- Cafe Hayek - http://cafehayek.com -

Realism from David Leonhardt

Tweet [1]

Here [2]. He argues that down the road, taxes are going to have to rise over time to fund Medicare, and not just on the top 1%. He presumes that Americans will continue to support Medicare and demand that it stay in place. He's probably right. He mentions in passing that the top 1% pay 25% of the Federal taxes. Not income taxes, because that number is almost 40% [3] in the latest available data. I assume he is accounting for payroll taxes.

By the way, the share of income going to the top 1% and the share of taxes paid are both probably going to be lower in 2008 and 2009 than in years past, because of the recession and the Wall Street layoffs.

Comments