Last week’s Tax The Rich! diary quoted a WSJ story about how the top 1% are paying a larger share of income taxes than ever. Two days later, a different WSJ reporter put a completely different spin on it. It couldn’t be any more backwards of a report than the first one.
The reporter laments that the average tax rate of the richest 1% fell and that their share of income rose. Here’s how he opened the story:
Richest Americans See Their Income Share GrowIn a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation’s adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.
Ah, that “conservative” Wall Street Journal….