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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: Kenneth E. Phillipps who wrote (84714)12/21/2006 1:19:15 PM
From: longnshort  Read Replies (3) of 173976
 
Soaking the rich
"Maybe our liberal friends are onto something," the Wall Street Journal says in an editorial.
"They keep saying the rich should pay more taxes, and it turns out the rich already are! That's one of the valuable lessons from the IRS's annual study of income-tax data, just released for 2004," the newspaper said.
"Americans who earned more than $1 million in adjusted gross income paid $178 billion, or an average of $740,000 per filer, in income taxes in 2004. That's up about one-third from 2002, the year before the Bush tax cuts in marginal income-tax and dividend and capital gains rates. The wealthiest 1 percent of tax filers paid a remarkable 35 percent of all individual income-tax payments that year.
"Yes, we know: Some will claim that this merely shows that the Bush tax cuts made the rich richer. In fact, the Statistics of Income data reveal that there were more Americans filing taxes in every income category from $50,000 and up in 2004. In other words, Americans across income categories were (and are) making more money, thanks to the buoyant economy spurred in part by the tax cut."
The newspaper added: "If House Speaker-elect Nancy Pelosi wants to keep revenues flowing to pay for her priorities, the best thing she can do is leave the lower Bush tax rates alone to soak the rich some more."
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