The latest data show the top 1 percent of earners pay 37 percent of all income taxes. They own more than 40 percent of the wealth of the country. Do they pay their fair share of taxes?
The bottom 50 percent pay 3 percent of all income taxes. They own only 3 percent of the wealth of the country. Do they not pay their share of taxes?
Saying that 47 percent pay nothing at all is a lie. They might not pay federal income taxes, but they still pay state and local income taxes.
The tax laws are on the side of the wealthy. As the economy improves, their wealth increases a lot faster than that of the very less financially endowed.
Wealthy people earn most of their income from investments, which incur a lower tax rate, so the income gap will grow bigger and wealthy people will pay an even smaller share of their wealth in income tax.
Wealthy people do not use their increasing wealth to create jobs. If they did the unemployment rate would be a lot lower.
As an example, consider the six heirs to the Wal-Mart fortune. These six people own as much wealth as the bottom 30 percent of the nation. Six people own as much wealth as 100 million people.
Are they using their wealth to create jobs? Are the jobs they have created jobs that will sustain a family?
Michael Jennings wrote a letter stating that demonizing the wealthy defies logic. While it is true that many wealthy people do a lot of good with their wealth, there are also a lot of wealthy people who do not care that they do to amass that wealth negatively impacts this country.
Consider the bankers at JPMorgan Chase & Co. They just lost $3 billion on investments that they knew were very risky. Did they care? Some wealthy people just enriched themselves to the tune of $3 billion. That is why the wealthy get demonized.
Who are the truly greedy? It is not the workers that bust their tails everyday and live from payday to payday to enrich the wealthy