The rich paying more in taxes? What?

I came across a link to a story in another blog this morning that I thought was interesting. Investor's Business Daily has a story about how the national deficit may be cut in half far sooner than expected due largely to a surge in tax revenue. It seems as though as people and corporations have made more money, they have contributed more to the tax base.

Interestingly enough, those making more than $200,000 now account for 46.6% of total income taxes paid, an increase of 6.1%. And, iif a couple were making $1 million a year, they are now paying 38 times as much as a couple making $60,000, as opposed to the 33 times they were paying before Bush took office. So, I guess the notion of tax cuts only helping the super-wealthy don't really hold up against the evidence.

Article: http://www.investors.com/editorial/IBDArticles.asp?artsec=5&issue=20060612&view=1

You may also want to check the World Magazine blog (linked on the right) for more information.

-JRO