Remember those “Tax Cuts for the Rich”?
Interesting how that worked out:
EXTRA
Political Diary
July 9, 2008Reviving Redistributionism
New data from the IRS will be out in a few weeks on who pays how much in taxes. My contacts at the Treasury Department tell me that for the first time in decades, and perhaps ever, the richest 1% of tax filers will have paid more than 40% of the income tax burden. The top 50% will account for 97% of all federal income taxes, while the bottom 50% will have paid just 3%.
Interesting.
Somehow those tax cuts for the rich shifted the tax burden such that the top half (by reported income) of all taxpayers paid 97% of the taxes collected.
One suspects we’ve reached the point of diminishing returns with regard to the taxes collected from that top 50% of earners, which means that the real increases to pay for the programs of the democRATs will have to come from somewhere else.
