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Pastimes : My House
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To: Bald Eagle who wrote (2086)10/4/2002 11:32:02 AM
From: thames_sider  Read Replies (3) of 7689
 
the highest income people pay most taxes

Guess who got fooled again.
The rich pay a *lower* proportion of their income as tax than all but the very poorest, with the super-rich coming off best. It's those in the 20%-60% bands who pay out most.

Presumably you're in that top 5%. In which case, the only thing to stop you being smug must be the knowledge that your children are likely to have a lower standard of living than you, and your grandchildren still worse.

BTW, it's facile to cut taxes on the poorest. End tax exemptions, reduce sales taxes on non-luxury goods, and increase taxes on luxuries.

Meanwhile, since the richest 5% (or 10%, I forget) have ~40% of the wealth, isn't it right that they should pay ~40% of the tax?
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