The Wall Street Journal published an op-ed back in April arguing that “you can’t eliminate the deficit just by taxing the rich because the rich don’t have enough money.”
To prove their point, they included a chart that showed those earning between $100k and $200k accounted for more than $1.3 trillion in total taxable income, far more than any other group.
But there is a big caveat: If you add all the incomes that are higher than $200k, you get a number that is much larger than $1.3 trillion.
Here’s the chart, redrawn by Mother Jones‘ Kevin Drum:
So yes, the middle class earns a lot. But the rich earn way more.
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