Pay Your Fair Share
We hear that all the time…people should pay their fair share of taxes.
I’m always obliged to point out that the more money you make, the less fair the tax system is to you. Not just because you are paying more dollars…you make more, so you pay more. But it’s because the more you make, the larger a percentage of your income you pay. If you really care about a “fair share” tax system, then have everyone pay the same percentage.
But that’s not the point today.
Today comes a study that shows what percentage of the population pays what percentage of the tax bill, by ethnicity or race. I’m not sure what to make of these numbers, so I’ll just share them with you.
Caucasians—Whites—make up 59 percent of the U.S. population…and pay between 70 and 75 percent of the overall tax burden.
Hispanics make up 19 percent of the population…and pay between 10 and 12 percent of the tax bill.
Blacks comprise 13 percent of the population…and pay between 6 and 8 percent of overall taxes.
Asians are at 6 percent of the population…but pay between 8 and 10 percent of the tax burden.
The remaining 3 percent of Americans pay between 4 and 6 percent of the nation’s taxes.
Let’s be very clear—there are a variety of sociological and socioeconomic factors at work. Simply relying on numbers like these without fuller context is not appropriate.
But it’s not a bad starting point for a larger conversation about fairness…and paying your so-called fair share.
