Government

Are you wealthy (do you pay your fair share?) Be careful what you ask for. 🤔

The use of “wealthy, rich and fair share” is a tool used to create class envy and divide Americans. The fact is higher income Americans do pay their fair share and more in direct and indirect ways.

The fair share myth misleads Americans into thinking all the promises for more and “free” government programs will be paid for by someone else; the wealthy.

The fact is that cannot happen, even the top 1% don’t have enough to pay for Medicare-for- all, free college, a $15 per hour minimum wage, a guaranteed minimum income, a guaranteed government job, or expanded Social Security. Look at European countries and their tax structures and the truth about who pays for socialist programs is quite clear.

To be in the top 1% of earners you must earn at least $480,930. To be in the top one hundredth of one percent you must earn $35.1 million and to reach the one thousandth of one percent your income must exceed $152 million

Speak with any individual about the wealthy paying their fair share and I bet you can’t get them to define either wealthy or fair share. That’s because if they don’t define it, each individual comes up with their own definition and thus the message resonates with just about everyone even while there is a good chance the listener is wealthy by any number of definitions used by government.

If you earn more than $275,000 your earnings above that can’t be counted in a pension plan.

If your income is more than $85,000 both you and your spouse pay higher income-based Medicare premiums.

If your income is more than $100,000 you lose the entire pension exclusion for NJ state income taxes. (Similar types of limits apply in other states)

If you earn more than $47,520 you are not eligible for health insurance premium tax credit.

In NJ if you earn up to $70,000 you can apply to have your property taxes frozen.

If you earn $135,000 or more you cannot contribute to a Roth IRA. If you earn $73,000 or more you cannot take a tax deduction for a traditional IRA.

If you earn less than $500,000 you can take the AMT exemptions, earn more and they phase out.

According to the Census Bureau about 20% of Americans are upper income (or rich) meaning they earn two or more times the national household income of $59,800. So you can be rich with a family income of $119,600. But if you live in New York or NJ you don’t make the grade with that income.

Americans must decide how much of their income they want transferred to government so it can decide how it should be spent, on what it should be spent and on whom. If you believe Congress is best equipped to make those decisions, go for it!

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5 replies »

  1. Just wait until the radical left and their social Democrat heroes shift their focus of wealth from how much income you make to what assets you have. There will be no limit to what they can promise for votes. It’s all there in Piketty’s playbook for socialists (Capital in the 21st century).

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  2. There is a Prager University YouTube video “The Tax System, Explained in Beer!” It illustrates “fair share” using 10 guys splitting a bar bill in the same proportions as our current income tax system (pre-Trump tax cuts). Then what happens when the tax burden is shifted to the “rich”. This video shows how the percentages can be gamed. How people are greedy.

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  3. What many people fail to realize is, if you tax the rich or the corporations to pay for all the social programs, many things can and will happen. Unemployment will go up, everything that the rich and corporations sell will go up in price. Pay raises will be way less, if at all.
    Expecting the politicians to fix the countries problems is crazy! They are the ones that have screwed everything up. Time and time again business under capitalism has provided a better standard of living for the average citizen than any government program ever will. More government is not the answer.

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  4. The mantra of the Left is Inequality, the Right’s Opportunity. Ironically, nowhere is inequality of wealth greater than in the Left’s main stronghold, California.

    Intelligence and education will allow for increased opportunity for those who have it. For those that do not, the wealth gap will increase. The libertarian social scientist Charles Murray puts forward the policy of some sort of guaranteed income for all. Why? He believes the future of the economy will continue to reward high IQ workers, and continue to have fewer jobs for those in the middle and lower.

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  5. “Americans must decide how much of their income they want transferred to government so it can decide how it should be spent, on what it should be spent and on whom.”

    #1 Response: “… They should take as much as they need to from you so they can provide me the benefits they promised to me. … ” I want the best entitlements YOUR money will buy

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