Our income inequality has grown. Largely because of the global capitalist economy--in which marginal improvements made by smart people are rewarded more handsomely--and the "winner take all" society in which we live, the rich have become richer. That much is clear in New York Times column by Nicholas Kristof "Our Banana Republic."
But the idea that the rich are making out like Bonnie Clyde just ain't true.
The top one percent of income earners--$410,000 and up--may earn 24 percent of the income...but they pay out 40 percent of the income taxes. That's what Kristof leaves out. Larry Elder is much better in showing the rich are being squeezed too hard, causing jobs to dry up.
But the idea that the rich are making out like Bonnie Clyde just ain't true.
The top one percent of income earners--$410,000 and up--may earn 24 percent of the income...but they pay out 40 percent of the income taxes. That's what Kristof leaves out. Larry Elder is much better in showing the rich are being squeezed too hard, causing jobs to dry up.
The top 5 percent, those making about $160,000 a year or more, paid 60 percent of all federal income taxes.In an internet age, lies of omission just aren't going to cut it anymore. It makes Kristof much less effective when he doesn't do what I teach my students to do in any persuasive essay: anticipate counter-arguments.Yet according to a 2008 IBD/TIPP poll, only 12 percent of Americans knew what the rich, in fact, paid in taxes. And liberals are likelier to get it wrong.
Kristof is still trying to sell the "Zero-Sum Theory of Wealth" which says that in order for someone else to become wealthy they had to make someone else poor. That is so 11th Century.