And a Merry Christmas to you, Gene, as well.
WWW LinkA little blurb from the above link:
* An enormous percentage of taxes are payed by a minority of Americans:
o The Top 1% of taxpayers pay 29% of all taxes.
o The Top 5% of taxpayers pay 50% of all taxes.
* Our tax system is not so much progressive as it is confiscatory -- Frederic Bastiat called this phenomenon "legal plunder." A progressive tax is based on the premise that those with more income can afford to pay more taxes, and conversely, those with little or no income should pay no tax. However, a quick look at Graph 1A below shows that the U.S. tax system has become far beyond progressive. Fully half the taxpayers contribute almost nothing in individual income taxes.
* The Top 1% of income earners (comprising about 1 million families) earn about 15% of the total income earned by all wage earners in the United States, yet they pay almost 30% of all individual income taxes.
* Furthermore, the Top 1% are shouldering a roughly 50% higher proportion of the overall income tax burden than they did in 1977.
* The argument most oft used against tax breaks are that they benefit only the wealthy. It is clear from even a cursory look at the numbers below that the 'wealthy' will receive the majority of any income tax reduction because they pay a disproportionately huge percentage of the income taxes! To structure a tax break such that those in upper income brackets are excluded would constitute nothing more than transfer of wealth from those who have it to those who don't (i.e. legal plunder.)