The Fallacy of the One Percent

We are only going to tax the richest one percent.  We are going to make sure they pay their fair share!

How many times have you heard this from progressives in this country?  Here are a few things to consider when you think the top one percent should be paying for everything.

  • There are about 330 million people in the United States.  One percent of the population is about three million people.
  • According to USA Today (July 1, 2020) the average annual income of a person in the top 1% is $538,926.
  • The 2020 Federal budget is $4.79 trillion.  This does not include state and local government spending.
  • To pay for only the Federal government spending, each average one percenter would have to pay approximately $1,450,000 a year in taxes.

Do you see the problem here?  The average one percenter would have to pay nearly three times their annual income to fund the government’s budget.  It cannot be done.  So once the progressives have taxed and spent all of the one percenters’ money, where do they look to next?

They are looking at you, boy.  They are looking at you.

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