June 5, 2007

Are the rich paying their fair share in taxes?

The biggest liberal talking point when it came to President Bush's tax cuts was that they were for "the rich." That certainly has a lot of truth to it, but that's because--with the progressive income tax--the rich pay massively higher taxes than the poor do.The top 1% of income earners pay 33.7% of the taxes, while earning 16.5% of the income. Meanwhile the top 50% pay 96.4% of the taxes.The next time someone tells you that the rich aren't "paying their fair share" in taxes, you better ask him what his definition of "fair" is.