Taxes are on some folk’s minds… not many, given the events in Virginia, Washington, and the middle east… but they’re on some folks minds.
According to the Hoover Institution, the share of income taxes paid by the top 5% of wage earners in the U.S. has gone up from 35% in 1980, to 58% in 2004.
It sure makes me glad I’m not in the top 5%! There’s no telling what that kind of crushing inequality might drive me to do. Hell, I might go out and blow good money on real estate investments.
Ah, but wait. Maybe la creme de la creme don’t have it so bad. According to a looksie at IRS data, the percent of all income reported which was earned by the top 1% of wage earners doubled from 1980 to 2004. In 1980, the top 1% of income earners earned approximately 10% of all income earned in the U.S. In 2004 they earned approximately 20% of all income.
Although I haven’t matched my tax brackets perfectly (you can never find the perfect study on Google when you need to), the Hoover numbers sound pretty fair to me. Even under a flat tax (insert gnashing teeth here), if you double your share of the wealth you’re going to double your share of the tax burden.
Looks like you poor rich folk are just gonna have to suck it up and pay… that or increase your campaign contributions.