JOURNAL-ISM
via Kevin Drum
I see that the Wall Street Journal is busily cementing its reputation as the most dishonest editorial page in the country. Today they crow yet again about the vast tax burden of the upper classes:... read on
So in 1979 the super-rich earned 3% of the money and paid 5% of the taxes. In 1999 the super-rich earned 10% of the money and paid 11% of the taxes. The Journal clearly has a different definition of "grew more progressive" than the rest of us.
In fact, these numbers might start you wondering. If the income share of the super-rich tripled but their tax share only doubled, doesn't that mean that their tax rates must have gone down? Indeed it does.
So shed no tears for the super rich in America. Their incomes have tripled in the past couple of decades and at the same time their tax rates have decreased by 9 percentage points. That's a pretty sweet deal in anybody's book.
