Don't tax you.
Don't tax me.
Tax that guy
Behind the tree.
That little bit of doggerel popped into mind when I saw a headline in the Financial Times about a global backlash against globalization. The article stated, "In response to fears of globalisation and rising inequality, the public in all the rich countries surveyed – the US, Germany, UK, France, Italy and Spain – want their governments to increase taxation on those with the highest incomes. "
If the public had been asked, "Do you think we should increase your taxes?" I'm sure they would have come up with a different but no less confident conclusion. Even better, we should have asked them point blank, "Are you rich?"
In the United States for 2004, to be in the top 1 percent of adjusted gross income (AGI), you needed to earn $309,160, according to Arnold Kling at Econlib.
An awful lot of working couples and small business people make more than $309,160. They don't think of themselves as rich. Comfortable, maybe, but not rich. But of course, a campaign to "tax the comfortable" wouldn't get very far.
Beware those who want to "tax the rich." They may be talking about you.
Monday, July 23, 2007
Tax that Guy Behind the Tree
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