IS IT TRUE that to be considered ultra-rich in America one must have a net worth of at least $30 Million?…there are only 65,505 (.02%) of our fellow citizens who fit into that ultra-rich category?…if national statistics applied to all places equally there would be 37 such people in Vanderburgh County?…that 49,130 (75%) of these ultra rich people are 100% self made starting from humble beginnings?…that 9,170 (14%) of these people are there as a result of inheritance only and have not added to their wealth from personal effort?…the remaining 11% are both having started with an inheritance and added to their wealth through personal efforts?…the source for this information is an information portal called WealthX?
IS IT TRUE that Scott Hodge published an article titled “Here is what Income Equality would look like” on Friday and used the numbers from the recently famous Congressional Budget Office to back up the claims in the article?…the CBO found that people who earn in the bottom 20% receive $9.62 in services from the federal government for every $1 of taxes they pay?…that amounts to an 862% return on investment?…the middle class on the other hand receives $1.19 in services for every $1 they pay in federal taxes?…that is only a 19% return on investment and is only 2.2% of the return that is enjoyed by the bottom 20% of earners?…as most of us are bombarded with news about the ultra-rich and the poor, it may come as a surprise to many that the middle class that makes up a very large amount of our population is being tapped so heavily to transfer earnings to the lowest 20%?
IS IT TRUE when it comes to the top 20% the return on investment goes negative with each household receiving a paltry $0.17 for each dollar in taxes paid?…the average market income of a household in America in 2012 was $81,600?…the average market income includes wages, capital gains, and benefits so literally every dollar earned is captured in that number?…the mathematical conclusion on what would have to be done to equalize market incomes is that each year the top 40% would have to transfer a total of $4 Trillion (roughly the federal budget) to the bottom 60% to make all of us earn $81,600?…to actually do that the marginal tax rates for the top 40% of earners would have to rise by 74% to 43.5% for the top 40% and to 68.9% for those earning enough to be in the top marginal bracket?
IS IT TRUE in 2012 the top 40% paid 106.2% of Income Taxes; the bottom 40% Paid -9.1% and got an average of $18,950 in ‘Transfers’?…that those who are pounding the drum for income equality who are currently enjoying a household income that is solidly in the middle class had better look out because to do so will require the government to spread some of your wealth around too?