I’m sure you’ve all been inundated with tax stories today and you’ve probably already heard the breakdown of who is actually paying federal income taxes. The way it breaks down essentially is that half the working population pays all of the taxes and the other half pays nothing or gets earned income tax credits. The top 5% earn about 37% of the income but pay about 60% of the income taxes. Under Bush top the percentage of taxes paid by the rich increased more than ever. This seems to conflict with the constant haranguing about “tax cuts for the rich”. If by cutting the tax rate the “wealthy” pay more, doesn’t that make the tax code more progressive? If the “rich” are picking up more of the tab and more of the not-rich aren’t contributing anything isn’t that the opposite of a tax break for the “rich”?
April 15, 2010
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