Barack Obama’s tax plan calls for a reduction of taxes on middle-class families (families that earn less than $250,000), and the ending of Bush’s tax cuts for the high income earners.
Is this “fair?” I don’t think anybody “wants” to pay taxes. But taxes are a necessary evil; in order for government to operate, someone has to pay them.
In considering how the tax burden should be distributed, these graphs provide some useful perspective:
Source: The American Prospect, October 2008
Income for the top 5% of income earners has gone up almost 100% since 1980, but the share of federal taxes they pay has gone up by less than 60% during that time.
I wish we didn’t have to tax the rich, or anybody. But since the 1980s, it seems they’re the only ones making more money.
Furthermore, does this include payroll taxes. I hate it when I hear people complain how the poor don’t pay taxes. They’re certainly paying into Social Security and Medicare.
FYI: I’ve changed my blog title to kingpolitics.com from blackpoliticalanalysis.com
The number for “all federal taxes includes” includes social insurance taxes, like SSN.
A detail of the tax burden distribution is here:
http://www.american.com/archive/2008/october-10-08/america-has-a-highly-progressive-tax-system