Saturday, July 29, 2006

The Economy and Taxes

For all of the sneering at "trickle-down economics", as well as the criticism on the left about tax rates and the rich not paying its fair share, Karl Rove is lucid and succinct regarding how the tax burden is born by high-income taxpayers. Read the entire article (by Mr. Buckley, in which he quotes Mr. Rove).

Excerpt From William F Buckley, copyright United Press Sydicate.

The charge that only the rich were the beneficiaries of the tax cuts? Rove answers: "If this were true, then logic tells you that the percentage of federal income taxes paid by the wealthy would be falling after the tax cuts." That did not happen: The top 1 percent of the nation's earners, those making more than $317,000 per year, saw their share of the nation's income tax go up (by 1.5 percent), not down. The top 3 percent (making more than $200,000) paid a 5 percent larger share of taxes. Rove quoted a finding of The Wall Street Journal: "For every 100 Americans today, the wealthiest three are paying taxes equivalent to the other 97 combined." (Emphasis mine)

Here's a link to the full article.

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