So Much for “The Rich Not Paying Their Fair Share”

Effective Tax Rates (taxes paid on tax return)

Bottom 20 percent (0-$17,000):         -5.8 percent

Second 20 Percent ($17,000-$33,500):  1.3 percent

Middle 20 percent ($33,500-59,500):  9.2 percent

Fourth 20 Percent ($59,000-$103,500): 12.9 percent

Top 20 Percent ($103,500+):  20.6 percent

Effective Tax Rates (also including payroll tax paid by employer)

Bottom 20 percent (0-$17,000):         1 percent

Second 20 Percent ($17,000-$33,500): 7.8 percent

Middle 20 percent ($33,500-59,500): 15.5 percent

Fourth 20 Percent ($59,000-$103,500): 18.7 percent

Top 20 Percent ($103,500+):  24.3 percent

It is time that people in this country learn the differences between payroll taxes and income taxes.  We cannot have a conversation on what is “fair” until we have a basic understanding of the differences.  People keep thinking that Social Security and Medicare Taxes are income taxes.  They are not.  They are different line items.  While it doesn’t make it any easier to pay them, they are a different animal.

So according to these numbers (From the Tax Policy Center) it is not until you reach the income bracket of $59K do you pay any money into the treasury.  You are only paying for social security and medicare.  Which in theory you get back, if you live long enough.

So much for the rich not paying enough.  They are the ones paying the bills.  So, if the democrats want things to be fair and they make less than $59K per year, get out your checkbooks.  You are dead weight on the rest of us.