Today is the much reviled Tax Day, as millions of Americans rush to file their income tax returns before the deadline.
Now, while your income taxes may be due today, many of you may still be working just to pay your share of taxes. This is often referred to as Tax Freedom Day: “The day when the nation as a whole has earned enough money to pay its total tax bill for the year,” according to the Tax Foundation. This year Tax Freedom Day occurs five days later – April 18th – then last year due to increased taxes. But as we know, not all Tax Freedom Days are created equal due to varying income taxes levied at the state level. For example, those of us living and working in New York will have to work until May 6th just to earn enough to pay our total tax bills, while people living in low tax states like Mississippi already hit that mark on March 29th.
As Tax Day arrived, a new Gallup poll was released which found that fewer Americans now view their income taxes as “fair.” Just 55% of Americans believe that they pay a fair amount in income taxes, which is the lowest level since 2001. Perhaps this could have something to do with the fact that we have a president who has constantly lectured the nation on our need to pay our “fair share.” Class warfare is a permanent part of Obama's rhetoric, but not surprisingly isn't matched by the facts. The fact is that almost half of Americans – that magical 47% – pay zero in income taxes. According to the Tax Foundation, “Taxpayers earning less than $100,000 collectively pay 13% of all income taxes, while those who make more pay about 87% of all income taxes.” Also, when it comes to the evil rich threshold of $250,000: “The share of income taxes paid by upper-income Americans … is twice their share of the nation's income.”
But now let's get to the Anointed One, who spent much of his campaign ripping Mitt Romney and other successful Americans for not pay their fair share in taxes. It was reported with a collective tone of outrage among the lapdog Obama-mania media that Mitt Romney paid an effective tax rate of about 15%. This rate is actually higher than the effective tax rate of 97% of Americans, but that mattered not to a media intent on painting Romney as a rich fat-cat who only wanted to protect the wealthy. Romney's rate was such because much of his wealth is acquired through capital gains, rather than income, and he also gave a lot to charity and took advantage of other legal deductions. As recently as last week, Barack Obama lectured the nation on people who take advantage of loopholes and deductions as people who “game the system.” Yet last week we found out that the President himself “gamed the system” by taking advantage of many of the same deductions Romney used! Obama's effective tax rate was 18% for 2012. That's still higher than the effective tax rate of the vast majority of Americans, but it's hypocritical considering Obama's condemnation of Romney's rate.
This morning, the so-called news network of MSNBC asked Democrat Senator Chris Murphy of Connecticut about Obama's 18% effective tax rate. When asked whether that rate and the amount paid by other wealthy Americans was too low, Murphy responded: “The fact is we can’t run this country based on the amount of revenue that we’re collecting today.” Wait, what? Let's all remind Chris Murphy that the treasury is going to collect a record amount of revenue this year: “Federal revenue will return to its pre-recession levels in 2013, according to projections from the Congressional Budget Office (CBO), setting a record for the most money the government has ever taken in … the CBO forecasts that federal revenue will top $2.7 trillion in 2013, slightly higher than the $2.6 trillion the government collected in 2007.” If we can't run our country based on that amount of revenue, then we are truly on a path to Europe.
By the way, the White House is directing people to its handy calculator on its website to help you see where your tax dollars are being spent. As many like the Washington Times have pointed out, notice how the calculator fails to mention the tax dollars spent on failed energy company loans or robosquirrels.
House members this week will vote on a pair of bills that would require federal agencies to fire workers with “seriously delinquent” tax debt. According to data from the IRS, federal government workers owe a combined $1 billion in back taxes. Do you think that tax delinquents should be allowed to continue working for the government?