Reality over Appearance
The wealthy pay more in taxes when tax rates fall. Period.
By Bruce Barlett
National Review Online
A few weeks ago, the Internal Revenue Service released data on tax year 2003. The data show that the top 1 percent of taxpayers, ranked by adjusted gross income, paid 34.3 percent of all federal income taxes that year. The top 5 percent paid 54.4 percent, the top 10 percent paid 65.8 percent, and the top 25 percent paid 83.9 percent...
At some point, those on the left must decide what really matters to them — the appearance of soaking the rich by imposing high statutory tax rates that may cause actual tax payments by the wealthy to fall, or lower rates that may bring in more revenue that can pay for government programs to aid the poor. Sadly, the Left nearly always votes for appearances over reality, favoring high rates that bring in little revenue even when lower rates would bring in more.
By Bruce Barlett
National Review Online
A few weeks ago, the Internal Revenue Service released data on tax year 2003. The data show that the top 1 percent of taxpayers, ranked by adjusted gross income, paid 34.3 percent of all federal income taxes that year. The top 5 percent paid 54.4 percent, the top 10 percent paid 65.8 percent, and the top 25 percent paid 83.9 percent...
At some point, those on the left must decide what really matters to them — the appearance of soaking the rich by imposing high statutory tax rates that may cause actual tax payments by the wealthy to fall, or lower rates that may bring in more revenue that can pay for government programs to aid the poor. Sadly, the Left nearly always votes for appearances over reality, favoring high rates that bring in little revenue even when lower rates would bring in more.
posted by Andy W. Rogers | 6:22 AM
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