Wednesday, November 23, 2011

A Good Piece On The 47%

It explains that Republican argument about all those people who are not paying federal income taxes (47% of all tax-payers) at all and how we should immediately make them pay lots and let the rich pay less. It hits all the main points, from noting that federal income taxes are just one of many types of taxes and that most tax-payers do pay taxes in general, then pointing out that it was the Republicans who made the changes which dropped many tax-payers to zero levels and finally making this very important point:
There is no question that the wealthy pay a higher overall tax rate than any other group. That is an American tradition. But there is also no question that their tax rates have fallen more than any other group’s over the last three decades. The only reason they are paying more taxes than in the past is that their pretax incomes have risen so rapidly — which hardly seems a great rationale for a further tax cut.