Tuesday, July 22, 2014
Washington Post: 4 Pinocchios for a Rocker’s Off-base Claims About Taxes and the ’1 Percent’:
“The 1 percent pays 80 percent of all taxes. Fifty percent of the population of the U.S. pays no taxes. The 1 percent provides all the jobs for everybody else. If the 1 percent didn’t exist, there would be chaos and the American economy would drop dead.”
–Kiss bassist Gene Simmons, in an interview with the San Diego Union-Tribune, published July 4
Kiss rocker Gene Simmons is not a politician, but here he echoes claims that are often made by politicians about who pays taxes in the United States.
There is certainly a history of rock stars being unhappy with taxes. George Harrison of the Beatles penned the iconic “Taxman” after discovering that he was liable for the 95 percent margin tax rate imposed on income at that time in the United Kingdom.
In the interview, Simmons is an unabashed fan of the “1 percent lifestyle,” calling it “fantastic” and noting, “I have been part of the 1 percent for the past 30 years.” We will assume his bold assertion that the 1 percent provides “all of the jobs for everybody else” reflects his enthusiasm rather than hard data. But do his tax claims add up? ...
Simmons may enjoy the 1 percent lifestyle, but he needs to get his facts straight. The top 1 percent certainly pays a large share of taxes (and has a large share of income) but his claims are wildly off-base, especially when talking about “all taxes.”
(Hat Tip: Bryan Camp.)