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Why “Making the Rich Pay Their Fair Share of Taxes” Is Insulting to Your Intelligence

 

by Glenn Shepard
June 6, 2017
Category: Self Improvement

   

 


 

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Did You Know?

The median combined household income of self-made millionaires in the U.S. is $131,000.
Source: “The Millionaire Next Door” by Dr. Tom Stanley
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Democrat or Republican?

No matter where you stand politically, you probably get your feathers ruffled when you hear politicians say this:

“It’s time the rich started paying their fair share of income taxes”.

While that sounds innocent enough, there are two 800-pound gorillas in this short sentence.

Gorilla #1:

No one in either party has ever said “Rich people should NOT have to pay their fair share of taxes.” The debate is over what constitutes “fair”. While Democrats and Republicans may never agree on that, the other gorilla is indisputable.

Gorilla #2:

“Rich” refers to accumulated wealth, and income taxes are not a tax on wealth. They’re a tax on income.

While there is a correlation between wealth and income, they are NOT the same thing.

If they were, all high income earners would be rich. But that’s simply not the case. A study by CNBC found that only 6% of millionaires are lawyers and only 4% are doctors

There’s also the fact that what constitutes a high income is a lot less than what most people think. Consider this statistic from the IRS:

If your combined household income is $66,193, you're in the top 25% of income earners.

That means that if your after-tax income is around $48,000 (depending on your state and local taxes), you make more than about 75% of Americans.

I think Democrats and Republicans can agree that does not make you rich.

My point here has nothing to do with taxes or politics. It has to do with using your head and not automatically believing what people tell you – even if it’s someone you trust.

As nasty as politics have become recently, there’s one good thing that has come out of the situation. The term “Fake News” has caused people to start questioning what they read and hear.

It was generally assumed for many years that most news reported in newspapers and on TV or radio was fairly accurate, even if sometimes biased.

But in the age where millions of people turn to Twitter and Facebook as their primary source of news, it’s more crucial than ever to THINK about what you’re hearing and question it.

No matter what you do for a living, You are the CEO of You, Inc. And all CEOs need good information to make good decisions.



To Your Success,

  


Glenn Shepard

P.S.
While raising things like property taxes or estate taxes do impact the rich, politicians are usually referring to income taxes when they talk about the rich paying their fair share


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