Monday, September 19, 2005

The New York Times, opining on why "tax cuts for the wealthy" must be repealed:
(T)ax cuts for people who make more than $200,000 a year, the top 3 percent of the income ladder, have accounted for nearly 20 percent - or about $330 billion.
Forgetting for a minute that The Times never bothers to distinguish between income (which is taxed) and wealth (which isn't, at least until you die), if 20% of the tax cuts benefitted the top 3% of income earners, what percentage of taxes were paid by those 3%?

A little interpolation of the numbers cited at this page reveals that although those top 3% of wage earners received 20% of the tax cuts, they paid in the neighborhood of 40 percent of the taxes.

The Times finishes in a flourish with this howler:
(L)etting temporary tax cuts expire on schedule is not a tax increase. It's the law of the land, which Congress wants to change.
To The Times, raising taxes is not a really tax increase when it is required by law. Try telling that to the guy whose pocket is getting picked.

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