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Here are some dirty stats on Wealth Inequality:
400 Americans own 3percent of all the nations wealth- they own more than 60% of all Americans combined.
top 1 percent own 43 percent of america
top 20% own 93% percent of america.
the bottom 80% own 7% of america
the bottom 50% own .02 percent of america.
in 1970 the bottom 99% owned 70% of america
in 2011 the bottom 99% own 57%
the bottom 90% account for 55% of all consumer spending. the barely middle class and the poor in the bottom 55% pay the majority of sales tax and the evil inflation tax.
The middle class and the poor pay for 60% of all, ALL federal taxes, not just income tax. The middle class and the poor pay for 75% of the inflation tax, and 75% of all sales taxes.
Anyone outside of the 1% bracket isn’t rich, they are middle class.
The dirty trick is to try and combine the top 1% and the next 19% as the 20% that pays “all” the income taxes. But that still doesn’t count the federal taxes aside from income tax that the poor and the middle class pay.
There is a world of difference between the taxpayer that made 200 million in the top bracket and the taxpayer that made 50k in the twentieth percentile.
The reason the top 1% own 40% of the country is because they aren’t paying enough in taxes. And The reason the poor and the middle class own less of the country is because they pay too much.
The poor pay much more than there fair share in federal taxes. To state otherwise displays ignorance, stupidity, or a lack of integrity.
Federal income tax only generates less than 50 percent of federal revenue combined. Where then does the other 50 plus percent of federal revenue come from?
We all know the answers, but few are willing to expose the hidden taxes that the overwhelming majority at the bottom and the middle pay to the federal government.
What are some of the hidden taxes that the masses in middle and the poor must pay?
Federal payroll tax
There are many others, but ill save the “best” and the most pernicious tax for last. This stealth tax destroys the poor and the middle class, because they bear the brunt of it.
Lest I forget, we can’t forget about the sales tax which falls on the majority of the populace which includes both the poor and the middle class. As the poor and the middle purchase goods and services on trillions of transactions the nation’s tax coffers are filled.
Also worth remembering; while federal income taxes are avoided by the poor, State and City taxes may still be collected.
So, what is this silent deadly tax you ask?
Anyone that knows how the Federal Reserve works, knows exactly what this hidden tax is, and who it affects the most.
The inflation tax!
The poor pay an unconscionable percentage of their incomes on too many flat taxes, which include sales, gas, import and inflation. If you look at the entire picture, it’s no wonder why this forces the government to refund a small amount of that money back in the form of a refund.
To argue that the federal income tax that is paid by wealthiest Americans is worse, or less fair than the inflation tax that is paid by the poor, and the middle is a piece of dung.
Commodity inflation without wage inflation is what this country has had to endure for the past decade. Inflation has destroyed the middle class and has murdered the poor.
Examine over multiple years and you will find non existent wage growth, compare that to the CPI index, price out what gas, food and other necessary commodities have done over the same time span.
when was the last time a social security recipient received a cost of living increase?
The government has borrowed money from the FED and dumped it all over the world. A large part of our debt went to the richest bankers but all US citizens have to pay for that monetary creation in the form of a diluted anemic dollar.
Do 99% of the US population purchase and consume more than the top 1%? If so, who bears the brunt of the inflation and consumption taxes?
There is no contest on which class of American pays a larger percentage of their income on taxes, and which class of American has been able to enrich themselves because of minuscule tax rates.