Interesting Data From the IRS
The Internal Revenue Service recently released some very interesting information that disproves once and for all the lies of those political demagogues who try to label the Bush tax cuts as "favoring the rich."
According to the IRS summary for tax year 2002, the top 1% of tax payers accounted for 16.12% of income earned during calendar year 2002, yet they paid 33.71%of all taxes - which is more than double their share!
The last time that the top 1% paid more than twice their share of taxes was in 1996. The ratio began trending downward in 1997 through 1999, but then it resumed heading upward in 2000 and has continued its upward spiral to the year 2002. So it will be very interesting to watch next year when the IRS reports on tax year 2003. But in any event, the so-called Bush tax cuts certainly did not help the highest 1% of wage earners - not even a little bit!
The fact is that those Americans who pay most of the taxes are clearly being punished by our tax system, and this is a national disgrace. And these people are doing the only legal thing that they can in order to defend against this ever increasing assault against their wealth. They are leaving the United States!
Those who pay most of the government's bills are being forced to take their money and leave the country. There are approximately 1.283 million taxpayers that make up the top 1%, and if a majority of them did leave, that would constitute a loss of more than one-third of the U.S. tax base. And sad to say, many of these people are leaving in droves!
An examination of IRS data going back to 1989 reveals that regardless of the political party in power, the trend is to increase the tax load on the wealthiest taxpayers. So it should come as no surprise to read the U.S. Census Bureau report that estimates upwards of 363,000 persons - both U.S. citizens as well as permanent residents - left the U.S. permanently in 2002!
Now we hear that President Bush plans to delay his promised push for reform of the hellish tax code. Thus one wonders whether there will be any "rich folks" left for the bureaucrats in Washington to pillage from if the day ever arrives when tax reform finally happens... Don't hold your breath!!!
* * * * *
According to the IRS summary for tax year 2002, the top 1% of tax payers accounted for 16.12% of income earned during calendar year 2002, yet they paid 33.71%of all taxes - which is more than double their share!
The last time that the top 1% paid more than twice their share of taxes was in 1996. The ratio began trending downward in 1997 through 1999, but then it resumed heading upward in 2000 and has continued its upward spiral to the year 2002. So it will be very interesting to watch next year when the IRS reports on tax year 2003. But in any event, the so-called Bush tax cuts certainly did not help the highest 1% of wage earners - not even a little bit!
The fact is that those Americans who pay most of the taxes are clearly being punished by our tax system, and this is a national disgrace. And these people are doing the only legal thing that they can in order to defend against this ever increasing assault against their wealth. They are leaving the United States!
Those who pay most of the government's bills are being forced to take their money and leave the country. There are approximately 1.283 million taxpayers that make up the top 1%, and if a majority of them did leave, that would constitute a loss of more than one-third of the U.S. tax base. And sad to say, many of these people are leaving in droves!
An examination of IRS data going back to 1989 reveals that regardless of the political party in power, the trend is to increase the tax load on the wealthiest taxpayers. So it should come as no surprise to read the U.S. Census Bureau report that estimates upwards of 363,000 persons - both U.S. citizens as well as permanent residents - left the U.S. permanently in 2002!
Now we hear that President Bush plans to delay his promised push for reform of the hellish tax code. Thus one wonders whether there will be any "rich folks" left for the bureaucrats in Washington to pillage from if the day ever arrives when tax reform finally happens... Don't hold your breath!!!
* * * * *
posted by Bob Moser at
5:50 PM
2 Comments:
I think larger unemployement of upscale professionals in 2002 probably skew the data more that actual tax laws. When the largest white collar employer in Naperville layoff 90% of their middle class workers the tax base taxes a pretty large hit. Those left with jobs pay taxes their taxes and the jobless pay taxes on their unemployment.
By
erik, at 9:40 PM
While I appreciate the plight of any workers who lose their jobs - regardless of the reason(s) behind such losses - I fail to see where that really has any relationship to the point that I was making!
By
Bob Moser, at 3:19 PM
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