Oh, the Unfairness of It All!
American Digest
THE ALWAYS SLIPPERY NEW YORK TIMES IN Richest Are Leaving Even the Rich Far Behind says that:
Under the Bush tax cuts, the 400 taxpayers with the highest incomes - a minimum of $87 million in 2000, the last year for which the government will release such data - now pay income, Medicare and Social Security taxes amounting to virtually the same percentage of their incomes as people making $50,000 to $75,000.
Oh, shoot, New York Times. Now you tell me. That sounds just SO UNFAIR! Especially if your readers don't do the math.
Let's see, I'm in the second group and not the ultra-rich. If I have to pay a third of my income in taxes, I have to pay $24,750. If that low rent ultra-rich person with $87 million in income has to pay a third of that income in taxes, that person must pay nearly $29 MILLION in taxes. That is clearly NOT ENOUGH! -- even though I am clearly paying MUCH MORE THAN ENOUGH! If that ulta-richoid would only kick in 99.9% of his or her income, it would let about 3,500 of folks like me off the hook completly. What could be MORE FAIR than that? |
