As America marches to the mail box today with income tax payments in hand, it’s time to take a moment to decry the excessive burden carried by the country’s wealthy, especially when factoring in all those “flat” taxes paid for in-state purchases.
When combining local, state, federal taxes, ninety-nine percent of Americans will have paid 29.8% of their income to the government. On the other hand, those “poor” bastards in the top one-percent income bracket will have to fork over 32.6% of their income, a whopping 2.8% more.
This means any American family earning $50,000 a year owes Uncle Sam about $15,000, whereas a married couple earning $500,000 a year will pay $163,000. That’s outrageous when you consider rental housing in Southern California alone costs almost half of what that earner of fifty grand pays. Imagine how difficult it is for the family earning ten times more to come up with about only six percent of its income to afford housing at almost twice the cost.
Such an egregious onus on the rich is taking its toll. Just think how little is left over for that top one-percent to purchase BMWs, caviar, college educations, and annual cruises. Thank heavens, the days of Ronald Reagan are gone, when the top one percent paid 50% of its income and the average American could afford a home, an annual vacation, and the ability to save for their kids education and retirement.
Those were clearly dark days in America, right my fellow worshippers of President Ronnie?