Wednesday, April 20, 2011

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:

chart showing janitor at 24% and millionaire at 14%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?



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