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.