Where are You on the Inverted Income Tax Pyramid?
This being April 14 – and with Mr. ToughMoneyLove having to write a big check to the IRS tomorrow – I feel the need to share this link to a piece written by Ari Fleischer about our inverted income tax pyramid.
Here is a teaser quote from the article:
When you make almost 26% of the income and you pay only 0.6% of the income tax, that’s a good deal, courtesy of those who do pay income taxes. For the bottom 40%, the redistribution deal is even better. In 2001, these 43 million Americans, who earn less than $30,500, made 13.5% of the nation’s income but paid no income tax. Instead, they received checks from their taxpaying neighbors worth $16.3 billion. By 2005, those checks totaled $33.3 billion.
Please read the rest – and then shake your head in despair and desperation.