Let's all ride the Tax Freedom Day roller coaster.
Stephen Moore previews the most recent data in today's Wall Street Journal: "My contacts at the Treasury Department tell me that for the first time in decades, and perhaps ever, the richest 1% of tax filers will have paid more than 40% of the income tax burden. The top 50% will account for 97% of all federal income taxes, while the bottom 50% will have paid just 3%." Moore's preview does not include the companion income data.
Given that poorer citizens always outnumber the rich, political philosophers have worried that government based on majority rule could lead to organized theft from the wealthy by the democratic masses. "If the majority distributes among itself the things of a minority, it is evident that it will destroy the city," warned Aristotle.
10 July 2008
Brother, Can You Spare 35% of Your Adjusted Gross?