DESTROYING THE MYTH OF THE "DECADE OF GREED."
The left just loves to refer to the Reagan years as the "Decade of Greed." The implication is that higher income types got away with absolute murder during the '80's when it comes to paying income taxes. Well, let's take a look at some statics from the Internal Revenue Service to see just what the various income levels were paying in income tax in 1981, and what they were paying in 1991.
1983 -- THE BEGINNING OF THE DECADE OF GREED -- THE YEAR THE REAGAN TAX BREAKS TOOK EFFECT.
Here we find the top 1% of all income earners in the United States paying a total of 20.3% of all of the personal income taxes collected by the IRS. The top 10% were paying 49.7% of all income taxes, and the top 50% was paying 92.8%. The bottom 50% of all income earners were payign only 7.2% of all income taxes.
1993 -- THE DECADE OF GREED ENDS! CLINTON RAISES TAXES TO THE EVIL RICH WILL PAY THEIR FAIR SHARE!
Ten years later, in 1993, we find the top 1% of all income earners paying 28.7% of all income taxes collected! Wow! Those rich SOB's really got away with murder, didn't they? The top 10% saw their share of total income taxes collected go from 49.7% to 58.8%. The greedy so-and-so's. The top 50% saw their share rise to 95.2% of all taxes, while the bottom 50% saw their share drop from 7.2% to 4.8%.
IT'S 1998 --- HOW ARE THE EXPLOITERS OF THE POOR DOING NOW?
The September 23, 1998 issue of The Wall Street Journal has the new numbers for us. The share of the taxes being paid by the top 1% has gone up again! For the year 1966 they are approaching 33%.
YEAH .. BUT THOSE RICH BASTARDS ARE EARNING SO MUCH THEY STILL WEREN'T PAYING THEIR FAIR SHARE
OK, fine. What would you consider a fair share? If the top 10% was earning 70% of all the income but only paying 58% of the taxes, that wouldn't be fair, would it? Well ... let's see what the figures show.
In 1993, at the end of the Decade of Greed, the top 1% were paying 28.7% of all taxes. They earned only 13.8% of all earned income. Oops! sounds like they are paying a bit more than their fair share, doesn't it? What about the top 10%? They were paying 58.5% of the income taxes but earning only 39% of the income. The top 50%? Paying 95.2% of the taxes, earning 85% of the income. The bottom 50%? Earning only 15% of the income but paying just 4.8% of the income taxes.
Update ... In 1996 the share of the income earned by the top 1% reached 16%. Remember: They're paying one third of all the taxes. So ... who is getting away with not paying their fair share? Looks like the bottom 50% to me ... not the evil, hated, mean, nasty, wicked rich.
These figures came from The Tax Foundation and IRS Statistics, 1983 through 1993. You go and do your own research and verify them! Then tell me just what the hell Bill Clinton was talking about when he said that the rich need to pay "their fair share."
There are about 199 million voters in this country. Seventy million of these voters have absolutely no federal income tax liability [or tax debt] at all. Do the math. This means that 35 percent of voters are entirely out of the federal income tax picture. I think a good argument could be made that these people shouldn't be voting at all.
OK ... We've taken care of 35% of the voters. I'm sure you can see that these net tax consumers are hardly going to be voting Libertarian or Republican.
The next group of voters are the 129 million (out of the 199 million total) who actually pay federal income taxes. Roberts divides the voters who actually pay taxes into the top 25 percent and the bottom 75 percent. About 97 million voters make up the bottom 75 percent of income earners who actually pay some federal taxes. This 75 percent pays a whopping 17 percent of all federal income taxes collected. So, let's add this 97 million voters who pay about 17 percent of the federal income taxes to the 70 million voters who pay nothing. That adds up to 167 million voters out of a total of 199 million. More math --- this means that 84 percent of all voters amount for 17 percent of all income taxes paid.
Now we go to the remaining voters. The 32 million we have left. These are the higher income earners. The high achievers. These 32 million Americans pay 83 percent of all federal income taxes collected. They account for 16 percent of the voters.
Come on, folks. Do you have to be hit with a truck here? Sixteen percent of the voters in this country are paying 83 percent of the federal income taxes. The Democrats and leftists don't need their votes. They need their money for their big government, welfare state spending programs. When Ted Kennedy called for a tax increase last week who do you think he was talking about ? That 16 percent, that's who. The 16 percent of Americans who are paying 83 percent of the taxes. And where did Kennedy want to spend the money? On the other 84 percent of voters, that's where.
It's foolproof, my friends. If you have 1000 voters who are going to cast votes on your future --- and if you can take money away from 160 of those voters to be used to buy votes from the other 840 ... you have it made. Election assured.
We're at the edge, folks. We're rapidly approaching the point where the ballot box is no longer going to work for the high-achievers in this country. At that point there are two viable options: Open revolt, or simply withholding your labor. What's it going to be?
Wake up. We're being fattened for the kill.