Considering the political and economic bias of the Herald’s editors, it is no surprise to see a continuous stream of ultra-liberal and socialistic events and “news” stories that encourage public opposition to the “greedy” rich.
Anyone with curiosity about who earns and spends our national income, as reported by the Internal Revenue Service, will find documented data in scores of Internet addresses online, free of charge. In October last year, the top 1 percent of earners, the “greedy” rich, reported making about 20 percent of U.S. annual gross income. For that prize, they paid about 40 percent of all taxes collected!
The top 25 percent of all taxpayers earned almost 70 percent of reported income for the year, and paid 86 percent of all taxes collected. In contrast, 70 million people who made up the bottom half of all wage earners paid less than 2.5 percent of all taxes collected.
Statistical data is so boring and forgettable. I don’t expect readers are interested in this stuff, but I’m disgusted with the flood of inappropriate and untrue “statements of fact” about who has all the money in our country.
If it weren’t for the “greedy rich,” risking their money to create jobs for wage earners, the unemployed would remain unemployed. Those who look to Washington to create jobs don’t know or care that politicians can’t do that without taking money from those who have it.
State control of job creation is known as socialism, and has historically resulted in bankruptcy and revolution in countries that go that way. Republicans may be disorganized right now, but they come closest to following our founders’ ideals.