Now You see, here we have a nice little chart prepared for us by the Congressional Budget Office. On the left of the chart we have 1979 and as we pan to the right time goes by until at the right side of the chart it’s 2007. Gee it looks like most people at least grew in after-tax income during this period of time. A little anyway but not enough to keep up with the cost of living. Those in the top 20% ( the pink line ) even did perhaps what we might call Okay. But look at that green line; I like to call them the filthy rich, It looks like their incomes went up about 275% ! Wow.
You might have said but how many people live way up there in that rarified atmosphere? Lots. How many people live in your town. Let’s say 10,000? Thats a hundred people. Why? Well partly because the rich have a thousand ways to hide their money from the revenue agent. You know tax breaks for rich people.
There are those who think that if we stuff the filthy rich folks pockets with even more money they will build factories and give us jobs and everybody will prosper. The past is a pretty good predictor of the future. Look at the chart. Doesn’t look like they’ve been doing that does it? Some of them aren’t even paying 15% in income taxes. Because of tax breaks. You know.
I think one of the presidential candidates is saying to cut the tax rates for the filthy rich even further. What do you think?