And in a post from another political website, Jeff Emanuel's blog, yet another bit of economic news that is worth repeating:
" According to the IRS data, the top 1 percent of taxpayers paid 40 percent of all income taxes in 2006, the highest share in at least 40 years.
Further, the top 10 percent of income-earners paid 71 percent, and the top 50 percent in income paid 97.1 percent.
On the other end of the spectrum, Americans with an income below the median paid a record-low 2.9 percent of all income taxes. So much for the fabled unbearable tax burden on the lower-middle and lower classes, from whom the "rich," who refuse to "pay their fair share," are so wantonly stealing."
Now if we continue to "make the rich pay their fair share", at what point do the rich decide to stop working, relocate, move assets, and just reduce the amount of money they contribute to running a government that seems to loathe them?
I can tell you that we don't regret the amount of taxes we don't pay anymore. We now live on 75% of what we used to pay in Federal income tax. Hard to imagine, but in fact when we were fortunate enough to be one of the filthy rich people, we lived on half of what we paid in all taxes. Astounding.
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