Tax wealth like work 2
(see part 1)
Over at Mother Jones there's a neat set of charts and graphs addressing the tax disparity between wealth and work. Here's one:
Yes, the millionaire is paying more in absolute dollars. But it's the percentage rate we're looking at. After paying their taxes, the millionaire has $996,357 (and if all his income is from investment (or inheritance) he's not paying those payroll taxes, so he'd have $1,008,193), while the janitor has $24,850. That's perilously close to poverty if the janitor has a wife and two kids and over it if he has three kids. And for New York, well, a huge part of that is going to either his rent or his commute...
If the millionaire were taxed at the same rate, he'd have $876,949 left...
Check out the whole MoJo article, why don't you?