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Posts Tagged ‘Rich’


Wonder what you would find if you frisked the Democrats’ claim that they can solve the country’s fiscal problems by raising taxes on the so-called “rich”?

Answer: There’s not enough of those “rich people” to raise taxes on. 

Props to the Wall Street Journal and Power Line for reporting this story:

This chart from the Wall Street Journal tells you pretty much all you need to know about the credibility of the Democrats’ claim that they can solve the country’s fiscal problems by raising taxes on “the rich.” The chart, based on 2008 IRS data, shows how much total income was reported by Americans in each income range.

Click to enlarge.

Notice where all the money comes from.

The problem with rich people (or, more properly high income earners) is that there aren’t enough of them. Upper-income taxpayers are already paying around double their fair (pro rata) share of federal income taxes on the average, and there simply aren’t enough dollars at the high end to pay for the Democrats’ spending spree, even if the Dems try to steal them all. The only way to balance the budget through tax increases is by going where most of the money is–the $50,000 to $500,000 adjusted gross income range.

In the end, if President Obama wants to solve our fiscal problems by increasing taxes, he would have to go after the middle-class. Good luck proposing that plan to the American people.

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