Quote of the Day
"It so happens that many — if not most — of those called "the rich" are not rich and many, if not most, of those called "the poor" are not poor. They are people who happen to be in a particular part of the income stream as of a given moment in their lives when statistics are collected.
"Internal Revenue Service data show that the income of people who were in the lowest income tax bracket in 1996 rose by 91% by 2005. But people in the "top one percent" had their incomes drop by 26%in those same years.
"There is nothing complicated about this. Most people simply start at the bottom when they are young and their pay rises as they get more experience. Most people in the top 1% are there for only a single year when they happen to have a spike in income. They too are not an enduring class.
"The time is long overdue to start thinking about taxes as sources of revenue, not as ways of making political statements."
~ Thomas Sowell
HT Investor's Business Daily Column