Why have political candidates and the U.S. government declared war on the wealthy distinguished as anyone earning over $250,000 annually?
While the presidential debate continued to heat up with increased regularity, each candidate is signaling their intent to make the wealthy pay more in taxes. It seems this mentality is also running rampant in our legislative branches. Talk about biting the hand that feeds you.
What isn’t being widely reported in the mainstream media to any degree is that 70% of the annual federal revenue collected is paid by the top 10 percent of our population (a relatively small group of people with incomes over $350,000) while the bottom 40-50% of our population (depending on which report one subscribes to) who file tax returns pay nothing! That’s right! Practically one half of the U.S. population who file tax returns do not make enough to pay taxes because they fall beneath the government threshold which leaves the middle class paying as a percentage of the federal budget only 30 percent.
President George Bush did give tax breaks to the top 30 percent, but what’s been under-reported or lost in the rhetoric about taxing the wealthy is that the bottom 50 percent of our population also received significant tax reductions meaning they pay little if any federal taxes.
Why is the bull’s eye on high income earners despite the fact that it is an incorrect characterization that if you have a high income, then you’re also wealthy which isn’t necessarily true. I have many clients who are aspiring to become financially comfortable, but to attain wealth means they often struggle and fight to maintain profits. They try to do what’s ethically right while the world and once again our political machines are doing their best to put a stranglehold on the most financially productive part of our society, our independent businesses.
It’s easier to stir the masses against a highly visible segment of our population because they are an easy target rather than first looking at legislators failure to ask the important question: how can up to one half of any population be so poor that they are not required to pay federal taxes in the U.S.? There are over one hundred million Americans who don’t earn enough to pay taxes for the benefits they receive. They are taking and receiving various federal and economic social services for which they are not contributing, yet have an equal voice in the election of our next president and other political leaders.
The government needs to give tax incentives to Americans who save and invest instead of corporations. Americans are people; flesh and blood. Corporations while they live on paper do not procreate, do not physically need food for survival, and have no concern for whether the air is clear and the water is clean. A corporation is not a living breathing organism as it survives only on paper. The American public is living to do the bidding of inanimate organizations which do provide a benefit through profits, but they also need to benefit the society as well or else why do they exist? Benefiting only a few at the top corporate level is not in my mind reason enough.