Tax Cuts for the Wealthy: Appearances v. Reality

An excellant commentary from RealClearPolitics that sheds some light on the issue of tax cuts only benefiting the wealthy.

There are astounding figures from the US, Canada, UK and Australia that show when governments cut taxes that leftists claim benefit the wealthy the tax take actually increases from the wealthy.

…it is remarkable that the percentage of federal income taxes paid by the top 1 percent of taxpayers almost doubled during a time when the top income tax rate fell by half.

At some point, those on the left must decide what really matters to them — the appearance of soaking the rich by imposing high statutory tax rates that may cause actual tax payments by the wealthy to fall, or lower rates that may bring in more revenue that can pay for government programs to aid the poor? Sadly, the left nearly always votes for appearances over reality, favoring high rates that bring in little revenue even when lower rates would bring in more. 

Ain’t that the truth?   

 


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