Way to "Soak the Rich"
O-bamn = _____________
The top 1% of earners earns 17.5% of the total income while paying 40% of the total tax burden.
--top 50% of taxpayers pay 97% percent of the taxes
--bottom 50% pays 3%
--bottom 45% pays 0%
--top 1% pay 40% of total tax burden
--top 1% earns 17.5% of total income
--1.2 million earners who paid 32.3 percent
Economist Glenn Hubbard of Columbia University has shown that in 1970, when the highest tax rate was 70%, the top 1% shouldered 16.7% of the income tax burden. Today the top tax rate is 35% and the same class of taxpayers pays a whopping 39% of the burden. The worst way to “soak the rich,” Mr. Hubbard finds, is to raise tax rates.
But now, according to Mr O-bamn, the cut off for the eeevil rich is $250,000. So if you want to have a business, especially a heavily capital invested business like trucking or manufacturing, you’d better not earn that much. Or ya won’t be taking home much.
I dunno ‘bout you, but *I*’d like to earn that much. Without being stigmatized by howling moonbats.
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