Tax Day & Tea Party thoughts

by Rossputin | 6:37 am, April 15, 2010 | Comments Off

Although today is the most important trading day of the month, I’m heading down to the Colorado State Capitol building to participate in the second Tax Day Tea Party.

As you sign your tax return and send the IRS your money or think about the money they’ve taken from your paycheck over the course of the year or think about a year bad enough that you don’t owe them money, take a moment to think about some of the following and the implications for our nation:

• In 2009, the percentage of Americans who will pay no federal income taxes has risen to 47%.
• In 2007, the top 1% of earners paid 40% of all income taxes.  The top 5% paid 61% and the top 10% paid 71%.  The bottom 50% of earners paid less than 3% of all income taxes.  This extreme redistribution of wealth was probably worse in 2008 and will be worse again with 2009 tax filings.
• 2008 data is more preliminary, but shows “that taxpayers earning less than $100,000 collectively earned roughly half the Adjusted Gross Income (AGI) that year, but paid 25 percent of the income taxes. Meanwhile, taxpayers earning more than $250,000 paid close to half (46 percent) of the income taxes collected while they earned roughly a quarter of the total AGI” according to the Tax Foundation.
• In 2008, a record 51.6 million tax filers owed no income tax or were net receivers of money from other taxpayers, a 59% increase since 2000.
• For 2010, including various Obama tax provisions, people will be able to earn over $50,000 in a year and not owe any income tax.
• A new Gallup poll shows 63% of Americans believing their taxes will go up in the next year, including a majority of those earning under $30,000 a year.  4% believe their taxes will be lower.
• Similarly, a Rasmussen poll shows 2/3 of respondents believing that America is overtaxed, with only 25% disagreeing.

And if none of that makes your blood boil, how about this fact from the Tax Foundation:

Americans will pay more taxes in 2010 than they will spend on food, clothing and shelter combined.

Please attend your local Tax Day Tea Party and let “them” know that we’re mad as hell and we’re not going to take it anymore.

 

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