Via the Economist’s View.
What the republicans believe:
Wednesday, January 18, 2012
Should We Feel Sorry for the Wealthy?
….Are the wealthy paying to much in taxes?: Ari Fleischer, the former White House Press Secretary for U.S. President George W. Bush, has been trying to make the case on Twitter that the wealthy are taking on more of the tax burden than ever….
What the republicans leave unsaid:
….Let’s take the top 1% first. Between 1979 and 2007 income for this group grew by 275 percent, and the share of income doubled from around 10 percent to around 20 percent of total income. However, the share of taxes for this group less than doubled. Thus, a doubling of income resulted in less than a doubling of taxes. Given that income growth outpaced tax growth, it’s hard to see how we can describe this as an increase in the tax burden for the top 1%….
It’s a wash for the “middle class”, but:
….Thus, the notion that the rich are paying more, and middle income families are paying less — that income is being redistributed from the rich to the middle — does not hold up to further scrutiny. The rich are doing better than ever, tax rates are at historic lows for this group, and their share of taxes has not risen by as much as their share of income….
And the bottom?:
….First, it’s highly misleading to just look at federal taxes for this group. The federal tax burden is relatively low for this group, but when state taxes, sales taxes, and the like are factored in the burden is relatively high….
….Mitt Romney pays 15 percent, or thereabouts (probably a bit more when state and local taxes are accounted for), while this group pays more than 15 percent in taxes even though their incomes are very low. Enough said about who faces a larger tax burden….
Go. Read the whole thing.
There’s a class war and the 1% are winning.