From Harvard economics professor Greg Mankiw:
The Progressivity of the Tax System
With all the rhetoric floating around regarding the “Buffett rule,” it might be worth trying extra hard to keep an eye on the facts. Here is the progressivity of the current tax system, according to the Tax Policy Center. If you can remember only one fact, make it this one: The middle class (middle quintile) pays 14.1 percent of its income in federal taxes, while the rich (top tenth of one percent of the population) pay 30.4 percent.
But Professor, the President told me the rich are not paying their fair share and are unwilling to share in the sacrifice.
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1 response so far ↓
1 T.Addison Geis // Jul 17, 2012 at 11:59 am
I have never, let me repeat never heard anyone refute the fact that the top earners in our society pay a huge percentage of all taxes collected.
I have heard numerous liberals say, “that’s not true”. No references cited, of course, just a refusal to acknowledge the truth.
As to the final fix for “progressive taxation”, the Fair Tax would clarify the tax picture for the long term. It would saddle the rich consumers with paying huge amounts of tax dollars- wouldn’t that be satisfying to you liberals out there?