I’m just not really even sure what to say about the chart below.
How do you want to solve this country’s financial problems: by increasing taxes for the poor or wealthy?
When the data shows that cutting taxes does not grow the economy, then how do we get our country’s financial house in order by cutting taxes for everyone except for the poorest of the poor?
I know how I feel about it: I want to live in a country where those who can afford it give a little extra to carry the burden of the load for others. Humility and generosity, plain and simple.
Source: Tax Policy Center.
And, as reference, here’s some information on income percentiles:
- 1-90th percentiles: incomes starting at $0 up to $108k
- 90-99th percentiles: incomes starting at $108k up to $386k
- 99.0-99.9 percentiles: incomes starting at $386k up to $2m
- 99.9-99.99 percentiles: incomes starting at $2m up to $11m
- Top .01 percentile: incomes above $11m