Congratulations, Class Warriors – you’ve killed the golden goose

August 5, 2011 05:38

[W]hen you get rid of rich people, like class warriors want, you also get rid of the taxes they used to pay.  Of the $250-billion drop in personal income taxes, $175B (70%) was due to declines in incomes over $200K.  No rich people, no taxes from rich people.

By Randall Hoven at American Thinker


In the Great Recession, the “rich” suffered the most.  (For convenience, I use the term “rich” loosely here, simply meaning higher incomes in a given year, not wealth.)  The tables below show how the number of “rich,” their incomes, and taxes collected from them all declined.  These tables also show that the higher the income group, the greater the decline in income and taxes on that income.

Total number of returns

2007 2009 % change
AGI over $1M 392,222 236,883 -40%
AGI over $200K 4,535,623 3,924,490 -14%
AGI under $200K 136,535,348 134,057,713 -1.8%

Total income (AGI less deficit)

2007 2009 % change
AGI over $1M $1,401.1 B $726.9 B -48%
AGI over $200K $2,847.2 B $1,964.3 B -31%
AGI under $200K $5,951.3 $5,861.1 -1.5%

Total tax

2007 2009 % change
AGI over $1M $310.0 B $177.5 B -43%
AGI over $200K $609.7 B $434.3 B -29%
AGI under $200K $506.0 B $431.6 B -15%



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