Tuesday, July 22, 2008

We can add this to the list of reasons Democratic hose-the-rich rhetoric scares me. This is where we are right now:
The latest release of Internal Revenue Service data on individual income taxes comes from calendar year 2006, a year in which the economy remained healthy and continued to grow, increasing individual income tax collections along with overall average effective tax rates.

This year's numbers show that both the income share earned by the top 1 percent of tax returns and the tax share paid by that top 1 percent have once again reached all-time highs. In 2006, the top 1 percent of tax returns paid 39.9 percent of all federal individual income taxes and earned 22.1 percent of adjusted gross income, both of which are significantly higher than 2004 when the top 1 percent earned 19 percent of adjusted gross income (AGI) and paid 36.9 percent of federal individual income taxes.

What happens after Obama gets elected (he probably will, after all)? There's something dangerous about a society in which the benefits of government accrue largely to the middle class while the costs accrue largely to the rich. Voting to spend someone else's money is entirely too easy to do.

(Found via Cafe Hayek)


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