Mayor Michael Bloomberg on the radio:
One percent of the people that live in the city, the households that file in the city pay something like 50% of the taxes. In a city that's about 40,000 people so, you know, a handful left, any raise would make it revenue neutral. The question is, "What's fair?" If one percent are paying 50% of the taxes, you want to make it even more? A little over half the people, half the households who file tax returns don't pay any taxes. And about 30% of the households that file get a credit from the government. The government sends them a check. That's the Earned Income Tax Credit.
Me: Here is how the folks in Washington would answer Bloomberg's rhetorical questions: a) that they pay more; b) because we need the money and we think there are no ill economic side effects. Calling Rick Santelli!