All too often, rich individuals in this country are demonized for simply being rich. If some sort of financial catastrophe happens, such as the latest recession in 2009, the rich are to blame. If the government is running large deficits, the rich are not paying their “fair share”. If an individual is poor and cannot find employment, it is because the rich hoard all their profits and don’t share with anyone else.
It’s time to set the record straight by looking at the facts. The top 1% of all individual income earners in this country pay nearly37% of all federal income taxes. The top 50% of individuals pay98% of all federal income taxes.
The so called “greedy corporations” and big businesses get it even worse. The current corporate tax rate on big business in the United States is the highest in the industrial world, set at 39.1%. Despite providing work for over 45% of American citizens and contributing to 65% of new jobs created in America, big businesses get punished with the highest corporate tax rate in the industrialized world. They certainly pay their “fair share” and then some.
The poor on the other hand, defined as the bottom 50% of income earners, pay essentially no federal income taxes. Many of these poorer Americans enroll in Medicare and receive free healthcare. If they don’t qualify for Medicare they can now, thanks to Obamacare, receive taxpayer funded federal subsidies to pay their own healthcare expenses.
But this is not all government does; it also provides funding for poorer American’s food. Today, one out of every six Americans receives food stamps. Recently renamed SNAP or the Supplemental Nutrition Assistance Program, the federal government now spends almost $80 billion helping feed the poor.