When the top 20% own 93% of the wealth, expecting the bottom 80% to divvy up the remaining 7% to run the government, including paying for additional tax cuts for those wealthy individuals, is gross injustice – Source: Facebook

Response: Damn this is good!

Jim Hubbard – When the top 20% own 93% of the wealth, expecting the bottom 80% to divvy up the remaining 7% to run the government, including paying for additional tax cuts for those wealthy individuals, is gross injustice. According to the Tax Policy Center in 2010, the federal government’s revenue came 42% from personal income tax, 40% from the payroll tax (FICA capped at the first $110,100), and corporate income taxes were 9%. With a minor share of overall income, the middle class pays personal income tax AND payroll tax at almost the same level as the wealthiest individuals pay primarily personal income tax.

Corporate income tax is no better. In 1952, the percentage of federal revenue from corporate income tax was 32.1%. In 2011, it was 8%. Conservatives will claim that a "35%" tax rate is stifling business, failing to mention that 35% is the statutory corporate rate while the average effective rate is 12%. How much less revenue can the federal government expect from corporations–artificial entities that exist at the pleasure of the government–if the statutory rate is dropped to 25% or lower?

It is time to dispel the fiction that the wealthiest people are the job creators. The Bush Tax Cuts have been in effect since 2001 and 11 years is more than enough time to see that jobs in America are not being created. Yet, we are being told by Republicans in Congress that we need to lower the tax rates even more to encourage job creation. How about we tell them to create jobs with the trillion+ they’ve already been given before expecting us to give them more?