Lies About the Super Rich

Michael Medved

6/7/2012 2:49:42 PM - Michael Medved

Cable network CNBC deserves praise for correcting the common liberal lie that the rich get richer every year, and pay lower tax rates than ever before. IRS data actually shows that top money-makers were hurt badly in the recession, and paid more—not lessin taxes.

 

The “Fortunate 400” – the most prolific earners in America – saw their combined income drop by 41% between 2007 and 2009. But while their income fell, their tax rate went up – from 17 percent to 20 percent. This compares to a rate of only 6.4% for those making between $30,000 and $50,000 dollars. No, the super-wealthy don’t pay lower rates than the middle class.

 

It’s also not true that they represent a permanent elite, since 73% appeared on the “Fortunate 400” list only one year of the last 17, showing a revolving door among top earners.