More evidence in support of Governments Don’t Overspend post

Posted: April 8, 2011 in Economy, Latino Politics, Obama, Power, Race, Tea Party, U.S. Politics, Uncategorized
Tags: , , , , ,

Take a look at this chart, supporting my earlier post on

Governments Don’t Overspend

  1. paramita1 says:

    Excellent, insightful article. None doubts that the top 1 % of wage earners pay 38% of the federal income taxes. However let’s not forget that the income tax itself is less than half of the federal taxes and comprises only one fifth of taxes at all levels of government. According to Dean Baker, co-director of the Center for Economic and Policy Research “if the rich pay less and we raise the same amount of money, then someone else has to pay more. And the someone in this story is the middle class. It really is that simple.” The very bottom 90 % of the wage earners are the ones that pay most of the Social security, Medicare and unemployment insurance taxes. On the contrary, the hedge fund managers don’t even pay 15% with convenient deference as “carried interests”. Let’s remind ourselves that during the G. W. Bush’s era the IRS report on the top 400 taxpayers was kept a secret label, a policy that was promptly overturned by the Obama administration.

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