Not1b4me’s Blog

WeRtheVoices

Greed: The Top 1%

The Wall Street Journal has a piece titled The Obama Rosetta Stone which is an interesting read. Find there a graph titled “Top One Percent of Earners Have Been Increasing Their Share” which shows an ever increasing percentage of “total income” greedily stolen by the top 1% from the hides of the downtrodden masses.

The WSJ takes the angle of discrediting the chart with a combination of ad hominem and ridicule. Whatever you think about that chart, as I think little of it, it lays out a marker that the Obama Administration will be using for the next 4 years (gah! maybe 8 [sob]). Lucky for us, there is a very clear rebuttal to this chart.

Mark J Perry’s post has it in an eerily familiar looking shape…

 

 

Here is the key data point: While the “share of income” going to the top 1% has risen to around 23%, the share of the tax burden on the top 1% has risen to almost 40%.

This data ends in 2006, I wonder what these lines will look like when President Obama’s “soak the rich” tax plan goes into effect. I’m fairly certain that it will not be pretty.

Advertisements

March 19, 2009 - Posted by | Assinine, Sad |

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: