How much does the government tax the rich? We’ll dive into that here.

In honor of the $3.5 trillion proposed budget deal, I’d like to take some time to talk about the cry from the left about the rich not paying their fair share.

There seems to be this idea that the high earners are just sitting on bags of money, hiding their earnings or wealth from Uncle Sam while the rest of us middle or lower class folks cover the bill. Nothing could be further from the truth. For those who haven’t taken the time research this, might be shocked at the actual data.

First, I want to get into a little of what is in this massive spending bill Democrats are looking to shove down our throats. So what’s in it?

Citizenship for illegals

Also known as more Democrat voters. This has been the left’s plan for a while now. If you haven’t waken up to this 100% but are slowly coming around, just connect the dots.

Take a look at what’s going on at the southern border since Biden took office. Over one million illegals have attempted to cross the border and a 21 year high 212,000 in July . This isn’t a coincidence that they are looking to stick amnesty for all in a budget package at the same time the borders are basically wide open.

Democrats are looking to spend $107 billion to make this happen.

Free child-care and free community college

So now the government wants to take control of your children’s childcare.

They also want universal pre-K for 3 and 4 year old’s.

Just what we need at a time when Critical Race Theory is being forced on our youth.

Money for a “Civilian Climate Corps”

This “Climate Corps” will play a vital role in getting the U.S. energy system away from fossil fuels. Which means if want to purchase a classic car, you would not be able to do so since Democrats want every vehicle to be electric.

I wonder what the interview process will be like for the Climate Corps. I bet they will all make $15 an hour.

$198 billion would go to the Energy and Natural Resources Committee with an additional $67 billion directed toward the Environment and Public Works Committee.

The middle class will pay

Democrats plan to go after corporations and the wealthy to pay for this. One way is to get raise taxes on the top income earners from 37% to 39.6%. Another would likely be raising the corporate tax rate, which now sits at 21%.

This would effectively get rid of the Trump Tax Cuts. That is a whole issue in itself. One thing is for sure, you and I will be paying more despite what the Democrats want you to believe. 70% of corporate taxes are paid by people making less than $500,000 per year.

How so? Well simple, corporations just pass those higher taxes on to the consumer by raising the costs of goods.

So what do the top earners really pay?

The U.S. has a progressive tax system. The more you make the more you pay, so it would then be assumed that the wealthy are paying much more than the bottom earners right? That’s what the data says.

Here is a chart that shows exactly how much the top earners pay to Uncle Sam.

There it is folks, the rich pay a large percentage of the tax revenue in the country. How much more do they need to be paying? 60 or 70%? That won’t make much of a difference. Here are a couple of videos below by John Stossel that you can reference next time you hear someone screaming about inequality in America or that the rich need to pay more.

Is a progressive tax the best way for the American tax system? I tend to believe a flat tax is the way to go. If the flat tax is 20%, you pay the same rate no matter how much you earn.

A person making $30,000 a year will pay $6,000 a year in taxes, someone making $300,000 will pay $60,000. I don’t really agree if you earn more, you should get taxed more. Either way, there are huge tax and inequality myths that need to be settled.

Please share next time someone you know thinks we need to tax the rich even more. They should know they are already carrying the load.

https://www.dailysignal.com/2021/03/03/rich-already-pay-more-than-their-fair-share-in-taxes/?utm_source=rss&utm_medium=rss&utm_campaign=rich-already-pay-more-than-their-fair-share-in-taxes

https://www.theepochtimes.com/whats-inside-sen-sanders-3-5-trillion-budget_3944321.html