Friday, July 25, 2008

Their Fair Share

Editorial - July 21st, 2008 - The Wall Street Journal

Washington is teeing up "the rich" for a big tax hike next year, as a way to make them "pay their fair share." 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.

Significant data in this article?

The richest 1% earned 21% of income in 2005 but paid 39% of taxes, the highest rate in more than a generation, and double the amount of taxes paid under Clinton. So much for the illusion that Bush has protected the rich.

The turnover among the rich is indicated by the truth that the rich during the Clinton years have since then suffered the largest decline in income of any group.

America is still the nation of opportunity. There is no entrenched wealthy. That is the situation under socialist regimes. Like the regime that Barack Obama wants to institute. The other thing this data proves is the long known reality, lower tax rates on the rich increases tax collections from the rich. Why is this reality something that Democrats just cannot seem to understand?


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