The “Top 1%” is a term that came out of the misguided souls that occupied wall street, misguided because nearly all of the top 1% have nothing to do with Wall Street. “Occupy Wall Street” (OWS) was the left’s highlighting of the abuse and privilege of the supposed super-rich, in an early attempt to castigate then-probable GOP presidential nominee Mitt Romney.
The top 1% makes in the low-to-middle $300,000s; of course, you have to be a high achiever and hard worker to get there. It is a fluid group: one in eight Americans spend at least a year there at some point in their lives (one in five Americans get into the Top 2%). Only one in a hundred stays there for a decade or more (cite).
The top 1% is not impossible to break into — with above-average intelligence, supporting (maybe pushy) parents, a strong work ethic, all to get into medical school, you become a physician and there you are. vWe all know people who took that route and worked hard to make that nice income — are they now to be vilified?
There are people — not so admirable — that inherited wealth and whose privilege got them a job at a high salary, like say, Chelsea Clinton, who works for her parent’s foundation. This, after her parents’ influence got her a national media job that did not last very long. But if you worked hard to make a fortune, wouldn’t you want to help out your kids like the Clintons?
The Top 1/10 of the Top 1%
If OWS were true to its name, it should have targeted the super rich, the top 1/10 of the top 1% (cite), the big Wall Street players that make $1.7 million/ year and up. This is composed of mostly investment bankers (who enjoy special tax benefits for their brand of work) and company executives (who can be recipients of corporate welfare).
The resentment toward these big players is understandable, as many of them played a part in the financial collapse, were bailed out by the government, and afterwards, pulled down salaries the rest of us can only dream of.
Why don’t the Democrats focus their attacks and enact legislation against these big Wall Street Players? Maybe because Wall Street contributes a lot of money to Democrats they get too much political contributions) from them.
Their “Fair Share” of Taxes.
Some facts to consider :
The top 1% pay 36.7% of all income taxes paid.
The top 1/10 of 1% pay more in taxes than the bottom 80% did (though bottom 80% collectively made six times as much).
The bottom 50% pay 2.3% of all taxes.