From: Dante-Gabryell Monson <dante.monson@gmail.com>
Date: Mon, Sep 26, 2011 at 9:53 PM
Subject: rich divided over their taxation ? ( US? figures )
To: econowmix@googlegroups.com
http://blogs.wsj.com/wealth/2011/09/23/the-rich-are-divided-over-taxing-the-rich/
“Entrepreneurs who work in a complex knowledge economy are more likely to view wealth creation in collective terms and, as a practical matter, depend more on public structures,” he writes. “It makes sense to them to pay higher taxes to bolster these systems.”
The old wealthy – those who made their fortunes outside the knowledge economy—are still fiscally conservative. But the new economy tycoons and those on the liberal coasts support a more progressive tax system.
A new chart from the Economic Policy Institute, using data from NYU Economist Ed Wolff, shows that more than 80% of the nation’s wealth gains between 1983 and 2009 went to the wealthiest top 5%. The top 1% gained 40% of the nation’s total wealth gain, while the next 4% gained 41.5%.