How much does your pound of flesh actually weigh? Do you view the successful as sovereign citizens – or subjects to be punished because no one should ever be THAT successful (perhaps, because you think they stole it) ?
Obama is crowing “I got Republicans to raise taxes on the wealthy” – thus, fulfilling a campaign promise to make our income tax system even MORE Progressive (philosophically and financially); it’s bite in punishing those that have been successful far exceeds any in the developed world (including the real socialist European democracies that Obama is hellbent in turning us into). So, what does CongressWacko Maxine Waters (who wants to nationalize oil companies) think about the tax hikes? Are the rich now paying their Fair Share?
WATERS: Well, you know, the Republicans are talking about, what all they’re going to do with these tax cuts. The president has said we cannot cut our way out of a deficit and he’s absolutely correct. The first thing that we’ve got to do is look at where we still have unfairness in the tax system and make sure that the people of influence, the billionaires and the millionaires and the corporate interests are paying their fair share. And I believe that whether we’re talking about the financial speculation tax or the elimination of the carried interest or defense spending, we’ve got areas that we could look at to get fair share so that we’re able to take care of the basic needs of this country rather than going to Medicare and Medicaid and Social Security and focusing on those areas as the only place that we can get more revenue.
Yet, what do the new tax tables actually show?
Notice the big jump from the fourth to the highest quartile. However, that 28.1% tax rate is not exactly a “transparent” number – think seeing the last 30 seconds of a 49 – 42 football game and believing it was a competitive game through out and never finding out it was a blowout until the last 3 minutes due to a couple of Hail Mary passes, a runback, and two picks.
The breakdown of the highest quartile
|Top 1 percent:||36.9|
|Top 0.1 percent:||39.6|
(H/T for the table, Greg Mankiw)