New Book: American ‘Rich’ Pay Bigger Share of US Taxes Than European Counterparts
posted at 3:20 am on October 10, 2012 by Matt Vespa
This election has seen its fair share of tax rhetoric. From Sen. Harry Reid (D-Nev.) accusing Mitt Romney of not paying any taxes for over a decade to MSNBC contributor Joan Walsh insinuating that Ann Romney threw a “tantrum” over her husband’s tax returns, the Romneys have been the target of the political left seeking to use class warfare as a political cudgel. Endless ads and news segments by some in the media obsess over Mitt’s rate of taxation, complaining that he doesn’t pay what’s fair.
Well, in yesterday’s Washington Times’ Water Cooler blog, Media Research Center/NewsBustesr alumna Kerry Picket noted that “The Wall Street Journal’s Stephen Moore has just come out with a new book titled Who’s the Fairest of Them All?: The Truth about Opportunity, Taxes, and Wealth in America in which he reveals some interesting information about how much the top ten percent of income earners in the United States pay in federal income taxes as opposed to any other industrialized nation in the world. According to Moore, these earners pay almost half (45 percent) of the country’s total taxes:
the United States is actually more dependent on rich people to pay taxes than even many of the more socialized economies of Europe. According to the Tax Foundation, the United States gets 45 percent of its total taxes from the top 10 percent of tax filers, whereas the international average in industrialized nations is 32 percent. America’s rich carry a larger share of the tax burden than do the rich in Belgium (25 percent), Germany (31 percent), France (28 percent), and even Sweden (27 percent).
Yes, Moore is a political conservative, but that doesn’t change the fact that what he’s found is telling. The wealthy in America pay more as a share of U.S. federal tax revenue than their European counterparts pay as a share of their respective countries’ national tax revenues.