Monday, August 15, 2011

32% of wealthiest 400 paid less than 15% income tax. How is this fair?


This article sums up why I am so upset with my Republican Party.  And this paragraph within the article makes me livid:

"The many adjustments to income permitted by the tax code, plus alternative tax rates on the largest sources of income of the wealthy, explain why the average federal income tax rate on the 400 richest people in America was 18.11 percent in 2008, according to the Internal Revenue Service, down from 26.38 percent when these data were first calculated in 1992. Among the top 400, 7.5 percent had an average tax rate of less than 10 percent, 25 percent paid between 10 and 15 percent, and 28 percent paid between 15 and 20 percent."

As a CPA, I'm very knowledgeable about our tax code.  And I work my tail off to research and take advantage of every tax break possible,  yet my federal tax bill was 22% of my income last year.  60% of the 400 richest Americans paid a lower tax rate than me!  And 32% of these super wealthy paid less than a 15% rate!

I ask myself and my party ... how is it fair when the richest Americans pay so little?   HOW?

My Republican party doesn't care about middle class America. We pay a higher tax rate than the wealthiest of the wealthy.  And to balance our nation's budget to pay for the Republican Wars and the tax cuts on the wealthy,  Republicans demand drastic cuts to the very programs aimed at helping middle class America,  so the wealthiest of the wealthy can continue paying tax rates lower than us.  HOW is this fair?   Do you not understand the need to raise income taxes on the wealthy?  If not,  you must be blind.

North Carolina deserves better than Republican Senator Richard Burr.

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