Progressive tax or wealth redistribution?
Posted in the Key-Biscayne Forum
#1 Oct 30, 2008
Any discussion of reforming America's federal tax system should begin with the recognition that it is already highly progressive. According to the latest Internal Revenue Service (IRS) data, the top 1 percent of income earners paid nearly 40 percent of federal individual income taxes in 2006, compared to roughly 19 percent in 1980. Between 1980 and 2006, the share of federal income taxes paid by the top 5 percent jumped from under 37 percent to over 60 percent. During that same period, the share paid by the top 10 percent went from around 49 percent to almost 71 percent. I am starting to get more and more concerned that less people are paying taxes. I don't mind personally if they don't pay taxes, but I worry that once the percentage of parasites is higher than the percentage of hosts our country will have real problems.
Our tax system now is progressive and if Obama wins will become even more progressive. That concerns me somewhat. So how can Obama promise a tax cut to 95% of working americans when only 50-55% pay the vast majority of income taxes.
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