[i]The 2005 total effective federal tax rate as a percentage of the 1979 rate:
* Top Quintile = 101.2% * Fourth Quintile = 85.0% * Middle Quintile = 76.8% * Second Quintile = 60.1% * Bottom Quintile = 14.3%
Rather than populist outcry over “tax cuts for the wealthy,” maybe we need to look at the whole package of consequences that come from tax policy. Is the final objective really to have all taxes paid by the top 1% of society?[/i]
Under current rates the top quartile of earners pays 86% of federal income taxes. What sort of stake do the bottom quartiles have in society or government, other than to enforce income redistribution?