The Problem with Taxing the Rich

Professor William Jacobson:

"The problem with relying on taxing the rich … in order to pay for your grand spending plans is that sometimes you run out of rich:

"'… based on 2009 IRS figures, … the number of taxpayers reporting annual income over $1 million fell 39 percent between 2007 and 2009; the number of super-wealthy individuals making over $10 million annually plunged 55 percent.'

"'The carnage wasn’t confined to millionaires. The number of taxpayers earning over $200,000 per year also decreased by 612,000 – or 13 percent.'

"Ya didn’t think this through, did ya, geniuses?"

The numbers charted: