Friday, April 10, 2009

Even the Liberal Media Agrees

Washington Post Says - Gasp! - Rich Paying Fair Share
April 10, 2009
By Dan Weil

A liberal pillar of the media is taking a decidedly conservative position.

The Washington Post says in an editorial that the wealthy already are pulling their weight when it comes to taxes.

“In 2006, the top 20 percent of earners paid 70 percent of all federal taxes. On average, they paid 26 percent of their income to the government,” the editorial states.

The numbers are particularly powerful for the richest of the rich – the top 1 percent of taxpayers. They account for 28 percent of all taxes, handing over 31 percent of their income to the government.

Meanwhile, the middle three quintiles on the income scale gave up only 10, 14 and 18 percent of their income. And the lowest 20 percent on the income pole provide only 0.8 percent of all tax revenue.

So even The Post had to conclude: “Based on these numbers, it would be hard to argue that the country doesn't already have a significantly progressive tax system.”

It doesn’t stop there. “Taxes aren't just for suckers, with cashiers paying more of their income than corporate chief executives,” the editorial states.

Not surprisingly The Post calls for higher taxes to plug the country’s exploding deficit. But this part may surprise you: The Post doesn’t think the wealthy should foot the entire bill.

“President Obama has promised that taxes will not be increased for families making under $250,000,” it points out. “That is a promise that will probably have to be dropped down the road.”

Many experts, of course, believe that taxes shouldn’t be raised at all. Spending is the problem, they say.

Former presidential candidate Steve Forbes tells Bloomberg: “Raising tax rates, especially in an environment like this, is not good for the economy.”

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