Friday, October 14, 2011

Quotation And Chart Of The Day: Class Warfare Edition

From this Derek Thompson post at The Atlantic.

. . . . more than half of the folks who pay no federal income tax make less than $20,000 a year. It is also true that 7,000 millionaires paid no federal income tax last year. . . .
If you think the 47 Percent are getting away with free-riding, consider that they're mostly poor families making $20,000, which means they would have to work for 116 years at that wage just to make the average annual salary of someone in the top 1 percent. . . .
The 47 Percent are mostly working families whose tax burden was offset by the Earned Income Tax Credit (invented by Republican President Ford and expanded many times since the 1970s), the child tax credit (doubled under Bush), and other exemptions passed into law by Republican and Democratic legislatures and administrations. The 47 Percent aren't running away from the law; they're benefiting from 30 years of Congress whittling away at the tax code. Some of this whittling was smart. Some of it wasn't. The only way to fix it is to raise taxes on working class families.
I guess I'm some sort of Marxist or Socialist or anti-American anti-capitalist, or just a terrible human, but I find the 116 year to 1 year ratio unconscionable.  I accept that fact that some people produce much more than others and should earn more.  That being said, one person should not have to spend more than two working lifetimes to earn what another does in a year.

I also find it curious that Republicans love tax cuts until they benefit people earning less than $30,000 a year,  It will be interesting to see how they modify the tax code to protect the 7000 millionaires from paying taxes while making people earning  $20,000 have a tax increase.

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