Tax the Rich!

A recent Bloomberg National Poll revealed that 66% of Americans believe taxes on the wealthy should be raised to reduce budget deficits, according to BusinessWeek.  The problem is the wealthy already pay nearly half of all federal income taxes.  In 2007, around 4.5 million households filed returns reporting $200,000 or more of income, according to IRS data.  They paid a combined $610 billion, or 44% of all federal income taxes.  Eventually, tax experts believe that Congress will also need to raise taxes on those making less than $200,000.

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