Chart o' the Day: Progressive Income Taxes are Regressive

Vice President Joe Biden once said that we all "have to have skin in the game". Apparently he wasn't talking about Democrats.

Consider the following chart from JP Morgan Funds, which illustrates the disastrous policies of "progressive" income taxes.

The top 10% of taxpayers are paying increasingly larger shares of the federal tax burden. Conversely, the bottom 10% are paying less than ever.

And the amount of revenues collected by the feds continues to decrease.

How's that 'tax the rich' strategy working out, Sparky?


Source: JP Morgan Funds.