I am amazed when I hear not just liberal Democrats but also some Republicans being suckered into the belief that "the wealthiest 2 percent of taxpayers, these millionaires and billionaires" should see their tax rates rise. It is class warfare, yes. More importantly, it is not true!
According to Bloomberg News, an overwhelming percentage of the people being called "the ultra rich" come nowhere near to earning $1 million dollars a year. Of this so-called "privileged class," 3.8 million of those filing taxes who the liberal wing of the Democratic party believes to be "the very wealthy" are earning somewhere between $200,000 and $500,000 a year. Only 608,000 taxpayers earn between $500,000 and $1 million a year. That leaves a grand total of 315,000 individuals or families that earn more than $1 million a year. And if you separate out from that number the Oprah Winfreys of the world -- megastar celebrities, professional athletes, and the true, few elites of the business and finance worlds -- the percentage of "ultra rich" is even lower.
But let's get back to that overwhelming majority of the highest tax bracket that liberals are so eager to see punished, even to the point of turning on their own president, who already has earned the reputation with many Americans of being the most liberal president since FDR. This tax class is made up of the small business owners, doctors, and small retail and manufacturing entrepreneurs who collectively employ nearly half of the nation's workforce.
While every big corporation and bank was getting a bailout during the economic collapse, and while those on welfare were seeing extension after extension of their benefits, this small group of Americans -- who already carry the brunt of the nation's tax burden -- struggled. And they are still struggling to keep their businesses and practices going. They are trying to avoid layoffs. They are cutting every possible expense.
These are the nation's most frustrated workers. Even while they have been balancing the economic viability of their enterprises on their own backs and out of their own pockets, they have had to watch as the bailed-out banks have made fortunes. And yet these same banks continue in their unwillingness and inability to lend money to the so-called "super wealthy" owners of small businesses so that they can keep their companies alive.