How Much More Progressive Can It Get?

This is nothing to cheer about:

Tax Burden of Top 1% Now Exceeds That of Bottom 95%
By Scott A. Hodge, The Tax Foundation

Newly released data from the IRS clearly debunks the conventional Beltway rhetoric that the "rich" are not paying their fair share of taxes.

Indeed, the IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history.

Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined.

To put this in perspective, the top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined. [link]

I have two reactions:

1) It won't be enough to satisfy those bigots in this country who hate the rich. They will demand more wealth confiscation from those who actually make this country work, until those who had wealth have no more wealth, and this country no longer works.

2) The USA is running the risk of being like California, where the state depends so heavily on tax revenue from the wealthiest citizens thereof - a very finite number of people. When a downturn in the economy forces the rich to cut back, or the tax burden forces them to move to Idaho, California suffers a monumental budget shortfall. The inharmonious nature of progressive taxation makes for gross instability.

But who cares about instability? Americans demand more free stuff from their government and don't care where it comes from. (They don't even care if it simply comes from a printing press and has never been offset by tax revenue). Cash for clunkers? Bring it, baby. "Free" health care? Tomorrow won't be soon enough.

We'll soak the rich until we can't. And when it all comes crashing down, we'll blame them for having ruined the America we knew and loved.

For the love of God.