The Tax Distribution
DESTROYING THE MYTH OF THE "DECADE OF GREED."
The left just loves to refer to the Reagan years as the "Decade of Greed." The implication is that higher income types got away with absolute murder during the '80's when it comes to paying income taxes. Well, let's take a look at some statics from the Internal Revenue Service to see just what the various income levels were paying in income tax in 1981, and what they were paying in 1991.
1983 -- THE BEGINNING OF THE DECADE OF GREED -- THE YEAR THE REAGAN TAX BREAKS TOOK EFFECT.
Here we find the top 1% of all income earners in the United States paying a total of 20.3% of all of the personal income taxes collected by the IRS. The top 10% were paying 49.7% of all income taxes, and the top 50% was paying 92.8%. The bottom 50% of all income earners were payign only 7.2% of all income taxes.
1993 -- THE DECADE OF GREED ENDS! CLINTON RAISES TAXES TO THE EVIL RICH WILL PAY THEIR FAIR SHARE!
Ten years later, in 1993, we find the top 1% of all income earners paying 28.7% of all income taxes collected! Wow! Those rich SOB's really got away with murder, didn't they? The top 10% saw their share of total income taxes collected go from 49.7% to 58.8%. The greedy so-and-so's. The top 50% saw their share rise to 95.2% of all taxes, while the bottom 50% saw their share drop from 7.2% to 4.8%.
IT'S 1998 --- HOW ARE THE EXPLOITERS OF THE POOR DOING NOW?
The September 23, 1998 issue of The Wall Street Journal has the new numbers for us. The share of the taxes being paid by the top 1% has gone up again! For the year 1966 they are approaching 33%.
YEAH .. BUT THOSE RICH BASTARDS ARE EARNING SO MUCH THEY STILL WEREN'T PAYING THEIR FAIR SHARE
OK, fine. What would you consider a fair share? If the top 10% was earning 70% of all the income but only paying 58% of the taxes, that wouldn't be fair, would it? Well ... let's see what the figures show.
In 1993, at the end of the Decade of Greed, the top 1% were paying 28.7% of all taxes. They earned only 13.8% of all earned income. Oops! sounds like they are paying a bit more than their fair share, doesn't it? What about the top 10%? They were paying 58.5% of the income taxes but earning only 39% of the income. The top 50%? Paying 95.2% of the taxes, earning 85% of the income. The bottom 50%? Earning only 15% of the income but paying just 4.8% of the income taxes.
Update ... In 1996 the share of the income earned by the top 1% reached 16%. Remember: They're paying one third of all the taxes. So ... who is getting away with not paying their fair share? Looks like the bottom 50% to me ... not the evil, hated, mean, nasty, wicked rich.
These figures came from The Tax Foundation and IRS Statistics, 1983 through 1993. You go and do your own research and verify them! Then tell me just what the hell Bill Clinton was talking about when he said that the rich need to pay "their fair share."