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November 9, 2011

A Few Things Occupy Wall Street Doesn't Know About the "Wealth Gap"

As 'Occupy Wall Street' continues to be lost in its unknown purpose and is only causing restaurant owners to lay off their wait staff, Common Sense Capitalism thought it might be useful to post actual facts about the rich:
  • The top 1% earn 19 percent of the country's income, but pay 37% of the income taxes collected (source)
  • The bottom 50% earn 13 percent of the income, but pay only 3 percent of the income taxes
Between the top 50% and the bottom 50%, who demands the increase government spending of entitlement programs? Who refuses to pay for these programs?

While the 'poor' complain about the 15% capital gains and dividend taxes that the rich pay, what percentage are pension plans taxed at? Would it be fair to tax the pension plans at half what the rich pay? By the way, pension plans aren't taxed if you didn't know or were to blinded by rage from someone else's success.

Between the top 50% and the bottom 50% who creates the jobs? Does increasing their costs by increasing their taxes help or hurt job creation? If you're unemployed and 'angry,' you might have an interest in the correct answer. It's important to have the actual facts before making a stupid decision, both in life and in the voting booth.

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