Call the Irony Police

Thomas Lifson
The brilliant progressives, who are so smart they should be telling everybody else how to manage their lives, have accidentally yoked the welfare of the government bureaucracy they love (and often inhabit) to the welfare of the hated rich, the one percent they live to despise. The law of unintended consequences strikes progs again. Michael Solon explains how this all works in the Wall Street Journal: What is shocking is the degree to which federal revenues have underperformed even for an underperforming economy; revenues have dropped by 2.7% of GDP since 2007. Why? A more progressive tax code now leverages the negative impact of slow economic growth. The share of all individual income taxes paid by the top 1% has risen to 41.8% in 2008 from 17.4% in 1980-but almost two-thirds of the income from the top 1% comes from nonwage income, including capital gains, dividends and proprietor's profits. Individual income taxes as well as corporate taxes are now far more rooted in the shifting...(Read Full Post)

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