Who's the Fairest of Them All?: The Truth About Opportunity, Taxes, and Wealth in America by Stephen Moore

Author:Stephen Moore [Moore, Stephen]
Language: eng
Format: epub
Tags: Investments & Securities, Sociology, Social Science, Taxation, Social Classes, Economic Conditions, Political Science, Economic Policy, Public Policy, General, Business & Economics
ISBN: 9781594036859
Publisher: Encounter Books
Published: 2012-10-08T22:00:00+00:00

Source: Office of Management and Budget, Budget of the United States Government, Fiscal Year 2008.

TAX RATES AND TAX PAYMENTS BY THE RICH

Imagine you are at an expensive dinner gala with a hundred people in attendance. The cost of the dinner is $10,000, and at the end of the evening it is time to pay the bill. Most would say what is fair is for each of the hundred diners to pay their share of the bill. But now imagine we pay for the dinner the way we pay our federal taxes. In that case, those in the room in the top half of income would pay 97 percent of the tab. Those in the bottom half of income would pay 3 percent. By the way, the forty attendees with the lowest income would pay zero—they eat for free.

Then there are the rich people in the room. The ten richest pay two-thirds of the bill, the three richest pay half, and the wealthiest person of all pays forty percent, or $4,000. Sound fair?

Figure 4.3: Bottom 95 Percent Pays Less Than Top One Percent

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