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Note To Pundits

27 Oct

So for the umpteenth time I have watched some right leaning pundit give the “well the Top 1% pay 40% of the taxes” schpiel, and a left leaning pundit sputter and try and redirect the conversation … WHY?

Jesus! The rebuttal to that is fairly simple and obvious as far as I can tell

First off, that is income tax, which only accounts for 45% of taxes collected.  Payroll taxes account for another 36% of government revenues (the difference being made up by corporate and various excise taxes), and considering that the cap on payroll taxes is $106K, the top1% pay a very small percentage of that.  Let’s be generous and say that the top 1% pay 5% of the payroll taxes.  Their total tax burden between income taxes and payroll taxes would be ~24%

Second – let’s see how much the Top 1% make.  In 2009 they accounted for 17% of income (they peaked in 2007 @ 23%) and have 42% of wealth in the US.  I don’t really feel bad or see any inequity here.  Think about that, the Top 1% own two thirds as much as the remaining 99% of the population.  If you go down the ladder even further it gets worse.  The Top 20% own 93% of the … ninety … three … percent … of  the wealth

Third and last – the Top 1%’s incomes have tripled in the last thirty years, and their share of wealth has risen, and income inequality has risen.  Note to self … if the tax structure is ‘oppresive’ to the wealthy this does not happen.

Please dear Mr. Leftwing Pundit Man, please point these things out for a change as opposed to just letting them get away with it ….

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1 Comment

Posted by on October 27, 2011 in Uncategorized

 

One response to “Note To Pundits

  1. h2dog

    October 27, 2011 at 2:52 pm

    “if the tax structure is ‘oppresive’ to the wealthy this does not happen.”————-
    Seems like some pretty basic logic, doesn’t it. Can’t seem to get that to “take”
    Need to take a page out of the republican playbook and just keep repeating, repeating, repeating,…. until the truth becomes true.
    Should be as easy or easier than their getting the lie to become the truth, shouldn’t it? Only logical.
    Oh,…..

     

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