Your Obedient Serpent (athelind) wrote,
Your Obedient Serpent
athelind

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Life in these Untidy States: Eat the Rich.

AlterNet runs the numbers.



In the 1950s the marginal tax rate on those earning more than $3 million a year (in today’s dollars) was 91 percent. By 1990 it was 28 percent. The IRS says that the top 400 richest tax filers actually paid a rate of just 16 percent in 2007 (the latest numbers we have). Yep, the richest earners — people who took in an average of $343 million each — probably paid a lower rate than you did. Something to consider as you sign your 2009 return.

By the way, those 400 people who do so well on tax day have a combined net worth of nearly $1.37 trillion. [...] If we had progressive taxes that reduced their wealth to a trifling $100 million each, we’d have enough money to set up a trust fund whose interest could provide tuition-free higher education for students at every public college and university in perpetuity. [...]


Note that "if" the article proposes is still far less than the upper-bracket tax rate of the 1950s.

And aren't the 1950s the mythical Good Old Days of Prosperity and Civic Responsibility that the Conservatives point to as the pinnacle of US culture?


Your Obedient Serpent has found that when he includes article quotes, people frequently just read the quoted passage, and leave comments raising objections that were dealt with handily in the original source. Please don't do that, or I'll have to stop including passages, and start including well-earned bitchslaps.
Tags: economics, obama, untidy states
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