Beware The Fantasy Fiscal Cliff

Snap!

tax rates
Sanjay Sanghoee, banker and author writes in the Huffington post about the “Fantasy Cliff: Debunking the Biggest Myths About the Bush Tax Cuts and the Rich.” In it he exposes the three biggest claims made by the rich and explains why they are wrong.

Myth #1: The Rich Pay an Excessive Amount in Taxes

The conservative shills keep telling us that the top 10 percent of households pay 70 percent of the federal income tax in the United States. True, but how can this be when as individuals they pay lower taxes than the rest of us? It’s not because they pay their fair share – they don’t – but simply because of the income inequality that concentrates a disproportionate proportion of wealth in their hands.

For example:

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