As we previewed last week, the IRS came out with its numbers on 2006 taxes, and it turns out that the top 1% richest taxpayers earned 22% of the taxable income and paid 40% of the income taxes. According to candidate Obama, this represents an unfair free ride for the rich. These numbers increased from 21% and 37% in the last year of the Clinton administration.
I guess my question is, what's enough? Already, half the country only pays less than 3% of the income taxes. Do we really want a country where 50.1% of the people vote to live off the other 49.9%?
Postscript: Yes, I know payroll taxes work differently and hit lower income folks pretty hard. But then again, the Social Security program is supposed to be an insurance and retirement plan, not a transfer program. The left goes bananas when you suggest Social Security is welfare and not an honorable paid participation program. So, like any other insurance, the premiums are flat rather than progressive. You can't have it both way.