Skinning the Game
The WSJ sends its condolences to those who pay the bulk of the nation’s bills. It’s a smaller group than most people realize, as Democrats continue with the line that the rich won’t pay “their fair share.”
For example, there is one Sen. Cory Booker, who has a bill to raise the top individual income-tax rate to 43%, from today’s 37%. Then there is Sen. Chris Van Hollen, who wants 49%.
Both proposals would also eliminate income taxation for many lower earners, explains the WSJ.
“My bill would guarantee no income tax on the first $75,000 families earn,” Mr. Booker said last month. He claimed this would “help restore tax fairness.” Mr. Van Hollen’s legislation, according to his press release, would end income taxation for those making under $46,000, while providing “a significant tax break” to individuals up to $80,500.
Compare that to the bottom half of the filers, the 76.9 returns in 2022.
They paid 3% of income-tax revenue, and their average rate was 3.7%. Those percentages also are an overstatement, because “refundable” credits are categorized as spending and aren’t reflected in the IRS data. The Treasury Department’s Office of Tax Analysis estimates average income-tax rates are effectively negative for the bottom 40%.
Another way to put it, suggests the Journal, is the US tax system is already highly progressive regardless of “the false accusations that President Trump’s 2017 tax reform was a hall pass for the rich.”
Democrats keep telling workers and voters that they can have European benefits, and the tax bill will be covered by Uncle Fat Cat. But the reality is that Europe pays for big government by taxing its middle class more.
The left loves “fair share” language. It is a way for them not to have to define it.
If the top 10% of income-tax filers are already paying nearly three-quarters of the burden, what would Mr. Booker and Mr. Van Hollen consider equitable? Eighty percent? Eighty-five? Our guess is they’d take it all if they could somehow spare George Soros and their donors in the trial bar.
