Half Past Jack

Tax Truth

Do the wealthy pay a disproportionate share of income taxes?  I found some tax statistics from 2001 on the IRS website to answer that question for myself.
Findings:

Total
1. Total Modified Taxable Income:  $4.3 trillion.
2. Total tax generated at all rates:  $926 billion or 21.7%
Shares:
3. AdjustedGross Income > $200k, 2.5% of filers,  28.3% of total MTI, contribute 39.8% of taxes
4. AGI between 75k and $200k, 16.6% of filers, 32.6% of total MTI, contribute 31.4% of taxes
5. AGI up to 75k, 80.9% of filers, 39.1% of total MTI, contribute 28.9% of taxes
Portions:
6. AGI > $200k: pay 30.5% of their MTI in taxes
7. AGI $75k and $200k: pay 20.9% of their MTI in taxes
8. AGI up to $75k: pay 16% of their MTI in taxes
Download 2001_Tax_Analysis.xls

Do the wealthy pay more in income taxes?  The more you make the more you pay is a true statement.  However, the relation between MTI portion and tax contribution is of better consideration than % of filers to tax contribution.  Is this desirable? That will have to be another post.

Weight of Opportunity

A struggle continues ; A mother grieves publicly for her lost son; Accusations are flying across the internet and the airwaves--a civil war of opinion; CONDEMNATION runs rampant; reasonable arguments are left behind for speculations on motives and personal attacks are a rallying cry. 

I was frustrated with all I read and heard today and yesterday about the war in Iraq. Taking out Saddam and his party was a just cause and we succeeded--he is removed from power. He is removed from power. He is removed from power. It is up to the people of Iraq to unite and determine the strength of their government and create a just society. Their opportunity was paid with the blood of our soldiers.  The weight of my expectation is on the people of Iraq.

Kelo vs. New London

The Supreme Court ruled 5-4 in favor of expanding government's right to seize private property in Kelo vs. New London.  Here are two articles on the subject:

Second thoughts on Kelo, John Hinderaker, Weekly Standard

Damaging Difference, George Will, Washington Post

My take--The judiciary overstepped its bounds and legislated over the 5th amendment to our constitution.  There is only one way to change the constitution--an amendment.  Economic benefits, tax opportunity, and jobs ARE great arguments.  Hand them to the legislature to determine if change is reasonable and palatable to the American people. 

Half Past Independence Day

I'm reading the biography of John Jay by Walter Stahr (Hats off to Walter on his first book).  About half way through I came across this quote by Jay on page 276.  This is the full quote from John Jay copied from CACP, "Let it be remembered that liberty consists not in a right to every man to do just as he pleases; but it consists in an equal right to all the citizens to have, enjoy, and to do, in peace, security, and without molestation, whatever the equal and constitutional laws of the country admit to be consistent with the public good."
 
Interesting I found this quote on two very different websites:
The Left Justified  and   GOPUSA

For nice brush up on our sacred documents check out National Archives.

Happy 4th of July, a few days late, and may the Lord protect our brothers and sisters serving in the armed forces.  Our prayers our also with the English today.