- Next week President Obama will introduce a FYE 2013 budget calling for higher taxes on those who earn over $250,000, including a repeal of the “Bush tax cuts.” If the U.S. Tax Code is used to penalize success then we will see much less success achieved. Taxes should be collected to fund our country, not as a political platform of “class warfare.” We need a flatter, and less complicated system of individual income taxation as recommended by the Presidents own Simpson Bowles Deficit Commission.
- 23% of all personal tax returns that were filed in 1979 paid no federal income tax. Thirty years later (in 2009) 42% of all personal returns that were filed paid no federal income tax.
- There have been approximately 4,428 changes to our tax code over the past ten years. That is an average of more than one per day. During 2010, there were 579 changes to the code.
- The wealthiest 1% of our population earns 19% of the income but pays 37% of the income tax. The top 10% of income earners pay 68% of the income tax tab. Meanwhile, the bottom 50% - those below the median income level - now earn 13% of the income but pay just 3% of the taxes.
Source: Internal Revenue Service