Maybe it should be more. But it is far from "unfair." That 99%, however...

The interminable and depressing negotiations over raising the debt limit have recently featured unseemly demagoguery from the President about making “millionaires and billionaires” pay their “fair share” in taxes. I have no ideological objection to raising tax rates on the richest Americans and even Americans like me; after all, as Willy Sutton pointed out when explaining why he robbed banks, “that’s where the money is,” and we have to pay our bills somehow. The fairness argument, however, is dishonest, and blatantly unfair.

It is unfair because the richest 1% of Americans pay close to 40% of the total tax revenue. Now, that 1% also have a lot of money, but they use a lot of that money to run businesses, create new products and services and hire employees. Maybe they should pay even more, and maybe they get too many tax breaks. To say that paying 40% of the total tax revenue is something to be ashamed of, however, is dishonest. Continue reading →