CLASS WARFARE: “FAT CATS”, DEMOGOGUES and SCAPEGOATS – The ECONOMICS of “FAIRNESS” & EQUALITY”

TAX BURDEN of TOP 1% NOW EXCEEDS THAT of BOTTOM 95%
by Scott A. Hodge
July 29, 2009

Table 1. Summary of Federal Individual Income Tax Data, 2008 (Updated October 2010)

Top 1% Number of Returns 1,399,606
Share of Income Taxes
38.02%
AGI Threshold $380,354 Average Rate 23.27%

Top 5% Number of Returns 6,998,029
Share of Income Taxes
58.72%
AGI Threshold $159,619 Average Rate 0.70%

Top 10% Number of Returns
Share of Income Taxes
69.94%
AGI Threshold $159,619 Average Rate 9.29%

Top 25% Number of Returns 34,990,145
Share of Income Taxes
86.34%
AGI Threshold $67,280

Top 50% Number of Returns 69,980,290
Share of Income Taxes
97.30% >$33,048
AGI Threshold $33,048 Average Rate 13.65%

BOTTOM 50% Number of Returns 69,980,290
Share of Income Taxes
2.70%
AGI Threshold $<$33,048

CLASS WARFARE “FAT CATS”, “FAIR SHARES”& DEMOGOGUES The ECONOMICS of GREED, ENVY, “FAIRNESS” & EQUALITY”

The tax code is “PROGRESSIVE” – the “rich” “haves” pay a far bigger, unequal “share” in income
taxes than the (poor-er) “have nots” the rich statistically pay more than their “fair” share,
but also make more (the rich get richer) the “rhetoric” of “conflict” liberal economists
criticize “trickle down” economics – does “trickle up poverty” work?

“EQUALITY” of OPPORTUNITY (everyone starts the same)
VS
OUTCOME (everyone ends up with the same)

“PROPERTY is surely a RIGHT of MANKIND as REAL as LIBERTY” – John Adams
“The policy of the american government is to leave their citizens FREE, neither restraining nor aiding them in their pursuits” – Thomas Jefferson
“I think myself that we have more MACHINERY of GOVERNMENT than is necessary,
too many PARASITES living on the LABOR of the INDUSTRIOUS.” – Thomas Jefferson
“A wise and frugal government … shall NOT TAKE from the mouth of labor and bread it has EARNED.
This is the sum of good government.” – Thomas Jefferson

CLASS WARFARE “FAT CATS”, DEMOGOGUES and SCAPEGOATS The ECONOMICS of “FAIRNESS” & EQUALITY”

CANDIDATE OBAMA: “Well, Charlie, what I’ve said is that I would look at RAISING the
CAPITAL GAINS TAX for purposes of FAIRNESS.
Candidate Obama:“WE SAW an article today which showed that
the TOP 50 hedge fund managers made $29 billion for 50 individuals.

saul alinsky: “the agitator’s job is first to bring folks to the ‘REALIZATION’ that they are indeed
MISERABLE, that THEIR MISERY is the FAULT of unresponsive governments or GREEDY CORPORATIONS
obama cited Las Vegas trips as an example of CORPORATE GREED run amok

victor davis hanson:
obama accuses jet-setting corporate grandees of draining the federal treasury at the expense of “kids’ scholarships”?

340 planned conventions and business meetings have been canceled there, costing the gambling mecca 36,700 hotel-room nights and
an estimated $130 million in non-gambling revenue. it was only a five-second soundbyte,
meant for wall street fat cats asking for government bailouts. you can’t get corporate jets.
you can’t go take a trip to las vegas or go down to the super bowl on the taxpayer’s dime,”
president barack obama said to a town hall meeting in elkhart, ind..

Military Pegs HOURLY Air Force One COST at $181,000 as Obama Sets Travel Record