Why Taxing Rich Won't Kill Them

[irishbobcat]

There has been much hype lately concerning the possibility that the tax on millionaires' earned income might be raised by three percentage points, from 35% to 38%.  (of course, there's been little or no mention that much of millionaires' unearned income will continue to be taxed at 15% or not at all)

Along with this hype are frequent statements from the president that on his planet, wherever that might be, is that the "middle class" includes families receiving a $250,000 annual income.

Well, I looked up the actual data.  The middle third of American households earn between $35,000 and $75,000.  THAT is the "middle" class.  Only 4% of American households have an income of $250,000 or more.


I know he has to be better informed than that, so it's not likely to be a case of incorrect data leading to bad policy.  Much more likely is that it's a case of elitist policy being supported by false data.