From Mark Perry (a new favorite of mine)
In related news, comes this from the WSJ via Evan Coyne Malloney
New data from the IRS will be out in a few weeks on who pays how much
in taxes. 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%.
Here is the same data from 2005:
This is really a huge threat to the Republic and the minority protections built into the Constitution. Our government was most explicitly not meant to be a tyranny of the majority, where 51%+ of the people can legally abuse the rest with impunity, but this tax picture sure seems to be stepping over this line. A particularly worrisome subset of this problem is the increasing legislative predilection for funding projects with millionaire's taxes, as discussed here and here. I discussed more about the implications of 52.6% voting for the other 47.4% to support them here.