OK, I mean, fair...?

One curiosity of democracy is the rich citizens who tell politicians to raise their taxes. It’s the patriotic thing to do, they say. The latest example is Mitt Romney, the GOP’s 2012 presidential nominee, who volunteers to put his wallet on the chopping block in return for reforming entitlements. The first point to make is that if Mr. Romney wants to pay more taxes, by all means go ahead. Write a check to the Treasury. It’s a writ of attainder to target an individual with legislation, Democrats, but maybe Mitt won’t mind.

Sure, the already rich can shout for higher taxes on people like them... but would the future Romney-currently-in-the-making agree? Hardly.

Mr. Romney made his fortune at Bain Capital, and good for him. He can afford to pay more now, but would the 28-year-old Mitt still on the make have thought so? Raising taxes makes it harder for others to get rich. Billionaires like Warren Buffett and Bill Gates are able to shelter their wealth behind tax loopholes like creating foundations. Higher income-tax rates matter less to them that they do the salaried couple who finally feel they made enough for retirement after 30 years of the daily grind.

Turns out, the rich-ish are already fleeced, while the poor pay nada -- the top-1% cotributing 40-something percent of all income taxes:

The top 1% paid an average tax rate of 26.1% in 2022. Their top marginal income-tax rate is far higher, and in New York and California can exceed 50%. The top 10% paid an average tax rate of 21.1%, while the bottom 50% paid 3.74% on average.

Also: Fuck the Boomers (#1358006)

archive: https://archive.is/WcMsa