Tax Day has arrived again, and our April 15 condolences to those who pay the bulk of the nation’s bills. It’s a smaller group than many Americans realize, and those figures bear repeating, as Democrats renew their line that the rich won’t pay their “fair share.”
Sen. Cory Booker has a bill to raise the top individual income-tax rate to 43%, from today’s 37%. Sen. Chris Van Hollen wants 49%. Both proposals would also eliminate income taxation for many lower earners.
“My bill would guarantee no income tax on the first $75,000 families earn,” Mr. Booker said last month. He claimed this would “help restore tax fairness.” Mr. Van Hollen’s legislation, according to his press release, would end income taxation for those making under $46,000, while providing “a significant tax break” to individuals up to $80,500.
Yet the notion that America’s income tax is biased against the working class is a progressive fantasy. According to the official numbers from the IRS, the top 1% of income-tax filers in 2022 contributed 40.4% of the revenue. The top 10% of filers paid 72%. The top quarter contributed 87.2%.