America has heard a lot of talk about the “Buffett Rule” — President Barack Obama’s plan to make the tax code more “fair” by permanently raising taxes by $1.5 trillion over 10 years, with most of the burden falling on families and businesses earning more than $250,000 per year. But if he wants to talk about “fairness,” he should look at how much top income earners already pay in taxes, as the chart below shows:
In a new paper, Heritage’s Curtis Dubay explains that the supposed “fairness” of the new rule is anything but fair:
To President Obama, it is “fair” to raise taxes on families and businesses earning more than $250,000 a year by raising their income tax rates and limiting their deductions. That must also mean he believes that they currently pay too little in taxes.
Yet the data show the highest-earning families and businesses already pay the lion’s share of the federal income tax burden. According to the IRS, the top 1 percent of income earners—those earning more than $380,000 in 2008—paid more than 38 percent of all federal income taxes while earning 20 percent of all income. The top 10 percent ($114,000 and above) earned 45 percent of income and paid 70 percent of all taxes. At the same time, the bottom 50 percent of income earners—those earning less than $33,000—earned 13 percent of all income and paid less than 3 percent of federal income taxes.
Read more of Dubay’s paper, “The Buffett Rule: Fair to No One,” at Heritage.org.
Last cycle this website did not support Mr. Morrison for the first district seat on the Cook County Board of Review. There was a big reason for this. Morrison was a heavy supporter, donor and voter for Democrats prior to suddenly launching his campaign as a Republican.
Cook County Comptroller, Constance Kravitz, was another one of those oh, so wonderful appointees of the dismal Todd Stroger, the previous failure that sat in Preckwinkle’s chair. Kravitz was struggling to make ends meet at $165,000 tax dollars annually, so I can see why it was so hard for her to get her facts straight at work. It’s a lot of pressure to be living at such subsistence pay, you know?
Looks like the Unions are now endorsing the unwashed masses infesting… er, investing Wall Street.
Fox News is 15 years-old this year. Not quite sweet 16, but for a cable news organization, especially one that started out in so few homes, 15 was all it took to dominate the news biz. And that is pretty sweet, indeed.
Tougher than Arizona’s, Alabama’s new immigration law is a perfect example of the best way to put limits on illegal immigration. Sadly these are laws being forced upon the states to implement instead of coming from the federal government, but regardless they are effective in limiting illegals.
Herman Cain wins yet another straw poll of conservative activists. This time at 
And now for a little name dropping. Some of the more well-known conservatives bloggers are here this weekend chief among them Ed Morrissey famed 
The board of directors at the bio-warfare company 
Well, there is one local Illinois activist that apparently won’t be at this weekend’s TeaCon 2011, but not for want of trying. Bill Kelly, one-time candidate for Illinois Comptroller — he came in second, by the way — has told me that he’s been barred not only from getting media credentials for the event, but even from buying a ticket.