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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: jrhana who wrote (26303)12/29/2004 8:19:20 AM
From: Elroy JetsonRead Replies (2) of 306849
 
Measures of wealth and income for the top one percent are almost certainly under-counted due to reporting limitations and tax evasion. As a result the effective tax rate for this group are likely lower than even the adjusted figures I reported.

As a television comedy sketch earlier this year suggested, Teresa Heinz Kerry told George W Bush that she saved so much with his debt-funded tax-cuts that she was able to buy the Atlantic Ocean and a pair of solid gold shoes. Yet this is not where the real bonanza lies.

Most people in the top one percent minimize their income by not selling property until their death - I know my family does. As a consequence eliminating the Estate Tax (which with current exemptions essentially impacts only the top 3% most wealthy) would essentially transfer their share of taxes to those who work for a living.

This creates a system like pre-revolutionary France where the aristocrats and clergy were both exempt from tax and usually given a state income or the right to special monopoly businesses by the state. All of this largess funded by taxes on everybody else, who owing to the tax rates could only be described as the poor.

This presentation highlights an apparent discrepancy between the growth in incomes and the growth in wealth among different segments. It likely is a result of this measurement problem among the top one percent.

urbanpolicy.berkeley.edu

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