IRS data show that the richest 1% paid $84 billion more in taxes in 2007 than they had in 2000 — that’s a 23% increase — even though their average tax rate went down. What’s more, their share of the overall income tax burden grew, climbing from 37% in 2000 to 40% in 2007.
Paul Krugman, economist and New York Times op-ed columnist, wrote a column today entitled “Let’s Not Be Civil.” He loves President Obama’s deficit reduction plan, which would essentially raise taxes on the so-called “wealthy,” cut Medicare funding for seniors by a half trillion dollars to pay for Obamacare, and rely on unspecified savings.
Yes, we the people have a moral obligation to lend a hand to our young, our sick, and our downtrodden, but the role of our federal government is to protect our individual rights so we don’t have to watch our backs all the time, so we can focus on other pursuits, such as bettering ourselves and the world around us.
Congressional experts pegged the 2010 U.S. budget deficit at $1.35 trillion, a slight improvement from the $1.38 trillion estimate in August, but the overall picture of the government’s finances remains bleak, according to the annual report released Tuesday. The Congressional Budget Office said the government will run an aggregate deficit of almost $6 trillion during [...]
IMAGINE you are a physician and a patient arrives in your office with a troubling and mysterious disease. Some of the symptoms are familiar, but others are not. You have never treated anyone with quite this set of problems. via Economic View – Tax Cuts Might Accomplish What Spending Hasn’t – NYTimes.com.