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Five Tax Fallacies Invented by the One Percent. They Are Entirely False

  1. The Rich Pay Almost All the Taxes In fact, “Total taxes for the very rich are 29% of their incomes (23% + 2% + 7% – 3%). Total taxes for the middle class are 28% of their incomes (8% + 10% + 10%). These figures agree with CTJ’s 2011 estimate of total taxes paid.”
  2. Tax Rates Are Too High
  3. Tax Cuts Boost the Economy
  4. Eliminating Tax Breaks for the Rich Wouldn’t Significantly Reduce the Deficit
  5. A Financial Transaction Tax (FTT) Would Hurt the Economy