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arhyalon

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08:55 am: In Defense of the Rich
A  friend sent an article I enjoyed quite a bit -- I had no idea how much taxes the rich pay!

Here's an excerpt:

 First, the data. The top 5 percent (those making more than $153,542 — the group whose taxes Obama seeks to raise) pay 60 percent of all federal income taxes. The rich (aka the top 1 percent of income earners, those making more than $388,806 a year), according to the IRS, pay 40 percent of all federal income taxes. The top 1 percent's taxes comprise 17 percent of the federal government's revenue from all sources, including corporate taxes, excise taxes, social insurance and retirement receipts.

And another:
 
In 2007, President George W. Bush and his wife had an adjusted gross income of $923,807. They paid $221,635 in taxes, and donated $165,660 to charity — or 18 percent of their income. Vice President and Mrs. Cheney, in 2007, had a taxable income of $3.04 million. And they paid $602,651 in taxes, and donated $166,547 to charity — or 5.5 percent of their income.

Barack Obama and his wife, Michelle, earned between $200,000 and $300,000 a year between 2000 and 2004, and they donated less than 1 percent to charity. When their income soared to $4.2 million in 2007, their charitable contributions went up to 5 percent.

Joe and Jill Biden, by contrast, made $319,853 and gave $995 to charity in 2007, or 0.3 percent of their income. And that was during the year Biden was running for president. Over the past 10 years, the Bidens earned $2,450,042 and gave $3,690 to charity — or 0.1 percent of their income.



The full article, In Defense of the Rich, by Larry Elder, can be found here.



Comments

[User Picture]
From:headnoises
Date:October 22nd, 2008 10:02 pm (UTC)
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*shrug*
I notice, generally, lefties "give" in a "fair" way, by making everyone give the same-- via the gov; righties give by choosing to give, chosing their targets.
[User Picture]
From:arhyalon
Date:October 23rd, 2008 01:42 am (UTC)
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That is hardly the case...everyone "gives" through the government, left and right alike. The question is who chooses to give of what they have left.

If you argument is that the Left supports giving through taxes and therefore thinks of it as sufficient, that could well be.
[User Picture]
From:headnoises
Date:October 23rd, 2008 01:59 am (UTC)
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Ah, but the Left tends to also want to give more by raising taxes-- welfare, etc.

I was trying really hard to be fair. *smile*
[User Picture]
From:arhyalon
Date:October 23rd, 2008 12:53 pm (UTC)
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When I was a Liberal, I did hold that I could not complain about taxes because they were paying for the programs I wanted.

But I also believed that the government had to give because normal people would not. That's why it's kind of funny that the Conservatives do give...and the Liberals who think "other people won't give" don't...kind of a self-fulfilling prophasy.

[User Picture]
From:carbonelle
Date:October 29th, 2008 12:47 am (UTC)

Devil's Advocate

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While Mr. Obama is certainly in the mold of Al Gore, everyone must pay except he and his, I'm not so sure that's true of Mr. Biden.

I'm told that he and his wife are very charitable with their time and support of local charities.

I know that my husband and I only very rarely bother to report our charitable giving--it's a rough tithe and frankly "let the right hand not know... etc." We've been blessed.

On the other hand, if Mr. Obama gets elected I may start keeping receipts...
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