Sunday, January 2, 2011

Barone on Income Inequality

Michael Barone has an article for The Washington Examiner on why income inequality doesn't bother most of us, and who it may bother. He begins:
Income inequality has been increasing, according to standard statistics. Yet most Americans do not seem very perturbed by it.
Talking about our federal tax rates, Barone observes:
Current tax rates mean that the top 1 percent of earners account for 40 percent of federal income tax revenue.
In other words, in a nation of 308 million people, less than three million people pay four out of every ten income tax dollars. How do most of us feel?
I suspect that most Americans would be thrilled to get a 13th month of pay. But they're not seething with envy at those who are better off.
Barone concludes about who does most of the resenting:
One example is the cartoonist and author Garry Trudeau, a college classmate of George W. Bush, who has been spewing contempt for the Bushes for 40-some years. The strongest class envy in America, it turns out, may be the resentment of those who were one club above you at Yale.
I know of people who own Learjets and the like, but I'm not worried that I don't own one. I think Barone has it right, see what you think.