Thursday, March 22, 2007

Rich Get Richer

And it's a very good thing that they do. On Tuesday, March 20, the WSJ editorial explained how the democrats plan on foisting the largest tax incrase in history on the American people even as they continue their promise of "No tax increase" Under the title "Conrads Tax" the Journal explains :
"How does he pull that rabbit out of his hat? By positing what amounts to a giant asterisk where the tax increase is supposed to go and hoping no one will notice."
"Senate Democrats don't want anyone to know this, at least not before the 2008 election. So Mr. Conrad says his budget revenue estimates "assume that Congress will take steps to counter the effects of the expiration of tax cuts in 2010 in a manner that does not add to the nation's debt burden."

Go read the editorial for details on the Senate Smoke-and-Mirrors, Rope-a-Dope-Tax Miracle.

What struck me was the inclusion of a neat little graphic showing how much of our taxes are being paid by the rich ( in any other context -"Evil Rich")
"the latest IRS data also show that the wealthiest Americans continue to carry a record share of the income tax load. As the nearby chart shows, the richest 1% paid 35.6% of all income taxes in 2004, the most recent year in which data are available. The top 10% pay a remarkable two-thirds of all income taxes. The irony is that the Bush tax cuts have made the U.S. income tax code more progressive."
This is the equivalent of holding a party for 100 people. and asking everyone to chip in. One person will pay for 37 guests. Ten people will pay for 68 guests. Fifty people will pay for 97 guests. The remaining fifty people will pay for 3 guests. .... It's a good thing the rich have money enough to pay for our annual multi-trillion dollar party. (a trillion is $1,000,000,000,000.00 Yep, 1,000 thousand millions. That's a lot of money)

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