Ho hum

With statements like this no wonder they get confused:

And at the very top, among those taking home hundreds of millions each year, the tax code is actually regressive, meaning the more they make the less they pay. The richest 1% own nearly 40% of all the wealth, but pay only 20% of all the taxes.

We tax income, your income tax bill does go up the more you earn. America’s income tax system is in fact rather more progressive than that of most other places. Comparing to wealth is a nonsense as income and wealth are different things.

8 thoughts on “Ho hum”

  1. among those taking home hundreds of millions each year …. the richest 1%

    Nice little bait-and-switch there. The earnings threshold for the top 1% is $718,766. Even the top 0.1% is just $2,757,000, far off “hundreds of millions”.

  2. @Andrew M

    In UK the earnings threshold for the top 1% is a lot, lot lower……

    £160,000 (IFS)

    Who to blame? EU & UK Gov’t

    : (

  3. Hmm. Roy Jenkins as Chancellor, so 1960s. And it was on investment income, retrospective, for one year. But it was above 100%, 130% I think it was.

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