Proud To Pay? By Laurence M. Vance
(2024-02-03 at 01:14:29 )

Proud To Pay? By Laurence M. Vance

In the United States, the top 1 percent of taxpayers pay more in income taxes than the bottom 90 percent combined, and the bottom 50 percent of taxpayers pay only about 3 percent of the income taxes.

The current incarnation of the tax code has seven tax brackets. Five of them are over 20 percent, with the highest rate being 37 percent. This is on top of the 12.4 percent (split equally between employer and employee) Social Security tax that Americans pay on the first $168,600 of their income and the 2.9 percent (split equally between employer and employee) Medicare tax that Americans pay on every dollar of their income. The rich in the United States are certainly paying their "fair share." And then there is the estate tax that ranges from 18 to 40% on assets over $13.61 million.

Some of the rich in the United States do not think they are paying enough in taxes. In an open letter to the global leaders gathered at the recent Davos meeting, some of the worlds super rich begged to be taxed more. "As the wealthiest members of society," they say that they would be:

Proud to pay more to tackle extreme inequality.

Proud to pay more to help reduce the cost of living for working people.

Proud to pay more to better educate the next generation.

Proud to pay more for resilient healthcare systems.

Proud to pay more for better infrastructure.

Proud to pay more for a green transition.

Proud to pay more taxes on our extreme wealth.

The letter is signed by residents of 17 countries, including Americans Abigail Disney (Disney heir), Valerie Rockefeller (Rockefeller heir), George Zimmer (former CEO of Mens Wearhouse), and Holly Marklyn (retired Microsoft executive).

I note that Bill Gates, Jeff Bezos, and Mark Zuckerberg did not sign the open letter.

If the super rich in the United States are so proud to pay more, then what is stopping them?

Why do the super rich not write a check to every American who makes under $50k a year?

Why do the super rich not buy every American a new car?

Why do the super rich not sign up every American for a meal service?

Why do the super rich not give every child a voucher to attend the school of his choice?

Why do the super rich not give every unemployed American a job at their foundation?

Why do the super rich not guarantee every American a universal basic income?

Why do the super rich not build houses and give them away to poor Americans?

Why do the super rich not pave every highway in America?

Why do the super rich not give a million dollars to every food bank in the United States?

Why do the super rich not guarantee every American a job paying a minimum of $20 an hour?

Why do the super rich not build new hospitals and free clinics?

Why do the super rich not pay for every American to have a college education?

Why do the super rich not pay off every Americans credit cards and student loan debt?

Why do the super rich not pay for an apartment for every homeless person?

Why do the super rich not give a million dollars to every charity in the United States?

Why do the super rich not pay for every Americans health insurance?

Why do the super rich like Abigail Disney not buy every American a ticket to Disney World?

What are the super rich waiting for? Why are they waiting for government to tax them more? If they are proud to pay, then why do they not just pay up and shut up?

Reprinted here with the permission of Mr. Laurence M. Vance and the Future of Freedom Foundation!! Please visit "Mr. Vances blog" at Lewrockwell.com and please visit his website "Vance Publications"!!