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Friday, October 14, 2005

Ruining Liberal Tax Theory (updated)

Bruce Bartlett at Washington Times blows up liberal tax theory in today's opinion page by attacking a New York Times Op/Ed piece by Teresa Tritch.

Bartlett points out that while "Soak the Rich" is the cry of the left, the tact has been tried before, and failed. In the 1970's "the rich" (top 1%) were taxed in a 70% bracket and paid just under 20% of all income taxes; today they are taxed at 35% and pay in 34% of taxes. The top 10% are paying over two thirds of today's income taxes.

So how exactly does raising their rate increase income. If anything, it's been shown that the harder the government tries to confiscate "rich folks" money, the better they become at hiding it so Uncle Sugar can't have it.

The other great thing Bruce does in the article is point out that the top 0.1% of taxpayers (all 129,000 of them) paid FOUR TIMES as much in taxes in 2003 as the entire bottom 50% of tax payers (64 million of them!).

It's gotta suck to be on the left, and have the numbers work so far against you. While they scream and scream and scream the rich aren't paying taxes, the truth is, they are paying the vast majority of them.

For more of a breakdown look at the Tax Foundation's study of the 2003 tax data. It definitely shows that since GWB took office the tax burden, both in terms of percentage of taxes paid, and percentage of income spent on taxes has gone DOWN for the bottom 50% of taxpapers. Maybe he didn't give all the breaks to the rich.....


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