Published in yesterdays Wall Street Journal, referencing 2006 IRS data:
The article goes on to say…
Well, the latest IRS data have arrived on who paid what share of income taxes in 2006, and it’s going to be hard for the rich to pay any more than they already do. The data show that the 2003 Bush tax cuts caused what may be the biggest increase in tax payments by the rich in American history.
The tax code is fairly regressive as is…
Aha, we are told: The rich paid more taxes because they made a greater share of the money. That is true. The top 1% earned 22% of all reported income. But they also paid a share of taxes not far from double their share of income. In other words, the tax code is already steeply progressive.
So where do Obama and his fellow liberals think all this money is going to come from?
Reaching the obvious conclusion…
The way to soak the rich is with low tax rates, and last week’s IRS data provide more powerful validation of that proposition.
So perhaps the rich should vote for Obama. Although there tax rates will go up, their efforts to avoid the tax will go up even more.
