If you've been paying even minimal attention to this campaign season, then you are probably familiar with calls from the Democratic Party, especially President Obama, for the rich to pay their "fair share." It all seems innocent enough–why should the rich pay less than someone in the middle class? But the truth is, they're not paying less.
If you look at the dollar amount paid, the rich pay much more in taxes than most people will probably pay in their entire lifetimes. But, the Democrats' main argument, however, is that as a percentage of their income, the rich do not pay their "fair share." What they are alluding to is that the rich didn't feel the taxation as much as some people would like them to. In other words, the rich should be made to suffer more. This stems from nothing more than envy, plain and simple, and, as the Democrat-supported OWS succinctly put it, they're out to "Eat the Rich!"
Upon further research, I came across the tax returns of one such rich man who just so happens to go by the name of Mitt Romney, the Republican nominee for President. I was rather taken aback that he had paid about $1.94 million in income taxes for 2011 alone (somebody call Senator Harry Reid). To put this in perspective, it would take someone with a salary equal to the median income of the United States ($51,914 for 2006-2010) approximately 37 years—most of an adult's working life—to earn that much.1 That is no small chunk of change (unless of course you are comparing that amount to the $5 trillion added to our debt thus far under President Obama alone, then Romney's tax bill is mere peanuts). Yet President Obama and his campaign continue to whine and assert that Romney did not pay his "fair share" because his income tax rate (13.9% for 2010) is seemingly low compared to that of others2 (which is true, but they ignore to mention the whole host of other taxes the rich pay that the middle class simply do not).
Oddly enough, the top 1% of income earners pay a disproportionate amount of the federal tax bill–roughly 37% (so, although their individual tax rates seem to be low, they actually bear much more of the tax burden). The same holds true with the top 10% who pay about 70% of the bill. The bottom 50%? They pick up just 2.3% of the liability.3 So much for the rich not paying their "fair share."
Now, I was going to compare Romney's tax rate with the income tax rate I paid, but looking over my 2011 tax return, I've just realized I only paid into Social Security, Medicare, and my state's disability fund. I actually paid no income taxes to the federal government last year. This means that, thanks to people like Romney who have created and made possible the trillions of dollars in wealth confiscated by the government annually, I am able to feel secure knowing that the services that I depend on that are currently under government control, legitimately so or otherwise, are, for the most part, funded.
Instead of demanding more from people like Romney, I'd like to personally thank them for the great wealth they have created that benefits me in my daily life and that is all too often taken for granted.
Thank you, Mitt Romney, and all the other producers who have made my life more enjoyable by your pursuit of profit. Although I was never your purpose, your success has nonetheless enriched my life beyond my ability to ever repay you.
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Nicely put.
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