This short article is from the National Center for Policy Analysis, a free-market think tank that studies economic, tax & healthcare issues. They do a daily e-mail (free!) that condenses 5-6 articles. It's a good way to keep informed. You can subscribe at http://www.ncpa.org/.
And before the left-wing haters pile on, no, I'm not close to that top 1% tax bracket. My new two-pronged strategy for dealing with my declining IRA (which, strangly, has gone way down since January 20): retire later, die earlier.
THE RICH PAY MORE THAN THEIR "FAIR" SHARE
Many critics have erroneously claimed that the Reagan and Bush tax cuts only benefited the wealthy. The truth is that ever since Reagan, the rich have borne an ever-increasing share of the tax burden while the poor have been removed entirely from the tax rolls, says Investor's Business Daily (IBD).
According to a study by the National Center for Policy Analysis:
From 1986 to 2004, the total share of the income tax burden paid by the top 1 percent of income earners grew by nearly half, from 25.8 percent to 36.9 percent.
Over that same time, the burden of the bottom 50 percent of earners was almost halved from 6.5 percent to 3.3 percent.
The Tax Foundation has noted that in 2000, a year before the first tax cuts under Bush, roughly 30 million tax returns had no income tax liability. Every dollar those earners made they kept.
By 2004, a year after the second round of cuts was passed, 43 million returns had no tax. It estimates that, in all, more than 25 million Americans have been wiped off the federal tax rolls just by President Bush.
Source: Editorial, "Rush Vs. The Party Of Soros," Investor's Business Daily, March 10, 2009.
For NCPA study:
For more on Taxes: