By marfdrat on September 19, 2012
I’ve posted about this several times, but one more time can’t hurt. Great graphic from the Heritage Foundation.
Posted in Economics & Politics | Tagged 1%, 10%, federal government, federal taxes, heritage foundation, income taxes, millionaires, taxes | 1 Response
I'm the chief cook and bottle-washer here.
A well-crafted infographic. The ideological argument contained is, however, selective and incomplete since it covers only Federal Income Taxes. When you include payroll, state and local taxes the disparity is far less striking.
It does have an advantage over the recent Romney “brick” commercials in that the graphics are to scale rather than exaggerated.
The Federal Income Tax is skewed to a degree by the Earned Income Tax Credit- originally a conservative idea- to reduce the burden on families. It is credited with keeping 4.5M working people out of poverty in 2010. It is also skewed by retirees and those in the active duty military- neither of whom make much money.
The idea that it is the middle class- not the rich- who are taxed too little is not one that is going to win elections. (You can, of course, tax the poor all you want. But that is blood from a stone.) The idea that cutting taxes more will bring more growth is an article of faith, but since there is little data to support the notion, and much to raise doubt, an infographic on that score is more of a challenge.
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