PORTLAND | April 15, 2011
For the past thirty years with a special emphasis on the last ten, author David Cay Johnston a columnist for tax.com who teaches the tax, property and regulatory law of the ancient world at Syracuse University College of Law and Whitman School of Management, in a report entitled 9 Things The Rich Don’t Want You To Know About Taxes states the following:
1. Before Reaganomics, 90% of Americans saw their incomes grow faster than the top 1%. After the 1980’s, when Reagan took office, almost all income gains have been at the top.
Contrary to popular belief, poor Americans do pay taxes. In a report entitled The Wealthy Need To Pay More In Taxes, it is discussed that 20% have salaries highly in excess of the $49,000 per capita average while 80% much less, and author Johnston corroborates this fact to a degree. According to Mr. Johnston, data from the Tax Foundation show that in 2008, the average income for the bottom half of taxpayers was $15,300.
2. Wealthy Americans do not carry the tax burden.
3. The wage gap widens and the wealthy are paying less taxes.
4. Many of the wealthiest Americans pay no federal tax at all.
5. Only wealthy Americans have gained significant income.
6. Corporations are in a similar position with less taxes
7. Some corporate tax breaks actually destoy jobs.
8. Average incomes fell during the Bush years and Republicans actually like taxes too!
9. Other countries can do it better, like Germany, who has a smarter tax system.
To read the entire article, please visit: 9 Things The Rich Don’t Want You To Know About Taxes
Read all of Debunking Supply Side Economics