Tax the successful even more?
So for all you folks out there undecided, all you younger folks in college, striving to get into the ‘real world’ and make something of yourselves.
For all you people bitter at the fact that really successful people make a lot of money, or wealthy people inherit money from really successful people, I’d argue this point below.
Taking tax revenue from 2015, total taxpaying units (individuals or families) and % breakdowns from 2014.
In 2015 the federal government collected a record 3,248,723,000,000 dollars. That’s Trillion with a T.
Data states that taxes paid were broken down as follows:
Top 1% paid 45.7%
next 19% paid 39.3%
Bottom 80% paid 15%.
Now remember, this is not % of people, this is % of TAX PAYING CITIZENS.
Now total potential tax payers in 2013 was 171.3 million units. 44.3% of those people did NOT pay federal income tax. That means 77.5 million people paid 0$ in federal income tax. It also means 93,800,800 people paid the total sum of 3+ trillion dollars.
With me so far?
Based on this you have the following:
Top 1% = 938,000 people paid 1,484,666,411,000 in taxes. That’s TRILLION. Avg per unit = 1,582,800
Next 18% = 18,677,000 people paid 1,276,748,139,000 in taxes. Again, TRILLION. Avg per unit = 68,359. (my assumption is that is the “Middle Class” to our politicians)
Remaining 80% = 75,040,000 paid 487,308,450,000 in taxes. That’s Billion. Avg per unit = 6,493.
I rounded % off which is why you get 99% for taxpayer totals.
This system is clearly angled at far more taxes for successful wealthy people than the rest right? Those wealthy people that spend and create most of the millions of private sector jobs. That’s fine, it’s where we are, it’s what liberals believe is “just”. I disagree. I think taxing the successful creates disincentives to risk taking, entrepreneurs, the lifeblood of this nations rise to power and the heartbeat of capitalistic markets.
Pay attention now please.
Total appropriations for the 2016 budget for the state of New Jersey is 33,844,000,000 billion dollars.
New Jersey has the 3rd highest personal income tax in the country, now at 8.97%, up from 6.3% in 1996. Doesn’t sound like much huh?
58 year old David Tepper has a net worth of approximately 11 billion dollars (His firm Appaloosa Management). He WAS a resident of New Jersey around the time the NJ Budget was formulated.
Now? Now Mr Tepper is a Florida resident, where there is no personal nor state income tax. Why? Based on what I know of David and his financial IQ, why on earth would you pay hundreds of millions of tax dollars you legally do not have to?
Here’s where you younger folks need to pay attention. This whole “pay your fair share” crap has been a complete and total fabrication but also the very foundation (along with ‘picking up’ minorities from poverty (which they still have never done) of their plan to ‘grow’ prosperity and create a larger middle class.
See here’s what happens, and will happen.
The state of New Jersey now finds itself, according to Frank W Haines III, NJ legislative budget and finance officer, nearly 140 million dollars “short” of the 2016 budget allocations. Why? Because the 140 some million they assumed would be paid in personal income tax by Mr Tepper is money that no longer exists.
Guess who is left holding that bag? Yep, the rest of NJ tax payers.
He did nothing illegal, not in the least. He did what most every single financially successful person would, and will do (including every single one of you reading this).
You can go ahead and elect the felon on the democratic ticket. She and liberals might possibly get their shot at taxing the hell out of the ‘1%’ they both belong to while at the same time acting like they despise. Think that’s made up? Read this.
If it does happen, big if, it will happen ONE time, just one time. You think these people are going to remain in a place to be taxed to hell for taking risks, creating companies, and jobs, and being successful? For using capitalism to create wealth and jobs? Not gonna happen.
Now play this out on a federal level. The government makes an annual budget in the trillions. They keep raising taxes and they are going to find themselves “Teppered”. What does that mean on a national level?
Now all of you people screaming “FEAR MONGER” and “WAKE UP THIS IS AMERICA” need to step back and remember a short little history lesson.
On March 6, 1933, President Franklin D. Roosevelt issued Proclamation 2039, which effectively stopped all bank transactions in the nation.
This nation is 20+ trillion dollars in debt. There’s literally no scenario in which a Democratic White House reduces that by even 1 dollar.
They are, and always have been the party of “Tax and Spend” and if you listen to her diatribe she has zero plans to change that.
She wants trillions for an “Infrastructure bank”…. What?
Ah, I see, that’s the new phrase replacing the bailout needed to create “Shovel Ready Jobs”. Seen those yet? How much was that?
(From the NYT July 2011)
Beyond the $700 billion bailout known as TARP, which has been used to prop up banks and car companies, the government has created an array of other programs to provide support to the struggling financial system. Through April 30, the government has made commitments of about $12.2 trillion and spent $2.5 trillion —
How’d that end up working out? Solyndra anyone? Oh and the auto industry? 10+ billion to bail one out, while the other saved itself.
The point is this. Government, at every point in history, that tried to ‘grow’ the economy through more gov’t programs and raising taxes has never, not once, succeeded. It hasn’t, won’t and never will.
The federal gov’t is required to do 2 things.
- Protect the citizens of this nation through secure borders and a strong military
- Provide for Americans that cannot provide for themselves
- Actually I’ll add this one. It MUST demand perfection in its treatment of our veterans and their families. So many in the VA are doing everything they can but there’s way too much left to do.
One last point. And this might be the most important.
You cannot, in any universe, have a welfare state AND open borders. Think about that a second. That’s not physically or financially possible but that’s exactly what the democratic nominee wants. She’s stated it VERY clearly to wall street, a “Hemisphere of open borders”.