The truth of taxes

Congressional and Leftist Lies | Walter E. Williams | Townhall.com | Nov 14 2007

When Hillary/Obama/Edwards start talking about their grandiose plans remember someone has to pay for it. (they never really mention how we are going to pay for it) Of course we will raise taxes on the rich, they don’t really pay their fair share. Or do they?

In 2005, the top 5 percent of income earners, those having an adjusted gross income of $145,000 and higher, paid 60 percent of all federal taxes; in 1999, it was 55 percent. The top 10 percent, earning income over $103,000, paid 70 percent. The top 25 percent, with income of over $62,000, paid 86 percent, and the top 50 percent, earning $31,000 and higher, paid 97 percent of all federal taxes.

Astounding isn’t it?

A final note. Why is overtaxing the rich not really a good idea? Well I bet you work for a rich man (or woman) as do I. Usually you can depend on the rich to create jobs. This isn’t really that difficult.

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