When Uncle Sam needs money, where does he get it?

Our CEO, Jimmy Rodefer, answered this question in his most recent column in the Knoxville News Sentinel.

Back in 1971, the rock group Ten Years After had a hit song called “I’d Love to Change the World” that included these lyrics: “Tax the rich, feed the poor, till there are no rich no more.”

We might not be on that doorstep, but according to the latest available Congressional Budget Office figures, high-income earners are paying more than 100 percent of federal individual income taxes.

How is that possible?

The data comes from the CBO report “The Distribution of Household Income and Federal Taxes, 2010,” the latest year for which such figures are available. The report says, “Higher-income households have a much greater share of the nation’s before-tax income, and they pay a much larger proportion of that income in taxes.”

Click here to read the article in its entirety.