Tuesday, June 10, 2008

Small violins

Angry Bear has a "soak the rich" post arguing that it's OK to raise taxes on "the rich" since they've made off like bandits during the last 10 years, while salaries elsewhere have stagnated or fallen (if one ignores healthcare). His target is a $300K/year doctor, with $160K in debt from med school, saving for his kids education, and not looking forward to higher tax rates.

The thing is that $300K/year puts one in about the 3% income percentile, and that group has experienced wage stagnation just like everyone else over the past 10 years -- you need to get into the 1% income percentile to see actual dramatic income increases. Top 1% income in the US begins at $1M, and that top 1% pays 90% of taxes currently.


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