Their Fair Share

The debt ceiling rhetoric is really building steam.

As we get closer and closer to the date when the debt rises above the debt ceiling, the guys on each side continue to ratchet the discourse.

Of course I don’t think that we’ll not raise the limit.  And, even if we don’t, there is no way that we don’t pay our debt servicing.  So this whole thing is a little silly.

But I like the debate and I like the discussion being had in the offices and the coffee houses and the dance studios.

When we have Obama claiming that he can’t guarantee that old people will get their Social Security check.

“I cannot guarantee that those checks go out on August third if we haven’t resolved this issue,” says Obama.

“There may simply not be the money in the coffers to do it,” said the President.

Interesting thins are gonna be said by the everyday people.

But, back to the discussion.  I still don’t get the Left’s rallying cry that the rich “have to pay their fair share!”

First, the Left can’t describe what “the fair share” SHOULD be.  See, without a reasonable answer to the question “How much should the rich pay?” the Left can not reasonably be taken seriously when complaining that someone is not paying their fair share.

Second, it seems to me that the rich ARE paying their fair share:

  • The wealthiest 1% of Americans earned 20% of all income in America.  They paid 38.02% of all Federal Income taxes.
  • The bottom 90% of Americans earned 54.23% of all income in America.  They paid 30.06% of all the Federal Income taxes.
  • The top 1% made less than half what the rest of the 90% made.  They paid almost 25% more in taxes.

I think the rich are paying their fair share.

 

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