Tags: Piereson | 1% | rich | executives

Manhattan Institute's Piereson: Distorted Picture Being Drawn of the 1 Percent

By    |   Wednesday, 19 February 2014 02:22 PM

President Obama and other Democrats present an unrealistic portrait of the nation's wealthiest 1 percent in seeking to tear them down, says James Piereson, a senior fellow at the Manhattan Institute.

The critics make three false claims, he writes in The Wall Street Journal.

"One is that the wealthy are mostly Wall Street bankers benefitting from rising stock and real estate prices, or executives who pay themselves extravagant salaries," Piereson says.

Editor’s Note:
These 38 Dates Are Key to Bagging $313,038

"Another claim is that such people unfairly benefit from a system that taxes capital gains at half the highest marginal rate paid by those who earn salaries and wages. Then there is the assertion that the 'super rich' have abundant funds that can be taxed to improve the living standards of everyone else."

In 2010, the latest year for which full data are available, taxable income of $307,000 earned entrance into the top 1 percent. "That hardly qualifies as rich," Piereson writes.

And research of 2004-05 tax returns shows that the top 1 percent was made up of 30 percent salaried executives at non-financial businesses, 14 percent doctors, 13 percent financial industry professionals and 8 percent lawyers.

"At a time of slow economic growth, mounting government debt, a stalemated politics and the impending retirement of the 'baby boomers,' the attacks on the '1 percent' look more and more like a diversion from the nation's real problems," he notes

Meanwhile, venture capitalist Tom Perkins, co-founder of Kleiner Perkins Caufield & Byers, has created great tumult with some of his recent comments defending the 1 percent.

At a speech last week, he said voting privileges should be apportioned according to how much people pay in taxes. "It should be a like a corporation, you pay a million dollars in taxes, you should get a million votes. How's that?" Perkins said, according to CNNMoney.

It's not clear if he was serious.

Editor’s Note: These 38 Dates Are Key to Bagging $313,038

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President Obama and other Democrats present an unrealistic portrait of the nation's wealthiest 1 percent in seeking to tear them down, says James Piereson, a senior fellow at the Manhattan Institute.
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2014-22-19
Wednesday, 19 February 2014 02:22 PM
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