Thursday, April 16, 2009

Happy (Day After) Tax Day

There was no income tax in the United States of America until 1913. This great nation made it just fine for 150 years without an income tax. Today, 10% of Americans pay 70% of all federal taxes; and 50% of Americans pay little or no federal taxes. (See the following table.) Call it what it is, a wealth redistribution vehicle. Oh, but you did get a $12-$13 weekly income tax cut this year. Well, at least until January 2010, and then it reverts to $8. So why complain.

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