Alarmclock- your assumptions are incorrect! According to the Wall Street Journal: “In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…” closer to double the 1980 amount. 86% of all Federal taxes are paid by the top 25% of income earners; the top 50% pay 97% of all income tax; the top 1% pay 39% up 2% from 2000 when Presidente Boosh took office.
Get it right AC, we need less tax, not more. If the poor would stop smoking and ride the bus, they would probably not be contributing to taxes at all!
