Like I was sayin… sometimes less is more.
You have been hearing it all the time lately. John Edwards spoke of two Americas and Barack Obama is promising to make the rich “pay their fair share” of taxes.
Recent data from the IRS shows an interesting way to make this happen. In 1990, long before the dreaded Bush tax cuts that allowed millions of Americans pay less in taxes to a bloated government, the top 1% of earners only paid 25% of the taxes. Since the Bush tax cuts, what do you think they pay now? 21%? 19%? 15%? In 2005, the total share of the tax burden on the evil 1% has changed from 25% in 1990 to 39% in 2005. That’s right, since the tax cuts, the top 1% has seen their tax burden increase.
Ah, but surely the tax breaks must have gone to the rich as we hear our democrat leaders declare all the time. Perhaps the top 5% got all the tax break… Well, in 1990, the top 5% paid 44% of the total tax burden and in 2005, they paid 60%. You are reading that correctly. The top 5% of earners pay 60% of the taxes.
Surely the poor got soaked in all this because the media and the democrats keep telling us that is what happened. However, the bottom 50% of earners paid only 2.9% of the taxes which is the lowest percentage ever. That means that the top 50% of earners pay 97.1% of the taxes.
It seems that when you cut taxes across the board, “the rich” end up paying more of the total tax burden. I for one say we stick it to them again by another round of tax cuts. Heck, let’s really show them by cutting taxes across the board AND cutting spending.
Posted by smrtas1 
Like I was sayin' 