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Let Us Now Praise the 1 Percent (They pay their fair share and much more)
National Review ^ | 12/15/2012 | Deroy Murdock

Posted on 12/15/2012 10:41:31 AM PST by SeekAndFind

The scariest thing about lies is that if they are repeated often enough, people eventually assume that they are true, especially when they go largely unchallenged by the victims of those very lies.

The president of the United States has lied so often about “the 1 percent” that even House speaker John Boehner, and some wobbly Republicans, have swallowed Obama’s toxic fiction that “fairness” requires the rich to surrender more of their money to Washington — albeit through narrower deductions rather than higher tax rates.

Washington’s problem is not a paucity of revenues but a nicotine-like addiction to blowing through other people’s money, coupled with a lust for Chinese debt. Thus, Republicans from Boehner on down should reject tax hikes on anyone, especially to satisfy Obama

Obama has had America’s top earners in his crosshairs for years:

“I do think at a certain point, you’ve made enough money,” Obama said in April 2010.

“If asking a millionaire to pay the same tax rate as a plumber makes me a class warrior — a warrior for the working class — I will accept that,” Obama stated in September 2011. “I will wear that charge as a badge of honor.”

“Some billionaires have a tax rate as low as 1 percent — 1 percent,” Obama announced in December 2011. “That is the height of unfairness.” For this statement, the Washington Post awarded Obama three Pinocchios and added, “An administration official conceded the White House had no actual data to back up the president’s assertion.”

And, perhaps most notoriously, in July Obama declared: “If you’ve got a business, you didn’t build that. Somebody else made that happen.”

While Obama loudly excoriates the wealthy, the Tax Foundation quietly analyzed the latest IRS data. The facts pulverize Obama’s lies.

First, the top 1 percent does pay its “fair share” of taxes. The top 1 percent of tax filers — Americans with adjusted gross incomes of at least $369,691 — earned 18.9 percent of national income. And they paid 37.4 percent of all income taxes.

The top 10 percent made at least $116,623 each. They earned 45.2 percent of national income and paid 70.6 percent of all income taxes.

If these taxpayers are not paying their fair share, Obama should specify what he considers a “fair” percentage.

Meanwhile, the bottom 50 percent of taxpayers made less than $34,337 each. This group earned 11.7 percent of national income, but paid just 2.4 percent of all income taxes. The reviled 1 percent coughed up 16 times this amount.

Also, the entire bottom half of tax filers paid a 2.4 percent average tax rate, while the top 1 percent paid 23.4 percent — nearly 10 times as much.

So much for the vicious lie that the poor and middle class bear America’s tax burden while the rich laugh all the way to the Caymans.

Second, many 1 percenters launch and expand companies, invest their earnings, purchase goods and services, and conduct economic activity that creates and sustains the jobs and careers of Americans who aren’t as wealthy.

According to Bloomberg News: “53 percent of business income reported on individual income tax returns is earned by taxpayers who would be affected by Obama’s proposal” to boost taxes on those whom Obama denounces as “millionaires and billionaires.” Of course, Obamathematics defines “millionaires and billionaires” as married couples who earn at least $250,000 and individuals who make more than $200,000.

Third, the top 1 percent handsomely finances charities.

The 2012 Bank of America Study of High Net Worth Philanthropy (in conjunction with the University of Indiana’s Center for the Study of Philanthropy) just surveyed 701 Americans with an average net worth of $10.7 million.

In 2011, 95.4 percent of these “plutocrats” gave to charity. Among the general population, 65.4 percent made charitable donations.

These wealthy individuals last year donated $52,770, on average, or 8.7 percent of their personal income.

Beyond writing checks, 88.5 percent of these people volunteered. These Americans volunteered an average of 254 hours in 2011. This equals more than ten full days or 31 eight-hour shifts in which they rolled up their sleeves to advance their favorite causes.

So, are 1 percenters monsters?

You bet!

These monsters pay most of Uncle Sam’s bills, keep companies running, underwrite charities, and even contribute their valuable time.

One way to repel these unjustified, baseless assaults on America’s highest achievers (at least monetarily) is for the 1 percent to speak up already! When the 1 percent maintains a low profile, that just invites fresh floggings in the dark.

Instead, they should handle this bully the only way that bullies respect: By defending themselves.

Publicly and vocally, 1 percenters should stand up and shout:

“Mr. President, my company hired X number of people last year. I obeyed the law and legally paid Y thousands (or millions) in taxes, which financed plenty of the social spending, ‘investments,’ and other stimuli that you love to spread around to other people. I gave Z thousands in charitable donations, and volunteered so many hours to help groups that are making people’s lives better.

“So, Mr. President, please kindly remove your boots from the necks of me and my fellow 1 percenters. If you stop manhandling us, we will do what we do best: produce goods, services, and more wealth for ourselves — yes — but also for our customers, our employees, our shareholders, and even our U.S. Treasury.

“We are not part of the problem, Mr. President. We are part of the solution. And we demand to be treated that way.”

The 1 percent deserves a pat on the back, not the back of Obama’s hand.

— Deroy Murdock is a New York–based Fox News contributor, a nationally syndicated columnist with the Scripps Howard News Service, and a media fellow with the Hoover Institution on War, Revolution, and Peace at Stanford University.

TOPICS: Business/Economy; Constitution/Conservatism; Culture/Society; News/Current Events
KEYWORDS: onepercent; tax; taxes; wealthy

1 posted on 12/15/2012 10:41:44 AM PST by SeekAndFind
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2 posted on 12/15/2012 10:48:27 AM PST by A.A. Cunningham (Barry Soetoro can't pass E-verify)
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To: A.A. Cunningham
I still think we should be focusing on how many hours per year various folks are slaving away to the gov't and the "common good".

Takers typically spend ZER0 hours/yr copntributing to the "common good" and need to be called on it.

Money and time are to some degree fungible, but time is an important part of life in its own right too.

3 posted on 12/15/2012 10:51:11 AM PST by Paladin2
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To: A.A. Cunningham
I still think we should be focusing on how many hours per year various folks are slaving away to the gov't and the "common good".

Takers typically spend ZER0 hours/yr contributing to the "common good" and need to be called on it.

Money and time are to some degree fungible, but time is an important part of life in its own right too.

4 posted on 12/15/2012 10:51:28 AM PST by Paladin2
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To: SeekAndFind

Without the “one percent” there could be no nanny state here in this country. The commie libs sure as hell wouldn’t use their own money to subsidize a nanny state. They love the little people for their votes that keep the commies in power but they don’t love them THAT much.

5 posted on 12/15/2012 11:08:29 AM PST by FlingWingFlyer (It's not about the guns. It's about the control.)
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To: Paladin2

The only fair tax is a consumption tax. You make the money, you have two options: Spend it or save it up to buy later.
If you save it and later spend it the consumption tax will tax you by the fact that all sellers collect the tax (with NO Exemptions) and if you spend it immediately, the same applies.

The system is already in place by ALL MERCHANTS in our country and it’s called a state sale tax. It just has to be extended to include the federal consumption tax.

In this manner anyone purchasing is going to pay the exact same tax rate as any other citizen. Once exceptions from paying it.

It will end the class war we are now in and also collect from the underground economy of whom, do not pay federal income tax today simply because they don’t report it.

However, none of us will ever see this simple concept take form since we have already seen what the politicians have done to it already.

6 posted on 12/15/2012 11:20:02 AM PST by DH (Once the tainted finger of government touches anything the rot begins)
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To: A.A. Cunningham
Excellent post!
I copied the bar chart to my FB page, but can't seem to copy/paste the numerical tables/chart.
Could you Freepmail or re-post here in this thread under different format?
7 posted on 12/16/2012 10:44:22 PM PST by Kansas58
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To: A.A. Cunningham

I ended up printing out the entire comment section and doing a cut and paste, for a presentation I am about to make.


8 posted on 12/20/2012 11:11:43 AM PST by Kansas58
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To: SeekAndFind

While I appreciate the sentiment and the facts in Murdock’s article, I disagree with his conclusion.

The bottom 50%, and certainly their obamessiah, don’t care how much the 1% pay in taxes, donate to charity, or volunteer their time. They don’t care how many people the 1% employ, or the amount of goods and/or sevices they provide to the economy.

The 1%, and really more like the 10%, are evil. Period. Their assets and lifestyles have been acquired by stealing from workers and minorities. They don’t deserve to have anything. In fact, it would be fair if all that they own was confiscated.

The above may contain a dose of sarcasm, but there’s enough reality in it that, were I among the 1%, I wouldn’t be too enthusiastic about the idea of standing up and shouting it out. Why make oneself an identifiable target to a nation of moochers who would celebrate your demise?

9 posted on 12/20/2012 12:21:20 PM PST by lonevoice (Today I broke my personal record for most consecutive days lived)
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To: SeekAndFind

Yeah, that’s what a progressive tax system is supposed to look like.

I also like how the problem isn’t that the bottom 50% of workers earn barely over 11% of the national income but instead that Mittens might get to keep a little less of his hundreds of millions.

GOP, party of the people. /sarc

10 posted on 12/20/2012 12:34:44 PM PST by ksen
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