Class Warriors Got What They Wished For
By Randall Hoven
A funny thing happened on the way to spreading the wealth: wealth dried up.
A good class warrior wishes for three things (at least).
- For tax rates to be highest on the richest. Ideally, only the rich would pay taxes. …
- For no one to be super-rich. Ideally, no one would make more than some amount considered too much. Barack Obama, the Son of Class War, once said, “I do think at a certain point you’ve made enough money.”
- For government to have plenty of money so that it can spread the wealth and help the needy.
Now think about that for a moment. If the class warriors got their first two wishes, their third wish would be impossible. If you tax only the rich, yet you have no rich, then government collects no revenue. You can’t spread wealth if there is no wealth.
And here is the punchline: that is exactly what is happening now, just not as starkly.
In 2007, those making over $200,000 per year did not pay all federal income taxes – just 52% of them. Then came the Great Recession. Taxable income of that group declined 16% from 2007 to 2008. …
And what about the really rich: those with gross incomes over one million dollars? There were 18% fewer tax returns from such households and 25% less taxable income. As a result, the federal government collected $60 billion less from such households in 2008 than in 2007.
The “rich” aren’t standing still and giving the government an easy target? What a shock! Who could have predicted it, besides half the awake western world?