NEW YORK TIMES: …Washington already redistributes income from the rich to the poor. Richard Burkhauser and Philip Armour from Cornell and Jeff Larrimore from the Joint Committee on Taxation have become heroes to the right by trying to establish that government redistribution has, in fact,erased the trend of increasing inequality.
Washington already redistributes income from the rich to the poor. Richard Burkhauser and Philip Armour from Cornell and Jeff Larrimore from the Joint Committee on Taxation have become heroes to the right by trying to establish that government redistribution has, in fact, erased the trend of increasing inequality…
According to the Tax Policy Center, federal taxes in 2014 will trim the one-percenters’ share of national income to 14.1 percent, from 17.1 percent. That’s only slightly more than in 2008, when taxes reduced their slice of the national pie to 13.6 percent, from 15.5 percent… (more)
EDITOR: This is another of those articles for which our excerpts cannot do justice. It is worthwhile reading in full, or at least until the final few paragraphs.
Economists and the media may underestimate the significant impact of the restoration of the Bush tax cuts and the addition of the 3.8% tax on investment income. Many Pennsylvanian members of the top 1% are paying 50% in taxes on most of their income.
Quite a few donate a tithe (10%) and, for some, far more to charities.
It may prove more difficult in future years for non-governmental organizations and charities to raise funds.
