posted on 07/21/2008 6:21:29 AM PDT by ripley
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To: RexBeach
Why should people who pay virtually no taxes get a tax break?

Reminds me of the Billy Preston song, "Nuthin' From Nuthin' Leaves Nuthin'"....

They may pay little or no income tax, but all the other taxes still apply: sales tax, various local taxes, etc.

But, it should be obvious that someone who pays no income tax, cannot get a "reduction" of their income tax. You can't reduce something to less than zero.

34 posted on 07/21/2008 6:22:20 AM PDT by nobdysfool (Taglines are so last year.....)
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To: shrinkermd
good news Obama will only raise taxes on the rich,

bad news if you have a house or a job democrats consider you "the rich"

35 posted on 07/21/2008 6:38:28 AM PDT by edzo4
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To: shrinkermd

Ever wonder why the popular vote in elections runs about 52-48% for either candidate? Change the number of people paying taxes and it will change the vote count percentage.


36 posted on 07/21/2008 6:38:42 AM PDT by texasmikey
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To: nobdysfool

The goal of tax increases for the upper middle class is to punish their success. The ultimate aim of envy is to destroy the envied object. Jealousy is quite different. Here one wishes to possess what the jealous object is receiving.

They don’t call them “envy taxes” for nothing.


37 posted on 07/21/2008 6:39:37 AM PDT by shrinkermd
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To: Slapshot68
I would like to see the entire retirement for congressman taken away and a windfall profits tax on everything they make over 100 dollars a week.
38 posted on 07/21/2008 6:41:11 AM PDT by Big Horn (bho says we can not drill are way out of the oil crisis, so we can vote our way out of it.)
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To: nobdysfool
But, it should be obvious that someone who pays no income tax, cannot get a "reduction" of their income tax. You can't reduce something to less than zero.

Welfare and other tax-fueled giveaways can be thought of as a tax with a negative number.

39 posted on 07/21/2008 7:04:27 AM PDT by Gorzaloon
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To: Gorzaloon

It just doesn’t take much to be rich any more .... wish I felt that way


40 posted on 07/21/2008 7:07:23 AM PDT by SoftballMominVA
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To: aflaak

ping


41 posted on 07/21/2008 7:17:26 AM PDT by r-q-tek86 (If you're not taking flak, you're not over the target.)
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To: shrinkermd

Hey it’s like life insurance. The more you want to protect, the higher the premium. Whiners.


42 posted on 07/21/2008 7:18:59 AM PDT by ex-snook ("Above all things, truth beareth away the victory.")
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To: shrinkermd
Their Fair Share (Do the Rich Pay Their Fair Share?)

I'd say they pay THEIR fair share and the share of three other guys as well. This is really a topic that pisses me off. When they reise taxes, they increase progressivity, whereas when they lower taxes, they increase progressivity! I even dispute the appropriateness of the WORD "progressive" in this way. Makes it sound like a good thing when it's not.

43 posted on 07/21/2008 7:21:38 AM PDT by Still Thinking (Typical white person)
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To: SoftballMominVA
It just doesn’t take much to be rich any more .... wish I felt that way

I remember back to when I thought I was poor.

I miss it.

44 posted on 07/21/2008 7:28:33 AM PDT by Gorzaloon
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To: ex-snook

With insurance, the bill is proportional to that for which you’re paying. If we had that system, the top 1%, earning 22% of the total, would pay 22%, not 40%. Also, don’t forget that their use of the stuff taxes pay for, isn’t hundreds of times greater than the bottom 1%, so even proportional isn’t really “fair”.


45 posted on 07/21/2008 7:30:00 AM PDT by Still Thinking (Typical white person)
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To: shrinkermd

the transient nature of the “top 1%” is also interesting in this article.

but this is nothing new: Thomas Sowell and Rush Limbaugh have been pointing out these facts for years.

The lapdogs who “interview” B.H.O. will not challenge him, though. They wouldn’t want to get on the “New Yorker” side of Obama; they’ll never get another chance to ask him questions again.


46 posted on 07/21/2008 7:33:46 AM PDT by SoFloFreeper
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To: Still Thinking

Needs to be expanded beyond just federal income taxes for a complete analysis of fair share. I think if you are in combat you should not pay any federal income taxes.


47 posted on 07/21/2008 7:39:37 AM PDT by ex-snook ("Above all things, truth beareth away the victory.")
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To: astounded
we will simply work less

That's really what the left wants. They want you to stop making them feel envious by creating more wealth and accomplishments than they do. They want you to let your house run down, your grass turn brown, and your car to fall apart. Think Cuba. That is what they are trying for. It's their interpretation of the pursuit of happiness. They believe they will finally be happy when you stop prompting them to feel unhappy.

48 posted on 07/21/2008 7:56:47 AM PDT by Reeses (Leftism is powered by the evil force of envy.)
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To: kcm.org
It's not about who pays their fair share, it is about creating a two class system. The middle and upper middle class will be taxed almost into poverty. A two class system will insure that the socialist/marxist group in this country will stay in power. If you do not have anything or you work hard and give it all to the gov’t. Why work? Then you will only vote for the one who will keep the taxes low on you.

It sounds alot like the gov’t needs to learn how to stop spending, (regardless of what need they create). In my household budget if you do not have the money spending is cut or you save until you get the money. It is time that we as taxpayers demand that pet projects and over spending stop. Do we have anyone in congress that has the guts to stand with us and make this statement out-loud?

49 posted on 07/21/2008 8:06:36 AM PDT by onlylewis (a two class system)
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To: shrinkermd

To the envious, the only fair share that the rich could pay is 110%. No one should have more than the envious!


50 posted on 07/21/2008 8:44:21 AM PDT by CSM (Hey if a small tax increase didn't work, a bigger tax increase should not work even BETTER!)
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