As you read this New York Times piece keep the following in mind:
- What about non wage income, that is, financial income from stocks, bonds, and other investments? Of the top 1 or 2 % wage income can be insignificant compared to the financial income. How many ceos “sacrifice” and receive salaries of $1?
- Stating the top 1% pay a larger percentage of taxes is incomplete. What percentage of total income does the top 1% receive? If you receive 50% of all income shouldn’t you pay 50% of all taxes?
- The author is a Harvard professor and advisor to the losing campaign of Mitt Romney. The fiscal cliff will cost Mitt Romney more dollars than any of us.
- No discussion on corporate welfare programs that are likely orders of magnitude larger than the social welfare programs criticized in the article.