I Pay More in Federal Taxes than 150 Million Americans Combined
A figure that is often bandied about in conservative circles is that 50% of Americans do not pay Federal income taxes. That is, the Federal income tax on more than 150 million Americans combined does not add up to even a single dollar.
So it came to me earlier today that since I pay more than one dollar in Federal taxes, I pay, well, more than 150 million of my fellow Americans do.
Now I do not call those who do not pay Federal income taxes lazy or unproductive, in fact I acknowledge that poor people probably pay more in other taxes, such as local, state, payroll, sales and sin taxes, as a percentage of income, than many rich people. They are not to blame for their lack of income tax liability. The fault lies with our government.
Our present government has caused businessmen to be so uncertain about the future that there are billions of dollars sitting in corporate vaults rather than being invested in new businesses. Obama has taken a bad economy and made it even worse. It is no surprise then that so many Americans have failed to make enough money to trigger federal income tax liability.
While many conservatives complain that half the country does not pay income taxes, that is not my complaint. I would prefer living in a country where no one pays any income taxes. There is nothing more destructive to innovation and discovery than taxing the fruits of one's labor.
We need to get rid of the IRS and institute a consumption tax. Many young people today are unaware that prior to 1913 the United States raised almost all the money needed to run the country using consumption taxes.
By not taxing savings and investments, people were encouraged to save and invest more. The increase in available capital spurred such an increase in creativity and business that it made us the envy of the world.
We became the most powerful and prosperous nation on Earth, not because we taxed much, but because we taxed little.
