On soaking the rich :: Jeff Jacoby

http://www.jeffjacoby.com/6163/on-soaking-the-rich

The belief that the tax code is skewed to benefit the rich is one that many Americans share. When pollsters ask whether high-income people are paying too much, too little, or their fair share in federal taxes, 60 percent or more of respondents routinely answer: too little.
But the data tell a different story.
By any reasonable standard the rich pay far more than their fair share. According to the latest (2007) IRS data, the top 1 percent of US taxpayers earn 22.8 percent of adjusted gross income but pay 40.4 percent of all federal income taxes. By contrast, the bottom 95 percent of taxpayers, who earn 62.5 percent of the income, pay just 39.4 percent of the income tax burden. That bears repeating: The income tax burden of the top 1 percent, who comprise just 1.4 million taxpayers, now exceeds that of the bottom 134 million combined.
While envy and economic resentment make a potent political brew, the hangover it leaves can be fierce. Democrats should resist the clamor to soak the rich. Better instead to remember Paul Tsongas's admonition: "No goose, no golden eggs."