Whether The Rich Like It Or Not.

Posted on April 20, 2009 by sammy

Burt Folsom wants to force the top 1% of earners in this country to pay a larger portion of the total tax base…

Here is an odd statistic that is counter intuitive, but central to the argument: in 1981, when President Reagan took office, the richest one percent of Americans fell into the 70 percent marginal income tax bracket; they paid 20 percent of all income taxes collected by the U. S. government. In 2008, the richest one percent of Americans fell into the 35 percent marginal income tax bracket; and they paid almost 40 percent of all income taxes collected by the U. S. government. Oddly, when tax rates are cut, rich Americans expand their investments and (often through job creation) they ultimately pay a larger share of the tax burden. As a member of the lower 99 percent of taxpayers, I say, “bring on the tax cuts–whether the rich like it or not.”

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2 Responses to Whether The Rich Like It Or Not.

  1. Pingback: Whether The Rich Like It Or Not.

  2. Scott says:
    April 21, 2009 at 10:23 am

    It would probably be useful to use the phrase “tax rate cuts” rather than “tax cuts” considering that the rate cuts tend to increase total tax revenue.

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