A good reminder from Investors Business Daily on the truth aout taxes and how the top 20% shoulder 88% of the burden. Not fair, not balanced, and must be replaced.

Via IBD.

Tax Policy: Democrats keep demanding that the rich pay their “fair share” of income taxes. But they never say what fair is. Probably because they know that the rich pay huge amounts while 45% of households pay nothing.

The nonpartisan Tax Policy Center has some eye-opening statistics on its site that should silence the “tax fairness” debate, if the numbers were widely known.

For example, did you know that the richest 20% of households pay 88% of federal income taxes? Or that this is up from 64.7% the year before Reagan took office?

Did you know that 45% of all households pay zero taxes? Or that most of these people actually get money back? Tax Policy Center data show that he poorest 20% of households have an effective tax rate of negative 7.5%, while the next poorest 20% face a rate of negative 1.3%.

Ah, the argument goes, but the rich have gotten all the income gains over the past 35 years, so of course their share of income taxes has gone up. The problem is that the share of income accounted by the top 20% has climbed just 7 percentage points since 1980, while their share of income taxes went up by more than 23 points…


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