Friday, April 22, 2011

The rich are not unduly burdened by taxes (A continuing series)

Via Paul Krugman, a chart that reminds us the rich aren't unduly burdened by taxes:

On a related note, there's been a lot of effort lately from my conservative friends to assert that merely raising taxes on the rich won't solve America's long-term deficit problem. And you know what? I think they're right! The middle class is going to have to ante up a bit if it wants to maintain some of the services it likes so much. So if Dems suggest they can pay for everything simply by larding up marginal tax rates, well, they're probably wrong or lying.

However...

It's also true that the effective tax rates on the super-rich are the lowest they've been in recent memory. And it's true we face a long-term deficit problem. And it's also true that we were digging ourselves out of debt under the Clinton-era marginal tax rates that are slightly higher than they are now. But it's also true that the Republican plan going forward is to ... further reduce taxes on the rich.

That's silly. Maybe we can't fix everything by soaking the rich. But it's just as dubious to think we can solve our problems by letting them off the hook for their portion of supporting our government.

2 comments:

emawkc said...

"...if it wants to maintain some of the services it likes so much."

Or, we'll have to not have some of those services. I think people should consider this as a definite possibility.

Rick Henderson said...

"I think people should consider this as a definite possibility."

Yes.