Don’t Tax You, Don’t Tax Me, Tax that Fellow Behind the Tree*

According to The IRS, 45% pay no income tax. The richest 1% earn 22% of all the money and pay 38% of all the federal income taxes.  The richest 5% pay 60% of all the income taxes.

You could squeeze them for more but, as Walter Williams points out, the rich are smart with their money.  Since 1960, whether the top marginal rate was 91% or 35%, the government take never varied more than 15-20 percent of GDP.

*Russell Long






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One Response to Don’t Tax You, Don’t Tax Me, Tax that Fellow Behind the Tree*

  1. Daniel Lovejoy says:

    I’m in favor of a flat tax – one that everyone, regardless of income level, pays the same percentage of earned income.
    No loopholes, one simple form that applies to all.
    If you make $100 you pay the same as someone who makes $1,000,000,000.
    If you try to hid income in offshore accounts, all that income is forfeited – just to keep GE – I mean everyone honest.
    There would be no tax breaks or loopholes.
    Simple in principle, but it would put thousands of accountants out of work, and the IRS would be out of business so it will never be allowed to happen.

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