Thinking as a Hobby

Get Email Updates
Email Me

Admin Password

Remember Me

3478675 Curiosities served
Share on Facebook

The Straight Dope Hates All Over the Flat Tax
Previous Entry :: Next Entry

Read/Post Comments (5)

Cecil gets asked about the flat tax, and it turns out he's not a fan:

As a general proposition, the wealthiest Americans do pay the bulk of the individual income taxes collected in the U.S. That's a point worth making, since the belief that the rich pay zip while the little guy gets slugged is the impetus behind the "flat tax" proposal, the stupidest idea to come down the pike since pet rocks.

He then cites some statistics like this one showing that the rich bear a large percentage of the tax burden:

The top 3 percent of filers, those making $100,000-plus, paid 40 percent of the taxes.

So what information is he leaving out? He's not saying what percentage of their income rich people are paying.

It could very well be the case that the top 3 percent of filers pay 40 percent of the taxes, but that they're still only being taxed at a rate of 18%.

According to this story:

Warren E. Buffett was his usual folksy self Tuesday night at a fundraiser for Sen. Hillary Rodham Clinton (D-N.Y.) as he slammed a system that allows the very rich to pay taxes at a lower rate than the middle class.

Buffett cited himself, the third-richest person in the world, as an example. Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent.

Cecil's entire argument rests on the percentage of total taxes that rich people pay, rather than demonstrating whether or not taxes really are "progressive" (a shitty word, if you ask me).

If you simplify the tax code, treat all income equally, and tax everyone at a flat rate sensible enough to still fill our coffers, it would be a simpler, fairer, more transparent tax system.

Read/Post Comments (5)

Previous Entry :: Next Entry

Back to Top

Powered by JournalScape © 2001-2010 All rights reserved.
All content rights reserved by the author.