2/29/2004 Add a comment

Are Adams & Jefferson rolling in their graves?

At the very end of the Times article on government borrowing against the Social Security surplus:
Mr. Greenspan told Congress earlier that Mr. Bush's tax cuts should be kept in place. The biggest beneficiaries would be the top 400 taxpayers, whose average income in 2000 was $174 million each. They paid 22.2 cents on the dollar in federal income taxes and, under the Bush tax cuts, would have paid about 17.5 cents.

Over all that year [2000], Americans paid 15.3 cents on the dollar of income in income taxes, but many middle-class Americans paid a larger share of their incomes to the federal government than the top 400 when both income and Social Security taxes are counted.
Bonus links: Nixon on tape: The quiz. And excerpts from May 13, 1971. Sam