Dec. 9, 2013

Wealth Redistribution

Top 40% paid 106.2% of income taxes.

The Congressional Budget Office (CBO) reveals that “The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010,” according to CNSNews’ Terence P. Jeffrey. How’s this possible? Because “households in the bottom 40 percent took in an average of $18,950 in what the CBO called ‘government transfers’ in 2010.” Or, more accurately described, the Left’s government-dependent constituency took in nearly $19K each in wealth redistribution. The report says that, “In 2010, the lowest quintile’s average rate for the individual income tax was -9.2 percent and the second income quintile’s rate was -2.3 percent.” But by all means, let’s raise taxes on “the wealthy”!

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