The Mortgage Man

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How Much Would You Like To Pay In Taxes?

I came across an interesting statistic today from the IRS.

Did you know that, according to the IRS, the top 1% of US tax payers are responsible for 40% of all federal income tax revenue?  Ten years ago in 1998 the figure for the same group of people was 35%.  And, twenty years ago in 1988, the figure was 28%.

This got me to thinking.  As we continually move more and more towards a robin hood society, what are we actually teaching the youth and future entreprenuers of tomorrow?  Is this the land of opportunity….until you get too successful?  Is it better to be an entreprenuer off shore?  At what point do we place such a penalty on the wealthy that they decide it is just easier to move to the Caman Islands or Costa Rica?

Perhaps we could vote in a new president that wants to raise taxes on the wealthy, yet again.  If it ain’t broke, don’t fix it right?  It seems as though a democracy can only survive until the majority figures out that they can vote in whatever incentives they want until there is nothing left but too many programs, and no more money to fund them.  I really hope we still live in a democracy when I retire.  But, since that is about 30 years away, i’m beginning to have my doubts.

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