Government Is The Problem, Not The Rich

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Editor:

I am perplexed by your reader’s comment that the rich making $20,000,000 pay 0.00033 percent of their salary and the average American making $45,000 pays 6.2 percent, this is only considering Social Security tax of which employers pay matching amounts. Actually, both examples pay 7.65 percent of salary up to a salary of $106,800. Therefore the average American and the employer pay $6,885 into Social Security and Medicare and the “rich” individual pays $16,340.40, money that the individual probably will never take advantage of due to his/her wealth.

Now in addition, considering income taxes, which is what the current national debate is about, the $45,000 single earner would pay $5,094 in federal tax, 11.32 percent of his/her earnings, and the $20,000,000 single earner would pay $6,975,688.50 in federal tax, 34.88 percent of his/her earnings.

I am not writing this to support $20,000,000 salaries, but I would point out that without the contributions of those well off there would be less in terms of work and security for those of lesser fortunes. Further, considering how the government misuses funds, it would seem best if we would curtail any increased taxation and concentrate on reducing government size and expense.

To quote someone I respect, “the government is the problem,” not the high income earner.

D. Paugh

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