Deroy Murdock: “Give The Top 1% A Pat On The Back, Not A Tax Hike From Obama”

The libertarian Republican commentator argues that the Top 1% of Americans already pay more than their fair share of taxes, while the bottom 50% pay far less than their fair share: “While Obama loudly excoriates the wealthy, the Tax Foundation quietly analyzed the latest IRS data. The facts pulverize Obama’s lies. First, the top 1 percent does pay its ‘fair share’ of taxes. The top 1 percent of tax filers — Americans with Adjusted Gross Incomes of at least $369,691 — earned 18.9 percent of national income. And they paid 37.4 percent of all income taxes. The top 10 percent made at least $116,623 each. They earned 45.2 percent of national income and paid 70.6 percent of all income taxes. If these taxpayers are not paying their fair share, Obama should specify a ‘fair’ percentage.”

Mr. Murdock continues his commentary: “Meanwhile, the bottom 50 percent of taxpayers made less than $34,337 each. This group earned 11.7 percent of national income, but paid just 2.4 percent of all income taxes. The reviled 1 percent coughed up 16 times this amount. Also, the entire bottom half of tax filers paid a 2.4 percent average tax rate, while the top 1 percent paid 23.4 percent — nearly 10 times more. So much for the vicious lie that the poor and middle class bear America’s tax burden while the rich laugh all the way to the Caymans. Second, many 1 percenters launch and expand companies, invest their earnings, purchase goods and services, and conduct economic activity that creates and sustains the jobs and careers of less wealthy Americans.”

He ain’t done just yet: “Third, the top 1 percent handsomely finances charities. The 2012 Bank of America Study of High Net Worth Philanthropy (in conjunction with the University of Indiana’s Center for the Study of Philanthropy) just surveyed 701 Americans with an average net worth of $10.7 million. In 2011, 95.4 percent of these ‘plutocrats’ gave to charity. Among the general population, 65.4 percent made charitable donations. These wealthy individuals last year donated $52,770, on average, or 8.7 percent of personal income. Beyond writing checks, 88.5 percent of these people volunteered. These Americans volunteered an average of 254 hours in 2011.”