How’d you like to pay 94% of your income to the federal government? I don’t care how rich one is. That is criminal. (Even if no one really paid 94%.)
Believe it or not, this pretty good data comes from Whitehouse.org. I think they were trying to make a “fair share” point. See rates were higher back in the good old days (but I thought they weren’t so good) so we should have higher taxes on income now so that the government can “generate revenue,” i.e., take more of your stuff legally.
My feeling is that the whole debate is moot since the Fed is just printing like mad anyway. I mean, why not just lower the tax rates to 0% and let the Fed print us the money we need instead. But, oh my, that would be reckless.
Another important point to be made about taxes is that income taxes are paid by those out there working. Those of us who hustle our posteriors to make clients happy and build our businesses and make sales are the ones who pay income taxes.
It’s not the rich. And I don’t mean the “wealthy.” I mean the rich.
As Ludwig von Mises observed, many who are rich have no problem at all with high rates of income tax. Their wealth is locked away in land and other investments. What better way to keep the “new rich” in their place than by taxing their income?
(Click HERE for a larger version of the infographic below.)