Monday, January 26, 2015

I hope the top 10% continues to do well—they are the ones paying most of the taxes

We have a very "progressive" income tax in the U.S.--the top 10% of earners pay over 70% of the income tax. Because I am a pensioner, my income comes from investments in my state teachers' pension and my 403-b, the 15% of my salary I socked away while I worked. (I'm not eligible for Social Security--that would be "double dipping.") Now I'm with the bottom 50% who pay about 2.3%. I can only live well if Obama and other Democrats don't target investors, risk takers, entrepreneurs, and the big spenders who keep the wheels of the economy moving.

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