Taxes And The Rich
July 23rd 2008 16:28
The Wall Street Journal carried an excellent article entitled Their Fair Share. The latest IRS data shows that the 2003 Bush tax cuts caused what may be the biggest increase in tax payments by the rich in American history.
The idea that this has been a giveaway to the rich is a figment of the left's imagination. Taxes paid by millionaire households more than doubled to $274 billion in 2006 from $136 billion in 2003. No President has ever plied more money from the rich than George W. Bush did with his 2003 tax cuts.
The graph above, shows that the top 25% of income earners made 68% of the income, but paid 86% of the taxes. Even the top 50% of income earners made 88% of the income, but paid 97% of the taxes collected.
|Two things jump out at me from this latest data. First, we have a steeply progressive tax system. We attempt to penalize the most productive members of society and 50% of income earners earning just 12% of the income only pay 3% of the taxes.
Second, Obama and the left are livid about the Bush tax cuts and want to repeal them, You have to ask, if the rich paid so much more after the tax cuts, who benefits from repeal? The rich friends of the Democrats, that's whom!
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