When asked about the study in a Huffington Post online video, New York Times columnist Paul Krugman agreed with the conclusion wholeheartedly:
What you really should want to do is to soak the rich as much as possible … So the top tax rates should be whatever it is that collects the most revenue, and now the question is, how high is that?
However, when asked by the interviewer about LeBron James, Krugman dismissed the example — referring to James’ salary as a piker’s income. Yet, James and Bill Gates were the two personalities that Krueger pointed to in explaining how the high tax rates should work.
That made me curious. So I decided to delve more deeply.
In 2013, you were in the top 1% of households if your income exceeded $525,000. You were in the top tenth of 1% if your income exceeded $1,600,000. How much does LeBron James make? Almost $22 million a year. So whenever Krugman insults, ridicules or castigates the top 1% or the top tenth of 1% – which he does almost every other week – LeBron James is way up there with lots of other rich people.
So why doesn’t Krugman want to admit that, by his own criteria, LeBron would be taxed to the hilt? I was perplexed.