Wednesday, January 7, 2009

Mankiw Blog -The Progressivity of the Tax System

Lowest quintile: 4.3 percent
Second quintile: 9.9 percent
Middle quintile: 14.2 percent
Fourth quintile: 17.4 percent
Percentiles 81-90: 20.3 percent
Percentiles 91-95: 22.4 percent
Percentiles 96-99: 25.7 percent
Percentiles 99.0-99.5: 29.7 percent
Percentiles 99.5-99.9: 31.2 percent
Percentiles 99.9-99.99: 32.1 percent
Top 0.01 Percentile: 31.5 percent

Top 0.01 %: 31.5 percent and 99.9-99.99: 32.1%, see the difference! Wonder, anyone out there not nagging the top rich 0.01% pay less then rest of 99.99. This mean only top 0.01% high net worth individual in USA? Been thinking these 0.01% probably deserve bit of special treatment since they are wealth creators I gather! Like Bill Gate, he created incredible things for the people and make heaps of money and gives it to the public again. He can not take his money to his grave! Even if he creates a diamond pyramid type of tomb for himself at the moon for his burial ground, how can you take $billons to the moon without pockets so still lot left over spillover everywhere! Even if he pays slightly less or no tax, what the hell anyway public will get them back another way anyway, it makes not much difference! Living life is not much difference whether you have $2 million earner or $20 million $2 billon in general! You can eat so much you can enjoy so much with money! Some people happy at fast line, but mostly you are much happier at yourself alone! The 0.01% couldn’t care whether they pay less or more.