“In Defense of the Rich”

A great article by Larry Elder talks about the ideas and reality behind hurting the rich. Here are a few snippets:

The top 5 percent (those making more than $153,542 — the group whose taxes Obama seeks to raise) pay 60 percent of all federal income taxes. The rich (aka the top 1 percent of income earners, those making more than $388,806 a year), according to the IRS, pay 40 percent of all federal income taxes.

He then starts applying the real data to people's preconceptions:

Now, what do people think the rich pay? The IBD/TIPP poll found that 36 percent of those polled thought the rich contribute 10 percent or less of all federal income taxes. Another 15 percent thought the rich pay between 10 and 20 percent, while another 10 percent thought the rich’s share is between 20 and 30 percent.

He goes on to say:

Let’s try this another way. A U.S. News & World Report blogger went to the Democratic National Convention in Denver and conducted an informal poll of 24 DNC delegates. He asked them, “What should ‘the rich’ pay in income taxes?” Half the respondents said “25 percent”; 25 percent said “20 percent”; 12 percent said “30 percent”; and another 12 percent said “35 percent.”

The average DNC delegate wanted the rich to pay 25.6 percent, which is lower than what the rich pay now — both by share of taxes and by tax rate!

The article says far more, very much worth reading.