The Rich Pay Their Fair Share

WSJ Opinion ^ | 10/7/08 | Andrew Biggs and Kent Smetters

[Unam Sanctam]

...

The media typically report how each candidate's plan would change the tax code relative to current law: the size of the typical tax cut or increase that accrues to low, middle or high earners. So it is widely reported that John McCain would mostly cut taxes for the rich while Barack Obama would mostly cut taxes for the middle class. But how much a given income group gains or loses from a specific tax reform tells us nothing about either the fairness or efficiency of the tax code after such changes have been implemented.

...But can we conclude that the rich would pay too little taxes under the McCain plan? Not really, because most media reports do not reveal the resulting share of the tax burden borne by the highest earners.

[Clemenza]

Be careful. The populist caucus on FR hate “the rich” even more than the Dems.

[Hessian]

Has the current ‘progressive’ tax system ever been challenged in court as being a violation of ‘equal protection under the law’?

[dearolddad]

Be careful. The populist caucus on FR hate “the rich” even more than the Dems.

Have any of you ever heard a dem/lib quantify a fair share? Is it 30%, 40%. 50%, 80%?

And who should get to decide that amount?

[Little Ray]

Haven’t met them. Who are you talking about, MurraysMom?

[Jim Noble]

"Getting the rich to pay their fair share" requires a definition of "rich" and a definition of "fair".

As I see it, the top 5% currently pay 60% of total Federal income taxes, which is grotesquely unfair.

Even if you accept that this 5% group constitute "the rich" (and income is a poor marker for the richest rich), their "fair share" cannot possibly be 60%.

[Hoodat]

"Tax the Rich" is a misnomer. There is no tax on wealth in this country. A person with a net worth of $100 million who earns $100,000 in a given year pays the exact same amount of taxes as someone with a net worth of $-200,000 who earns $100,000 in that same year.

If liberals wish to tax the rich, then why don't they? They should practice what they preach and slap a wealth tax on the likes of John Kerry, Barbara Boxer, Hillary Clinton, Maria Cantwell, John Corzine, etc. Make them pay 10% of their net worth to the government every year.

[petercooper]

[petercooper]

Stick this in the face of any idiot who says Bush's tax cuts caused the deficits!

[MrB]

I read this this morning.

It starts out with a fallacy that the goals of the tax code should be

“fairness and efficiency”.

Only a commie lefty would have “fairness” foremost in his mind concerning the tax code.

Taxes are to “fund the government”. “Fairness” is NOT an issue, unless, like I said, you have a communist mindset.