It's Not Re-Distribution - I'm Just Going to Give Your Money to Someone Else

What the Obama administration really after? Your wallet.

Leave it to vice president Joe to once again reveal the true nature of what they are trying to do. In an interview vice-president Joe Biden said when asked about the taxes and it being a “re-distribution” of wealth said it wasn’t that at all – it is “just being fair”. In other words, hang on to your wallet.

He says that the top 1% get 22% of all the money (make all the money). Little does he realize (or he does and just ignores it)  that that top 1% pays over 40% of the overall national tax burden.

Indeed, the IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.

Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined. In 2007, the bottom 95 percent paid 39.4 percent of the income tax burden. This is down from the 58 percent of the total income tax burden they paid twenty years ago.

To put this in perspective, the top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined.

Hang on to your wallet. The only way they can continue to pay for these massive government entitlements is to take more from those who make less and give it to those that don’t even really contribute to the tax base – except maybe when they buy beer and cigarettes with the money they get from you.

Data taken from http://www.taxfoundation.org/blog/show/24944.html