Skip to main content

Having just filed your income tax returns you might be interested: recently The Wall Street Journal had a series recently purporting to prove that the wealthy pay MORE than their share of taxes.

There were a number of things wrong with their argument:

they looked at totals not income shares, not at income not taxed, but the most flawed part of their argument was that they neglected to mention taxes other than the income tax. Now, the income tax is mildly progressive on its face, less so in effect, but most Americans pay as much or more on other taxes: sales, excise, property, school, and payroll, to name a few.

When you add those in, the share of taxes paid by the highest income receivers is roughly proportional to even the lowest income receivers.

But the wealthy get a lot more for their money, don't they? Like high profits from defense industries contracting for our nasty little war. What do the poor get? Opportunities to be shot at/bombed in Iraq.

Which is why the Dems ought to repeal those high-end tax cuts the Repubs passed in the last 6 years.

Originally posted to douglassmyth on Wed Apr 18, 2007 at 09:16 AM PDT.


The Dems should

33%23 votes
20%14 votes
4%3 votes
41%28 votes

| 68 votes | Vote | Results

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Other... (1+ / 0-)
    Recommended by:

    Make the AMT for incomes over $250K and index it for inflation offset could be partially higher taxes on top bracket

  •  Options one and two are essentially the same (0+ / 0-)

    whole system is regressive

    needs to be blown up and start over from scratch

    of course that is politically impossible


    "We will now proceed to construct the socialist order."

    by 7November on Wed Apr 18, 2007 at 09:24:35 AM PDT

  •  Income tax etc (0+ / 0-)

    The real question is what is the purpose4 of taxation?
    If taxation is meant to punish people or reward them for having money from various sources, then the current tax system works fine.

    If the purpose is to raise money for the federal government to spend on various projects, then studies should be done on where the maximum return is. Taxation is a mini-max problem.

    Reagan showed back in the 80's that reducing the tax rate can cause an increase in revenues. Revenues increased on a per capita basis when the rates were cut.

    But it makes sense that this cannot be true for all tax rates. A 1% tax rate shouldn't give a greater revenue stream than a 2% tax rate because both are minimal.

    If taxation is meant to raise revenue for the feds, then we should study where the maximum return is and set taxes at that rate. This would give congress a very good idea as to how much it had to spend.

    I find it the height of hilarity that a board that was congratulating itself on its open-mindedness is so rude to those it disagrees with.

    by elvish1 on Wed Apr 18, 2007 at 09:26:46 AM PDT

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site