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Monday, February 07, 2005

Progressivity

No, you idiots, progressivity refers to the tax rate, not the tax burden. This event just signifies the rich are getting more and more of the nation's income (as well as holding most of its wealth). If only the rich earned income, then of course, the rich would pay 100% of the income tax, and there wouldn't be a darn thing progressive about it:
The White House budget director Josh Bolten on Monday bragged to reporters how the nation most-wealthy will see an increase in tax burden under Bush's new budget.
...without the president's tax cuts that top 5 percent would be paying about less than 52 percent of our total income tax revenue. "After the president's tax cut that group is paying more than 54 percent of our total tax revenue. So the notion that the president's tax cuts have somehow made the code less progressive is wrong. The president's tax cuts have made the tax code more progressive."

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