Wednesday, November 18, 2009

Another Story Teabaggers missed on their way to a protest

Anti-government, tea party protesters want to keep more of their money. I got that message. But did they know that they are paying 7 times more of their hard earned money than a wealthy millionaire? The rich get to keep even more of their money. Yeah! They even get to spend less on property taxes:
The Institute on Taxation & Economic Policy (ITEP) analysis found that the poorest fifth of Wisconsin taxpayers pay 6.3 percent of their income for sales and excise taxes. That is seven times more than the richest one percent of taxpayers, who pay just 0.9 percent of their income for sales and excise taxes. Property taxes in Wisconsin are somewhat less regressive than sales taxes, with low and middle income taxpayers paying between 3.0 and 3.6 percent of their income for property taxes, compared to 1.7 percent for the richest one percent of state residents.
How can we make it more fair? By "restoring the state’s estate tax and eliminating income tax breaks that primarily benefit the wealthy, such as the preferential treatment of capital gains."

That'll happen.

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