ZadPolBlog

Sunday, September 13, 2009

Reality of trickle-down

Warren Buffett said he paid a 16.5% tax rate on all his income because the tax rate on investment dividends and long-term capital gains is only 15%. By contrast, a single employee at Buffet’s firm, Berkshire Hathaway, who earns between $33,000 and $83,000 must pay a 25% federal income tax rate.
thehill.com

That's trickle-down / voodoo / supply side / Reganomics / dubyanomics (whatever you want to call it) at work. The working class will pay MORE in taxes - in this simple illustration, 40% more of their take home pay percentage - than the very rich.

This is what happens when you put Republicans in charge of the nation's tax code. "Tax breaks for all" sounds good, but when the reality is "tax breaks for the wealthiest people and largest corporations, with tax increases for the middle/low class and small businesses", then the reality of their policies doesn't sound so good.

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