Teabaggers Are In Their Cups.

     From Robert L. Borosage, Co-Director of the Campaign for America's Future on HuffPo:

     In 1980, as "Gilded Age Taxation," a study by the Institute for America's Future shows, the richest 1% of Americans captured fully 7.7% of the nation's after-tax income. The middle sixty percent captured about 50.9%. By 2006, the latest CBO figures show the opulent 1% -- making an average $1.3 million -- captured a staggering 16.3% of the nation's income after all that tax code redistribution. While the middle sixty percent garnered only 44.1%. If class war is being waged, the rich are on the march.

     The Institute for Policy Studies details the staggering contrast to the Eisenhower years. In 1955, the top 400 taxpayers averaged about $12.3 million in income (2006 dollars) and paid, after exploiting every loophole imaginable, 51.2% of that in federal income tax. A half century later, the richest 400 average a breath-taking $263.3 million in income each, and pay a mere 17.2% of that in federal income taxes. (A lower tax rate than paid by most of their secretaries).

     If those 400 taxpayers had paid at the same rate in 2006 as a half century earlier, the federal treasury would have collected $35.9 billion more in revenue, or enough to double the energy and transportation budget combined. No wonder Ike, clearly a stealth "socialist", could afford to build the interstate transport system.

     Read more here, here, and here.