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7-25-2008 4:43 PM115 views
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pascual says:
economist
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7-25-2008 5:44 PM
bmeuppls
Good for them. Or are you jealous that they got more of the pie? I would beware the answer as this shows...

Economist Glenn Hubbard of Columbia University has shown that in 1970, when the highest tax rate was 70%, the top 1% shouldered 16.7% of the income tax burden. Today the top tax rate is 35% and the same class of taxpayers pays a whopping 39% of the burden. The worst way to "soak the rich," Mr. Hubbard finds, is to raise tax rates.

The "evil rich" are also where the largess comes from to offset the taxes the poor don't pay... less income for the rich = less available to offset the tax burdens of others...
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