The 1% and the 95%

In the late 1980s, the top 1% of taxpayers — the richest 1% of the country — paid 25% of the total income taxes paid.  This seems reasonable, as those folks make a lot more money than, say, the bottom 95%.  In fact, in the 80s, the bottom 95% paid about 55% of the total taxes. 

But things have changed quite a bit.

The Club for Growth is noting that IRS tax information just released information that the top 1% is now paying more total taxes than all of the bottom 95%, if you can believe that.  CFG highlights a graph of the data to show the continuous track we’ve taken to soak the rich.  Their observation:

This begs the question: At what higher rate do liberals want to tax "the rich" in order to make the tax code, in their eyes, more fair?

Indeed, liberals won’t define the term "fair tax code", other than to say that it’s taking more from the rich than they’re taking now. 

Bruce McQuain over at Q&O, in addition to wondering about the definition of "fair", also wonders about the Left’s definition of "greed".  Who, one might ask, is more greedy than the person who want to pay less and less for more and more government services paid for by other people?  And ye we hear from them cries of "greedy Wall Street" and "greedy corporations".  Pot, meet kettle.  Kettle, this is pot.

I also think it begs another question: How much money does the Left think it can suck out of the rich for things like universal health care?  Are they but a money tree, ripe for the picking?

Filed under: Doug • Economics & Taxes • Liberal

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