Mark Cuban might be endorsing Harris, but I bet he votes for Trump

How often have you heard politicians blab the battle cry to make the wealthy pay their “fair share” in taxes? Kamala Harris uses this saying like a mantra. She’s dead wrong.

According to the White House official site, the 2023 tax return from Kamala and first dude, Doug, showed income of $450,000. Their taxes amounted to $89,000, a tax rate of 19.8%.

Forbes states Kamala and her husband are worth about $8 million. That puts them in the top 1% of people’s net worth in this country. IRS data shows the top 1% of wealthy taxpayers paid an average of 25.6% – which is 5.8%, more than Kamala did.

The 25 highest earning American billionaires paid 16% in taxes. Might seem low but consider 91% of households in America earning $50,000 to $100,000 per year have a tax rate average of less than 15%. Nearly 41% of households paid zero or negative income taxes in 2023. Wouldn’t it be interesting to know how many of those not paying taxes have multiple expensive tattoo’s?  

Billionaires taxes are complicated and include many pages of mind-numbing numbers and loopholes. There is no way for the average person without an accounting MBA to understand the tax rates of a billionaire. You would go cross-eyed trying to make sense of Elon Musk’s tax forms. Just know he pays a lot of tax and doesn’t use any more government services than the average tax payer.

Corporations, often owned by billionaires, paid an average tax rate of 14.1%, still more than most average earners pay. And that too is a lot of money handed over to the government to do as they wish.

During Kamala’s interview on “60 Minutes” she was asked how she was going to pay for the giveaway’s she keeps promising. “”Well, one of the things is I’m gonna make sure that the richest among us, who can afford it, pay their fair share in taxes. It is not right that teachers and nurses and firefighters are paying a higher tax rate than billionaires and the biggest corporations.”

This is bull, indicating she has no clue about businesses or taxes as she has never had a job outside of government in her life. The average annual income in the US, not including overtime for firefighters is $60,390. It’s $68,890 for teachers and nurses make $94,480. This would put these workers in the 15% or less category for taxes, less than the wealthy she wants to tax in order to pay for her boondoggles.

The top 50% of taxpayers pay nearly 98% of all federal taxes. The bottom 50%, making $47,000 or less, account for about 2.3% of the country’s tax income. This a sobering number indicating perhaps we should all shut up about how much tax billionaires pay.

What specifically grinds politicians gears is people owning stock. Currently they do not pay taxes on that income unless they sell the stock. Upon death, the stock is passed on to the next generation with little to no taxation. But politicians would like to change that law so they can tax any income earned from stock portfolios. It drives Biden and Harris nuts that they can’t stick their hand in that pot for more money to spend foolishly.

60% of Americans irrationally believe middle class tax payers pay most of the taxes. That is some great marketing by the Democrat party. In fact, the average middle class wage earner pays about $14,000 in federal taxes. Those making under $47,000 per year pay an average of $667. The top 1% of people making a lot of money will pay on average $654,000 in taxes per year. It would take a middle class bloke 6-12 years just to make the amount of money a rich guy pays in taxes in one year.

So, when some politician shouts that we should tax the billionaires more, shun them and don’t vote for them as they are ignorant. Most of the wealthy pay a higher percentage and forks over more money than Kamala or the rest of us. (Well, me, I don’t know about you!) When Kamala repeats her mantra again, shake your head with empathy. She should know better if she wants to be president.

The fact is that we Americans pay too much in taxes. We forked over $2.18 trillion of our hard earned money to a bunch of scoundrels last year! Then they waste billions of dollars of our money, regardless of your tax bracket. This country doesn’t have a money problem, it has a massive spending problem.

If the wealthy are expected to pay more taxes, they’re liable to take their companies, jobs, cash and philanthropy elsewhere. Kamala needs to shut up.