To hear the conservatives tell it, our economy will nosedive if the rich are required to pay an iota in taxes more than they do now. Indeed, we are led to understand the rich already pay more than their fair share, that their taxes need to be lowered so the middle class and the poor can shoulder more of the burden.

It’s understandable why folks under 30 might believe this argument. If the tax rate on the rich, defined by the Obama administration as those earning more than $250,000, is rolled back to nearly 40%, the rich just might not have the money to invest in businesses and create the jobs our country so badly needs. Never mind the fact that the rich aren’t investing in businesses and creating jobs anyway, even though the tax rate for high rollers is historically low.

Continue reading The Rich & Taxes: A Post-Modern Myth