[Vision2020] Re: Latte' Tax "Creamed"

[Melynda Huskey]

Paul Krugman, who is a columnist for the *New York Times Magazine,* and 
notable for having a Keynesian free market position which has allowed him to 
praise both Milton Friedman and Margaret Thatcher (two people I despise), 
wrote a very interesting piece this last week called "The Tax-Cut Con," 
which I highly recommend.

Among other things, Krugman points out that in 2002, all U.S. taxes (local, 
state, and federal) combined equalled 26.3% of G.D.P.--not only strikingly 
low compared with other developed (he says "advanced") nations, but not very 
high for us:  the share of income Americans pay in taxes (excepting a very 
brief spike in capital gains fueled by the stock market bubble) has been 
flat since Richard Nixon was president.

Unless, that is, you are very wealthy.  The top tax bracket is now 35%--half 
what it was in the 1970s, lower than at any time since Herbert Hoover of 
esteemed memory was President.

"Families with incomes over $1,000,000 per year--a mere 0.13% of the 
population--will receive 17.3% of this year's tax cut, more than the total 
received by the bottom 70% of families." (p. 61)

Eagerly awaiting some graphs from local "Starve-the-Beast"ers,

Melynda Huskey



Go, said the bird, for the leaves were full of children,
Hidden excitedly, containing laughter.
Go, go, go, said the bird: human kind
Cannot bear very much reality.
Burnt Norton, T.S. Eliot

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