For the first time in US history the lower half of US taxpayers have only paid 3% of the total income taxes collected.  That's right 50% of US taxpayers will have paid only 3% of the total income tax burden (this does not count those who pay no taxes and don't file a return).  The top 50% of taxpayers will have paid 97% of the taxes!  By contrast the top 1% of taxpayers will have paid fully 40% of all taxes collected.

None the less, Barak Oboma's proposed tax plan would impose an additional 131 Billion dollars tax burden on the top 1% of taxpayers.  I am sure the "middle class" will also get hit with our own part of paying for all the government programs he would like to add or expand.

In the drive to be "fair" to "the poor" such policies will only impoverish the entire country.

HT: Power Line Blog