Jobs and prosperity are hurt — not helped — by a tax system that bestows its bounty on the super-rich and saps the middle class of buying power, according to a prominent Seattle entrepreneur.
The super-rich paid about 40 percent in taxes during the prosperous 1960′s, argues Hanauer, and about 30 percent during the prolonged prosperity of the 1990′s. They now pay an average of 16 percent.
Hanauer reports that last year, he paid an 11 percent rate on an eight-figure income. (The median Washington family has a yearly income of $56,479.)