The Truth About Taxes
The top 1% of all wage earners pay over 25% of all taxes. The top 5% pay over 42% of all taxes You can find the raw IRS stats here.
What does that mean when the President says he will increase taxes on the rich? The first question you have to ask is who creates jobs, the private sector or the government? For most of us, jobs are created by the private sector, which is unfortunately, those that the President is calling rich. What will they do when their taxes go up? Of course they will find ways to shelter their income from these excessive taxes. Wouldn’t you? What that means to you and me is that they will have less capital to invest in their business and will not be able to hire those who now so desperately need jobs. The new taxes the President is asking for will mean less jobs will be created, the government will collect less taxes because business will be making less and finding legal and creative ways to shelter what they have so they can keep it. History has taught us that when taxes are lowered, that the government ends up collecting more as business then invests more in itself and is profitable.
I fear we are in for a very long recession as this President is more concerned with blaming and punishing those who have been successful. Much like Franklin Roosevelt, who did not pull us out of the depression until a world war broke out, they use class warfare to secure their agenda.
Don’t buy this folks, as class warfare is just another word for discrimination, and is much like racism.