Tuesday, June 28, 2011

Make Big Time Money and Pay No Taxes!

From Bruce Bartlett's Economix blog on the NY Times:

Click to Enlarge

Notice how 3,000 people making more than $2,178,886/year pay not taxes!

If you ever wonder why the US has a debt problem, this answers it. There are a lot of ultra-rich people -- 2.3% of them -- who pay no taxes. (What the above doesn't show is the trivial amount of taxes that the other 97.7% of those making over $2,178,886/year are paying in taxes. Thanks to the Reagan "revolution" which slashed taxes on the ultra-rich to "unleash the entrepreneurial spirit" which any American can look around as see is fully at work in a country with 14 million unemployed, a lot of people of food stamps, a lot of people about to lose their homes, etc. That Reagan "revolution" was a real success!

Seems to me the US should try another kind of revolution which taxes the rich and forces them to carry their fair share in order to make the government solvent, to allow government to provide necessary services like education, police, fire, pensions, welfare, etc.

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