Category Archives: Economy
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.
S&P
S&P downgraded the U.S. today. Kind of. It’s not that they don’t think we’re exceptional. They’re just starting to wonder if we can pay our bills.
Tax Day
Green energy credits for wind turbines, something Jobs Czar and GE CEO Jeff Immelt lobbies for, are one reason GE’s tax bill was zero..
