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We Already DO Soak the Rich

This New York Times article summarizes nicely the playbook the left is adopting:

 

 

 

 

 

 

We can simplify the strategy in one sentence: Soak the rich and everyone can get free things: health care, child care, cell phones, reparation payments, mortgages, student loan forgiveness, and don’t forget the Green New Deal.

This economic philosophy crashed and burned in Europe – particularly the U.K. when they turned socialist circa post-World War 2, but it has become a mantra continually repeated in schools, in the pulpits, in the movies, on TV, and in the “media.” Over and over and over.

Reality check – with apologies to those who know these statistics already. Here is the data for 2021, the most recent year available, right from the IRS as compiled by the Tax Foundation:

 

 

 

 

 

 

 

 

The top one percent pay almost half of the income tax.

The top five percent pay almost two-thirds of the income tax.

The top 10% pay over 75% of the income tax.

That’s not enough?

Even if we include all the other federal taxes, these percentages don’t change much.

If progressive taxation worked, then California and New York would be the fastest growing states. Oops, they’re the slowest-growing states.

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