Wednesday, April 19, 2006

Only the wealthy find April 15 truly "taxing".

Look for those politically left of center (koff koff liberals koff) to demagogue these latest findings:

The number of very rich people in the US grew last year at the fastest pace in at least a decade as their moves into international stockmarkets, real estate and alternative investments paid off.

The number of households with $5 million or more in investable assets – excluding the family home – rose by 26 per cent to a record 930,000, according to a study by Spectrem Group. That is the biggest jump since Spectrem began its survey in 1996. The number of millionaires rose by 11 per cent, to a record 8.3 million – the second biggest jump in the decade since they were surveyed.

With tax day recently having come and gone, you had the obligatory protestors decrying the current tax system by claiming the rich don’t pay their “fair share”.

However, the latest IRS statistics on record concern the 2003 tax year. Those findings conclude that the top 50% of wealthiest Americans paid over 96.5% of all income taxes!! That tells me that we are getting ever closer to that “point of no return” when it comes to tax reform. If the current trend continues, it will get to the point where more than 50% of Americans pay ZERO income taxes. Once that happens, no politician will be able to run on the “tax reform” agenda. How will anyone get elected if the platform they run on is to overhaul a system where more than half of the country benefits already?

It would behoove the “super rich” to continue strong growth of their investments.

They’ll need to just to pay their exorbitant tax bill.

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