We keep hearing this term “fair share” nearly every day from Progressives believe businesses and the rich must pay their fair share of taxes. So what is the fair share for the wealthy?
According to Progressives, it’s simply more — more than the 42.6 percent in federal taxes being paid by those in upper income brackets. It’s apparently entirely ‘fair’ that 50 percent of Americans now pay zero federal income tax, and some even enjoy what’s called a ‘negative tax rate.’
As it stands now in the U.S, the top one percent of wage earners, those who are continually disparaged by the left in America, bring home nearly 18 percent of the nation’s income. But they pay 35 percent of all federal income taxes.
Study after study has shown that when taxes are lowered, it stimulates the economy and brings in more revenue. For example, during the Roaring Twenties, tax rates were slashed dramatically, dropping from over 70 percent to less than 25 percent.
Personal income tax revenues increased from $719 million in 1921 to $1,164,000,000 in 1928, an increase of more than 61 percent. Increasing taxes also hurts the tax base, as oftentimes people and businesses flee higher tax states for lower tax states.
In 2012, French President Francois Hollande, proposed a massive 75 percent income tax on the wealthiest citizens. The tax revenue from the super tax was down significantly from the first year to the next, while the deficit skyrocketed another $97 billion.
In January 2015, the French government quietly killed the tax. It seems that unfortunately, historic lessons once learned are being willfully ignored.