Bottom 47 percent
As Democrat and ardent supporter of President Obama, I take offense at your recent comments. I am not a “freeloader,” and neither are my other liberal friends! I have paid income taxes all my life, at rates as high as 36 percent.
We have a progressive income tax system in this country (which both Parties support), which means higher income people pay more. People who don’t currently pay income taxes don’t make enough money to do so!
Every one in this country pays taxes every time they buy something. In fact, poorer Americans pay a higher percentage of their income in sales taxes than wealthier Americans.
Here are a few more startling facts about the bottom 47 percent:
• The poorest 50 percent of all Americans collectively own just 2.5 percent of all the wealth in the United States.
• The wealthiest 1 percent of all Americans own more wealth than the bottom 95 percent combined.
• According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.
• Median household income in the United States is down 7.8 percent since December 2007 after adjusting for inflation.
• The top 0.01 percent of all Americans make an average of $27,342,212. The bottom 90 percent make an average of $31,244.
• In 2010: 37 percent of all income gains went to the top 0.01 percent of all income earners; 56 percent of all income gains went to the rest of the top 1 percent; and 7 percent of all income gains went to the bottom 99 percent.
Thirty years of Republican deficits has proven that trickle down economics does not work. Prosperity comes from the bottom up. Adjust tax policies to favor middle class consumers. They will purchase more products, which in turn will cause local businesses and national corporations to prosper and hire more people. The more people with good jobs, the more spending that occurs, etc. It’s a very simple concept.
What Romney said about the 47 percent is not factually accurate, but more disturbing is the fact that he does not care about one half of the U.S. population.
Seriously, who would vote for a man like that?
Michael E, Utzinger