We are constantly hearing the only thing the “Rich Republicans” care about is tax breaks for the wealthy. Who truly makes up the 1% though? Is it really all Republicans? To be considered part of the 1%, you must earn approximately $380,354  per year according to the most recent IRS data. The top 1% is made up of doctors, lawyers, executives, politicians, entertainers among other occupations.

If the top 1% were lost, billions in tax revenue would be lost. Those tax dollars fund education, healthcare, national defense, veteran’s benefits, infrastructure and income security programs. If the 1% did not exist those programs would need to be funded from other sources.

The 1% accounts for over 30% of philanthropic giving in this county. Bill and Melinda Gates donated $50,000,000 to the International Aids Vaccine Initiative in 2013.

Almost two third’s of the 1% are business owners. These individuals took on the risk of creating their own business from the ground up. They put their own blood, sweat, and tears into turning their “garage business” dreams into billion dollar companies. They believed if they pursued their own version of the American Dream, worked hard and took risks, they could be successful too. Taking on that amount of risk deserves to be rewarded. Many of these entrepreneurs risked their life savings, worked 100+ work weeks, slept in their cars at times, waited tables and fought tooth & nail to pursue their dream.

Over 200,000 physicians fall into the 1%. If we were to cut out the 1%, we would lose a crucial piece of of our healthcare system. The US could not afford to lose such a large number of physicians when the healthcare system is already experiencing a physician shortage.

The Walmart we know today was first founded by the entrepreneur Sam Walton in a small Arkansas town in 1962. Through hard work and persistence, the company has grown to 11,000 stores world wide, employing 2.2 million associates across the globe. The Walton foundation has donated $164 million to education reform alone.

Hillary Clinton, the 2016 Democratic front runner is part of the 1% as well. She is reportedly worth over $15.3 million dollars. The 1% is not confined to one political party, in fact taking a look at the top 10 Congressional representatives on Capital Hill, eight of the top ten are Democrats.

We need to stop confining the 1% to a particular party, age group or occupation. The 1% comes in all shapes and sizes and this country needs to realize how much of a role the 1% plays in it’s success.

Srat Mom
FFL C ontributor

Sources
http://media.cq.com/50Richest/
http://www.financialsamurai.com/how-much-money-do-the-top-income-earners-make-percent/
http://247wallst.com/special-report/2015/08/24/the-net-worth-of-each-presidential-candidate/4/
http://www.inquisitr.com/1813353/barack-obama-net-worth-438-percent-increase-in-eight-years-isnt-bad/
http://glassdoor.com
http://www.forbes.com/sites/chrisconover/2012/07/23/flight-of-millionaires-reasons-to-give-thanks-for-one-percent-taxes/