US Politics Obama Years Public date: 25.02.2019 20:17:58

Why Not Soak the Rich

Income taxes don t operate in a vacuum. That the rich should pay 39.5 percent on their income might seem justified in isolation. But what about property, state income, payroll, and other taxes that, combined with federal income taxes, can take up to 65 percent of some incomes in high-tax states? In addition, income taxes are already graduated, so one pays a higher percentage of one s income the more one makes. Yet 50 percent of Americans pay no income taxes at all, while 5 percent of taxpayers pay nearly 60 percent of the total collected. The result is that half of Americans are likely to favor both higher entitlements, which they may well receive, and higher income taxes, which they most certainly will not pay.
Income taxes don t operate in a vacuum. That the rich should pay 39.5 percent on their income might seem justified in...

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