View Mobile Site

Tax Time

Posted: April 17, 2014 10:28 a.m.
Updated: April 18, 2014 5:00 a.m.

With the April 15 tax filing deadline having past earlier this week, Kershaw County residents can breathe a sigh of relief – except for those who filed for an extension, of course. But a more important day, when it comes to your money, is Tax Freedom Day, which is the day the average South Carolina resident finally earns enough to pay his or her income tax bill. This year it was April 9; because of South Carolina’s tax structure, which is lower than some states, Palmetto State residents pay their share earlier than the nation as a whole, which is April 21. But that still means the average resident must work three months and nine days just to pony up the government’s take.

President Obama, a champion of class warfare, would have Americans believe that those who earn high incomes don’t pay their fair share, instead dumping that burden onto people who don’t make a lot of money. There are, of course, some loopholes for the wealthy – especially giant corporations – that need to be closed. But by and large, those who earn the most are hit the hardest.

Kiplinger, which publishes a respected newsletter, recently released figures for 2011, the last full year for which tax statistics are available. The bottom half of income tax filers paid only 2.9 percent of all taxes. The top 5 percent of earners paid 56.5 percent of all income taxes, and the top 10 percent paid 68.3 percent. The U. S., contrary to what the president continually says, has one of the most highly graduated tax systems in the world. Those who earn a lot generally pay a lot. Half of the country’s citizens pay virtually nothing.

We’re not arguing the merits or shortfalls of such a system; we’re merely saying that President Obama and Washington Democrats love to play the income tax card. Unfortunately for them, figures don’t lie.

Interested in viewing premium content?

A subscription is required before viewing this article and other premium content.

Already a registered member and have a subscription?

If you have already purchased a subscription, please log in to view the full article.

Are you registered, but do not have a subscription?

If you are a registed user and would like to purchase a subscription, log in to view a list of available subscriptions.

Interested in becoming a registered member and purchasing a subscription?

Join our community today by registering for a FREE account. Once you have registered for a FREE account, click SUBSCRIBE NOW to purchase access to premium content.

Membership Benefits

  • Instant access to creating Blogs, Photo Albums, and Event listings.
  • Email alerts with the latest news.
  • Access to commenting on articles.

Contents of this site are © Copyright 2014 Chronicle Independent All rights reserved. Privacy policy and Terms of service

Powered by
Morris Technology
Please wait ...