Don’t The Rich Already Pay Their Fair Share?

The Democrats love to pitch one group against another and claim themeslves the savior of the so called victims in each graoup.

THIS IS ALSO KNOWN AS IDENTITY POLITICS

And also explains why we are at each others throats all the time. So they pit men against women calling the women victims who claim that women are not receiving equal pay when they are. They pit Black against White seeing racism where it doesn’t exist. They pit Nationalist versus Globalists and see White Supremacy when it doesn’t exist. They pit Environmentalism versus Conservation inventing an unproved theory as gospel.

But their biggest dividing claim is pitting the economically disadvataged versus the economically advantaged. This is class warfare. And the Democrats are the Knights on the White Horse galloping in to save all the victims. A tremendous amount of unrest and civil disobediance can be laid on the doorstep of such tactics.

So let’s examin their clain that the rich don’t pay their fair share.

NTUF reports:

As taxpayers have begun to file after the one-year anniversary of the passage of the Tax Cuts and Jobs Act, it’s an opportune time to reflect on the tax relief it brought. Lower tax rates across-the-board increased take home pay for workers. And thanks to the increased standard deduction, an estimated 31 million filers will no longer need to itemize their taxes, reducing the compliance burden by 248 million hours. With a reduced corporate tax rate that has made the U.S. more competitive, the TCJA also helped spur a booming economy that is generating record levels of tax receipts.

Despite the achievement of the TCJA, many politicians remain opposed to the tax cuts. And they employ worn out class warfare rhetoric to inaccurately disparage the law or even any attempt to reduce income taxes. Nancy Pelosi, and several others in her party, have slammed the tax cuts as a giveaway to the rich and complain that the wealthy are not paying their “fair share.”

First of all, reducing taxes allows people to keep more of what they created and earned – that’s not a giveaway. Second, Pelosi and her colleagues neglect to take into account the fact that under the progressive tax code, the top income earners pay an outsized share of income taxes. And the biggest unreported fact about TCJA is that it will increase the progressivity of the tax system.

The IRS has recently released an analysis of the distribution of the income tax burden for Tax Year 2016. The new data shows that the top one percent of income earners bear the burden of 37 percent of all income taxes. This is nearly twice as much as their share of income (19.7 percent). The top 25 percent of earners shoulder nearly 86 percent of the income tax load. Combined, the top 50 percent of earners are responsible for 97 percent income taxes collected. The other half of filers pay just 3 percent of all income taxes.

NTUF has compiled historical data tracking the distribution of the federal income tax burden back to 1980. In that year, the top one percent of filers’ income tax share was 19 percent – that’s nearly half of what it is now. On the other side of the spectrum, the bottom fifty percent’s share has been cut from 7 percent to 3 percent over the past 38 years. And this happened despite the top marginal income tax rate falling from 70 percent in 1980 to 39.6 percent by 2016.

The trends are clear: the code has become increasingly progressive, and when people are allowed to keep more of their own money, they prosper, move up the economic ladder, and pay a bigger part of the income tax bill for those who aren’t.

The tax code provides net assistance to many filers working their way up the economic ladder. A Congressional Budget Office report on shows that households in the lowest income quintiles actually have negative tax liabilities. This means that they are recipients of refundable tax credits which can be claimed above and beyond any net income taxes owed. For example, almost 26 million households received the Earned Income Tax Credit in 2016. Beyond reducing many filers’ tax obligation, this refundable credit resulted in outlays totaling $61 billion.

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The sad part of all this is that many in the Democrat Left know that the rich pay their fair share already. But they don’t care. They want to destroy the rich and come begging on their hands and knees to the government. This has occurred becasue of the rise of Marxist-Socialist Ideology in the culture and the takeover of the Democrat Party by those with this Ideology. For many of these people their Ideology is their religion and they take no prisoners. Heretics must be burned at the stake to make way for a new Globalist Socialistic Order.

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