SORRY, OCCUPY: THE ‘ONE PERCENT’ PAY MORE IN TAXES — AND THEIR INCOMES HAVE FALLEN
doofiegirl POTL~PWCM~JLA
2012/07/22 11:17:03
Since this whole Occupy, income-inequality conversation took center stage last year, we’ve heard over and over again that the rich [the so-called “One Percent”] pay less in taxes than everyone else despite the fact that their income levels are at all-time highs.
Is this true? A new report from the Congressional Budget Office would say “not exactly.”
“Let’s consider income first. Between 2007 and 2009, after-tax earnings by Americans in the top one percent for income fell 37 percent. On a pre-tax basis they fell 36 percent in the same period,” CNBC’s Robert Frank writes.
“That may sound like a minor haircut for One Percenters compared to people who lost their jobs. But when you take into account federal transfers, assistance and taxes paid, the incomes of the bottom 20 percent grew by 3 percent, while it fell a modest 2 percent for the middle 20 percent,” he adds.
Translation: Since the start of the recession, the wealthy have seen their incomes fall 18 times more than the incomes of the middle class.
Okay, fine. But what about taxes paid?
Would you believe us if we told you that although tax-rates for the “One Percent” are at historic lows, the actual amount paid in taxes is higher than it was before the recession?
Bottom line: We can argue back and forth about the benefits of taxing the wealthy [one side arguing that it’s about “equality” while the other argues about job creation], but facts are the facts. The “Once Percent” has seen its income fall and pays more in actual taxes than before the recession.
“[W]hen politicians and pundits talk about the rich just getting richer and paying less taxes, they need to pay closer attention to the actual numbers,” Frank concludes.
Is this true? A new report from the Congressional Budget Office would say “not exactly.”
“Let’s consider income first. Between 2007 and 2009, after-tax earnings by Americans in the top one percent for income fell 37 percent. On a pre-tax basis they fell 36 percent in the same period,” CNBC’s Robert Frank writes.
“That may sound like a minor haircut for One Percenters compared to people who lost their jobs. But when you take into account federal transfers, assistance and taxes paid, the incomes of the bottom 20 percent grew by 3 percent, while it fell a modest 2 percent for the middle 20 percent,” he adds.
Translation: Since the start of the recession, the wealthy have seen their incomes fall 18 times more than the incomes of the middle class.
Okay, fine. But what about taxes paid?
Would you believe us if we told you that although tax-rates for the “One Percent” are at historic lows, the actual amount paid in taxes is higher than it was before the recession?
Bottom line: We can argue back and forth about the benefits of taxing the wealthy [one side arguing that it’s about “equality” while the other argues about job creation], but facts are the facts. The “Once Percent” has seen its income fall and pays more in actual taxes than before the recession.
“[W]hen politicians and pundits talk about the rich just getting richer and paying less taxes, they need to pay closer attention to the actual numbers,” Frank concludes.
Read More: http://www.theblaze.com/stories/sorry-occupy-the-o...
The left views facts from the former as the evil twin that consistently destroys the lies perpetrated by the latter.