How much is fair share?Tax the rich. Make ‘em pay their fair share. How much is a fair share?
According to the IRS: 75 percent pay 6 percent of their income for 14 percent of all taxes paid, 20 percent pay 11 percent of their income for 27 percent of all taxes paid, and 5 percent pay 21 percent of their income for 59 percent of all taxes paid.
Yes, 5 percent pay more than the other 95 percent combined — and nearly 3 times the rate.
Is it fair that 5 percent pay 60 percent of all taxes? How much more would be fair?
If government takes this wealth as taxes, these businesses and these jobs don’t get created. Government is the least effective creator of revenue-generating jobs.
In the past three years government has spent more than $1 trillion in borrowed money to stimulate new jobs. The Bureau of Labor Statistics reports that today there are one million fewer jobs than there were in January 2009.
Losing one million jobs is bad. Wasting $1 trillion in borrowed money in the process makes it even worse. Government is spending $1.3 trillion a year more than taxes. And 8,000 new regulations a year add cost and uncertainty to doing business in America without adding any value customers willingly pay for. That’s why our jobs go overseas.
Prosperity is only created by commerce. America’s leaders must be experienced in commerce if we are going to restore our economy. Our current leaders do not have that experience, and that is why we continue to lose jobs.
Rather than making commerce easier, they make it more difficult. We need to change to leaders with proven experience in stimulating commerce and creating jobs.
Frank D. Banta, Newnan