edbell | 25 January, 2012 07:36
2. The top 0.1% pay 17.1% of taxes, earned 7.8% of adjusted gross income.
3. The average income tax rate for the top 1% is 24%. The bottom 50%? Just 1.85%.
4. The bottom 50% pay just 2.3% of income taxes.
5. Buffett chose to leave most of his fortune to the Bill & Melinda Gates Foundation, avoiding 55% estate tax.
6. Buffett actually pays 50% tax since capital gains and dividends taxes are a double tax on corporate income.
7. Taking half of yearly income from every person making between $1M and $10M would only decrease the nation’s debt by 1%
8. Taking every dollar from everyone making more than $10M per year would only reduce nation’s deficit by 12% and the debt by 2%
9. IRS will give out roughly $110 billion in “refundable” tax credits this year to households that pay no income taxes.
10. If taxable income in 35% bracket taxed at 49%, federal income tax revenues just $78B higher (Tax Policy Center)
11. To get deficit to 2% by 2020 using Obama’s budget baseline, it would take 91% top rate by taxing just the rich
The politics of envy is a powerful opponent and the truth rarely gets adequate media time. Lies about the rich, fairness, and job creation will dominate the conversation in 2012, leaving informed Buckeyes to spend our time and treasure correcting the record. Mr. Obama said: “We can go in two directions. One is towards less opportunity and less fairness. Or we can fight for…building an economy that works for everyone, not just a wealthy few.”
A wealth of information is available to rebut fictitious rhetoric as we engage the electorate. Concerned Ohioans can arm themselves by visiting Heritage, FreedomWorks, The American Enterprise Institute, Americans for Prosperity, and the Cato Institute. All of these organizations produce excellent research, insight, and facts to cut through the campaign fog.