Saturday, March 07, 2009

Lies, Damn Lies, and Taxes

The selfish rich and their delusional hoi polloi 'tax cut' tools have a favorite statistic: the wealthiest 20% pay 67% of the taxes. You are encouraged to 'think' that it's unfair for one-fifth of the population to pay two-thirds of the taxes. But consider this fact: the wealthiest 20% own over 50% of everything, according to the Economist magazine. The picture is even starker when you compare income and wealth (figure, 2007 data from the Federal Reserve), which shows that the upper 10% own practically everything. Taxing the rich is like robbing banks, you have to go where the money is.

The politician with a credible plan to get all of us into that upper 20% has my vote. ;-)