Tax the Poor?

We just finished four days looking at income inequality and how the U.S Tax system favors the rich. Yesterday afternoon we see It’s time to ‘tax’ the ‘poor’, Anthony Mirhaydari saying “even before January’s tax hikes, the rich were carrying a greater and greater share of the burden”  It appears Mirhaydari has not done much reading lately.  While he points out how the upper classes pay a large percent of the overall tax bill, he does not recognize the logarithmic growth of wealth at the top nor acknowledge the very special treatment of income received from investments when those who work and subsequently “earn” their income have to pay heavier taxes. He also overlooks that income tax is but one form of tax, there is the highly regressive  payroll tax, FET, and many more which overwhelmingly impact low/middle class at a  greater degree. It is not surprising Americans don’t understand how the system works and what needs doing when we have a national media, MSM in in this case, perpetuating such drivel.

Effective_Payroll_Tax_rate_for_Different_Income_Percentiles_(2010)

Here’s another data point on how regressive the payroll tax already is. The poor are already paying a huge portion of the bill. Time for MSN to rid of this Mirhaydari.

 

 

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