Sunday, January 5, 2014

Businessweek Charts the Redistribution of Wealth in the United States

The Redistribution Towards the Wealthy of Course

Assuming Businessweek magazine does not have a sense of humor or irony, these charts and the accompanying commentary talks about redistribution and progressive taxes.

Of course, they get the concept of progressive taxes wrong, it is not who pay for government, it is effective tax rates and thanks to loopholes and special treatment, the U. S. tax system is not very progressive.  And as for the fact that government spends money on low income benefits, well good grief, of course it does, that’s its mission.  Duh!

As for ‘redistribution’, as the chart notes the redistribution that has taken place in the last several decades is towards the wealthy.  Nice going folks.


Graphic: Redistributing Wealth in the U.S. Tax System

The U.S. has a progressive tax system, which means the highest earners pay the most in federal taxes. The lion’s share of entitlement benefits, such as Social Security, goes to the lowest earners.

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