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Stick It To the Rich . . .

10 Dec

Class Warriors Got What They Wished For.

. . . how’s that work’n out for ya?

Key facts from the article:

“In 2007, those making over $200,000 per year did not pay all federal income taxes — just 52% of them.”

“And what about the really rich: those with gross incomes over one million dollars?  There were 18% fewer tax returns from such households and 25% less taxable income.  As a result, the federal government collected $60 billion less from such households in 2008 than in 2007.”

“Revenues did not fall because of a tax rate cut; there was no tax rate cut between 2007 and 2009.  Revenues did not fall because of some giveaway to the rich.  In fact, the problem was just the opposite.  Revenues fell because there were fewer rich, and the rich made less money — just as class warriors wanted.”

Read the who thing and don’t miss the charts at the end.

Can’t tell you how tired I am of hearing my liberal/progressive friends so that the “the rich don’t pay their fair share” and that letting the “Bush tax cuts” stay in place is somehow a handout for the wealthy. The willful economic ignorance is astounding!

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Posted by on December 10, 2010 in Business, Politics

 

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