Tax the Rich

There is a constant drumbeat on the Left that the Rich should be taxed. It is somehow fair to tax someone more based on the fact that they are more successful. Furthermore, this tax is supposed to generate enough income to fund programs for the poor and less fortunate.

Income redistribution punishes success and rewards failure. Furthermore, there is not enough money in all the pockets of the rich to provide for the poor. The Left will continue to increase the amount of the tax and lower the bar on who is considered rich in pursuit of Enough money.

There will never be enough and an ever downward spiral will result.

Taxes as a percentage of income
Much of the talk about unfairness of the current system is based on comparing percentage of income. However, percentages are misleading. Ten percent of $1 million dollars is $100,000. Fifty percent of $35,000 is $17,500. A lower percentage on a higher amount will result in a lot more in taxes.

Taxes as a percentage of revenue
40% of federal income taxes come from the top 1%

70% of federal income taxes come from the top 10%

97% of federal income taxes come from the top 50%