Here's a chart based on Paul Krugman's writeup of data from the CBO's new "Historical Effective Federal Tax Rates" report. Naturally, the only solution is tax cuts.
First off this is an exponential- what's worse is the last half of the x-axis is a log scale as well- eek.
Some comments I read that made sense; people in the top 20% of the nation's income range will have their incomes directly tied to the economy. During these years '03-'05 the US grew by about 5-6% so take that off of the top 20% and you still have an exponential. The only difference is that you don't have that nasty little step between 'Fourth 20%' and 'Top 20%'.
If anyone has doubts about the Bush tax cuts and what it has done for this country I think this pretty solidly refutes that. Finally, I think that the super rich in this country really need to take a long look in the mirror and ask yourself what you really need all that money for? What are you spending it on? Is that stuff going to matter after worms are crawling in your skull? Maybe you should do something like, I say grudgingly- due to my hatred of all that is Microsoft, Bill and Melinda Gates. I know that when Bill is dead and gone his money will continue to make the world a better place. Wasn't there always some part of your entrepreneurial soul that wanted to make a difference as well as becoming filthy rich?
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2 comments:
be cautious, Bill and Melinda think technology can force feed a solution. sometimes the 'answer' lies in the nature of the problem.
Regardless of their own prerogatives, I commend them on spending their money on philanthropic ideals rather than hording is like some greedy goblins.
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