Left Wish Comes True: Income Gap Shrinks

The Liberal crusade to reduce the income gap - the wages between the richest and poorest in the U.S. - is now succeeding. The interesting thing is that, as the chart shows, the wealthiest in this country have been shouldering higher and higher tax burdens. As their wealth decreases, tax revenue plummets. From the WSJ:

Less income flowing to the top could have broad effects, from the amount of revenue the government collects to the kinds of cars piling up on dealers' lots. For instance, the top 1% of earners will pay 36% of all federal individual income taxes this year, according to an estimate from the Tax Policy Center, a Washington think tank. If their income softens, so will federal revenue, making budgets harder to meet.

...Another loser: philanthropy. In the brutal second half of last year, the number of charitable gifts of $1 million or more from individuals fell by more than a third from a year earlier, according to the Center on Philanthropy at Indiana University.

By destroying the wealthy, the Obama, Pelosi and Reid will also hurt every American. But in their eyes, "fairness" is more important.