Millionaires, The Middle Class, and Taxes — Actual Numbers (by: Paul Krugman)

http://krugman.blogs.nytimes.com/2011/09/21/millionaires-the-middle-class-and-taxes-actual-numbers/?gwh=46BDA2C92784B90E861870865D740692

Here’s how to read this: 40 percent of taxpayers with incomes between 30K and 40K pay more than 12.9 percent of their income in income and payroll taxes; meanwhile, 25 percent of people with incomes over $1M pay less than 12.6 percent of their income in these taxes. This suggests that there are a lot of very-high-income guys paying a lower tax rate than their secretaries.

And that doesn’t even take into account state and local taxes, which are quite regressive.

**Opinion**

While this may be a step in the right direction, I don't believe it's progressive enough. I'd like to see the 25 percent of people with incomes over $1M, percentage dropped to around 5 percent. Also, I believe it would make a lot more sense to have their percentage of income tax raised from 12.6 to around 17-18.

Why? For one, the well off have been getting tax cuts for way too long, while lower-income classes can't even obtain a job to pay their taxes. Secondly, if you need more money, it's a no brainer that you need more revenue. So, why not receive more of it from the people that are actually working and can afford it. If you tax the people making significantly less, at nearly the same tax rate as those in the highest income tax bracket, how do you expect it to be returned to the economy? If you make more than a million dollars per year and have a problem with paying more (because for one, you're more fortunate than many) than a secretary - you have real issues. Instead of accusing people of mooching and cutting social and anti-poverty spending to the bone, Republicans should pay their fair share and better focus on one of their supposed crusades: bringing down America’s long-term debt.

With the international perception of the US already in the toilet. Republicans have some nerve to write a letter to Fed Chief Ben Bernanke, in an attempt to influence his decision regarding further action to lower long-term interest rates and juice the economy. The nation’s central bank shouldn't be involved with politics.