Who Pays The Taxes in America?
Posted by Larry Doyle on September 14, 2012 12:43 PM |
When politicians out there want to talk about “fairness in the tax code”, you may care to forward them the bar graph highlighted below.
With credit to the folks at Business Insider,
Here are the income taxes paid by the respective income percentiles. Note how little the bottom half pay (blue). Note how much more as a percentage of the whole the top 5% are paying.
This is NOT healthy for our nation. When half our nation has little to no “skin in the game” is there any surprise why we have such little accountability in Washington? NO DOUBT!!
I am all for discussing how to reform the tax system. Let’s start that discussion with “accountability” then move to “responsibility” on our way to “obligation”. Let’s make the discussion substantive and incorporate the topic of double taxation on investment income as well as the topic of carried interest.
Why is it that I think half the people in the audience may be all for this discussion while the other half are poised to unsubscribe from this blog? Before you do that, wouldn’t it be great if we had a conference which addressed the following in a truly granular fashion. Not the standard worthless 30 second sound bites that most pols put forth.
Yes, a conference directed toward addressing a whole host of issues that politicians and the media largely leave at the back door.
What other topics might readers like to discuss?
Let’s not forget that many a politician from both sides of the aisle have made a career — and a lot of money along with it — from exploiting the people and the process embedded within a wide realm of the topics referenced above. A lot of money.
PARASITIC POLITICOS ENGAGED IN RUNNING RACKETS ARE SENDING OUR NATION DOWN THE TUBES.
I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.