Top 1 Percent Pay 37 Percent of Income Taxes
15th February 2012
Tim Cavanaugh has the inside story.
Tax cheat Tim Geithner, the only member of the Obama economic brain trust who has not yet been fired, testified to the Senate Finance Committee today in favor of the president’s proposed trillion-dollar-deficit budget.
Geithner, a Dartmouth man esteemed more for his tennis skills than for his understanding of markets or business, peddled much Keynesian voodoo before a nation whose economy he helped destroy while employed by the Federal Reserve Bank and then the Department of the Treasury.
February 15th, 2012 at 13:26
You keep repeating this drumbeat of what percent of earners pays what percent of taxes, as if there was–or was supposed to be–some intrinsic correlation between the two numbers. There is not, nor can there be–unless we take the widow’s mite, to which I’m sure the Republicans and libertarians are not averse.
When the lowest 50% of the population acoounts for aproximately the same percentage of AGI as the top 1% (12.5% of AGI), I can’t find it within my heart to weep for the poor millionairs.