Monday, April 13, 2009
Soak the Rich
Contrary to popular belief, this has been the mantra of the U.S. Government, even under the Dubya Regime. From Ari Fleischer's WSJ editorial:
Allow me to reiterate: the bottom 60% of wage earners pull in a quarter of the country's income but account for less than 1% of income tax revenues.
Thank goodness the Koz Kidz are out there "fighting the system," "speaking truth to power," and encouraging "change." Maybe one day, the rich will pay their fair share.
This is Obama's starting point, mind you.
A very small number of taxpayers -- the 10% of the country that makes more than $92,400 a year -- pay 72.4% of the nation's income taxes. They're the tip of the triangle that's supporting virtually everyone and everything. Their burden keeps getting heavier...
According to the CBO, those who made less than $44,300 in 2001 -- 60% of the country -- paid a paltry 3.3% of all income taxes. By 2005, almost all of them were excused from paying any income tax. They paid less than 1% of the income tax burden. Their share shrank even when taking into account the payroll tax. In 2001, the bottom 60% paid 16.3% of all taxes; by 2005 their share was down to 14.3%. All the while, this large group of voters made 25.8% of the nation's income.
Allow me to reiterate: the bottom 60% of wage earners pull in a quarter of the country's income but account for less than 1% of income tax revenues.
Thank goodness the Koz Kidz are out there "fighting the system," "speaking truth to power," and encouraging "change." Maybe one day, the rich will pay their fair share.
This is Obama's starting point, mind you.
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