Tuesday, August 28, 2007

Taxing the Rich

A recent New York Times article makes the tired liberal argument that the rich do not pay "their fair share" of taxes. The American Thinker rejects this argument based on actual IRS statistics. About half of tax returns are for people making less than $30,000 (Adjusted Gross Income). They pay between 3.5-4.5% in taxes (maybe a $1000 a year). Those making $200,000 (AGI) or more make up 2.7% of the population, pay over 20% (at least $40,000 a year) in taxes and contribute 51% of all income taxes. Sounds like more than their fair share to me. The top 2.7% pay at a minimum 40 times as much as the bottom half. Doesn't it follow that the ones paying the most tax should benefit the most from tax cuts? It would be nice if the left would stop trying to use class envy to get votes.

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