Are families and individuals moving into higher income brackets?

In my post from Nov. 1, A close look at the federal tax burden of corporations and individuals, I provide details about the large increase in federal income and corporate tax revenue after the 2001 and 2003 tax cuts. The piece also displays how the federal tax burden moved from corporations, to individuals and back to corporations between 1995, 2001 and 2007 respectively.

One of my readers mentioned the population increase between 1995 and 2007. An increase in population alone could result in these changes. More people working and companies doing better – both very good things – could explain the increase. We could be pessimistic and say the rich got way richer and the poor and middle class were left behind.

After a review of additional IRS tax data, it’s clear there was a shift. Most everyone improved their status.

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The Politics of Class Envy

Here’s an article on American Thinker that is just up my ally – and well worth a read for our small audience. Obama and all of the populists like to tell you that they understand your plight. You’ve got a right to be mad, especially at all of  those rich people. CEOs make too much money! It’s not fair!

Where do you draw the line? How much is too much? Read more