The biggest question in the debate on the domestic economy is one the president must be forced to answer, and that is: What is his definition of the “fair share” that the “rich” must pay, since he is insisting the current system is grossly unfair?
To ensure the electorate understands the current situation, the following facts are provided:
• The top 1 percent of U.S. taxpayers pay 37 percent of all taxes paid in this country.
• The top 10 percent of taxpayers pay 70 percent.
• The top 50 percent of taxpayers pay 98 percent.
• The bottom 50 percent of taxpayers pay 2 percent.
With the above, the president is adding over $1 trillion a year to our deficit. So what is his answer for the future? Not cutting expenditures, but raising even more taxes on the “rich.” His proposed tax increases for next year include:
• raising the top tax rates for the “rich” from 33 percent to 36 percent, and from 35 percent to 39.6 percent;
• raising the capital gains tax from 15 percent to 23.8 percent;
• raising the dividend tax from 15 percent to 43.3 percent;
• considering raising the “death tax” from 35 percent on estates greater than $5 million to 55 percent on estates greater than $1 million.
It is time to say “no” to this tax-and-spend and “fairness” theory. We need to end the entitlement mind-set that controls the “bottom 52” percent. Government and government spending did not make this country great – we the people did!