November 14, 2006

The ‘Evil Rich’ Are Carrying Us Even More — An Update

Filed under: Economy,Taxes & Government — Tom @ 2:40 pm

Willisms dug through the Senate’s financial and tax info and found this chart (part of PDF file) showing that “the tax system is even more progressive than before the 2001 and 2003 tax provisions were enacted.”

WhoPaysFIT2006

So it’s to the point now where the top 10% of taxpayers are covering almost two-thirds of income taxes paid. Pray that no one convinces them to stop working.

Redistributionists should be happy with results like these. As noted yesterday, they aren’t, and they’re working at cross purposes. Ex-Treasury Secretary Robert Rubin wants to raise taxes, while the newly-elected majority led by Nancy Pelosi and Harry Reid wants to concoct targeted Alternative Minimum Tax “reform” that would “just happen” to disproportionately benefit the well-to-do in Blue states (i.e., “tax cuts for the favored rich and very rich, just not the super-rich”).

Meanwhile, one comment has to be made that should never be forgotten: If Denny Hastert’s and Bill Frist’s majority had made the tax cuts permanent when they had the chance, we wouldn’t be having discussions about how every American’s taxes will shoot up a few years from now if no action is taken. But instead they took the easy way out and merely extended them, thinking that they’d always be there to extend them again. Oops. Thanks for nothing, Denny and Bill.

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Selected Previous Posts:
- June 9 — The Evil Rich Are Carrying Us” — An Update
- May 17 — More on How the “Evil Rich” Are Carrying Us
- May 16 — “The Evil Rich Are Carrying Us” Table of the Day

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5 Comments

  1. Chart of the Day…

    The income tax is more progressive under the 01 and 03 tax cuts? Check out the chart:

    HT: Bizzy Blog

    Good ole tax cuts – stimulated the economy and made the tax system more progressive – what is not to love?…

    Trackback by Hundie Jo dot com — November 14, 2006 @ 8:44 pm

  2. So how do you feel about folks like me who collect 6-7 figure investment incomes with federal tax burdens in the single digits? I’ve got a Roth Account that throws off $1000 a day, rain or shine. And I’m going to give it to children or perhaps grandchildren. How ya gonna deal with accounts that are totally untaxed earning 20% a year? How big does it get doubling every 3 years for the next 50-100 years?

    Comment by Mike — November 15, 2006 @ 5:18 am

  3. #2, Good for you.

    I’m not quite sure how you have managed such a low burden, but if you’re not feeling good about not paying enough to Uncle Sam, you could always write checks to him — or me.

    Comment by TBlumer — November 15, 2006 @ 8:22 am

  4. Well, the nation needs to get rid of the income tax and implement a consumption tax.

    Comment by Henry — November 15, 2006 @ 10:40 am

  5. #4, my thoughts exactly. fairtax.org

    Comment by TBlumer — November 15, 2006 @ 10:54 am

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