In his recent commentary, Jonah Goldberg uses numbers in a way that undermines his story (“Goldberg: Shaking down the rich is bad for democracy,” Nov. 15). He states that the top 1% wealthy in America make roughly 20% of the money in our country and pay 40% of federal taxes. If you just look at those two percentages, you might think the super rich are going broke paying taxes.
The U.S. annual gross domestic product is $20 trillion; 20% percent of that is $4 trillion. For 2020, the president’s budget projects revenues of $3.6 trillion; 40% of that is about $1.5 trillion. Looks like a pretty good return on investment from our country for the super rich.
The super rich pay a large percentage of federal taxes because they own a very large share of America. Can they afford to pay more? These numbers would say, yes. A lot more.