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Originally Posted by Dragonitti
Like I said, there is a graph online that lays all this out and shows the Percentage the Top 1% brought in and shows where we were Economic Growth wise. Trickle Down Economics does not work period. How many depressions do we need to enter before we stop letting this happen. Top 1% should not get tax breaks and loop holes that the little guy can't get. If you give them tax breaks then award those tax breaks to everyone. If I'm paying X amount % in taxes, I expect someone making more than me to either pay the same % or more, not less.
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I'd like to see that chart Dragon. As it stands now, for the first time in U.S. history, over 50% of the working population do not even pay taxes. The majority of tax revenue for the U.S. comes from the wealthy and super wealthy, upwards of 80% of all tax revenue.
FWIW; As with all percentages, its weighted. The Bush tax cuts lowered tax rates across the board for ALL brackets. The rich just get a bigger chunk back because they pay a much larger chunk (ie: 10% of 100,000 is bigger than 10% of 2,000) of dough in taxes. You must also discern between wealthy and super wealthy. In the tax code, that would mean anyone grossing more than $250,000 a year. That is a wealthy person, but not super wealthy.
Someone making more than you already does pay more in taxes. My father used to make 6 digits a year before the housing market collapsed, and his annual income tax was roughly in the $35,000-$40,000 range. That's more than I make in a year pre-tax.
I find it especially funny that this liberal sentiment for HIGHER taxes is being shouted by the moronic goons in hollywood. Hey, if they (they rich) wanna pay more taxes, you can always GIVE more to the government than is requested.
Finally, if the Bush tax cuts were to be completely taken away, you would be looking at the largest tax increase in American history, FOR ALL BRACKETS (including poor little blue collar worker, which is what I am atm, a warehouse worker). Our problem is NOT a Taxation problem, it is a SPENDING problem. $0.40 of every dollar in tax revenue is going towards paying the interest alone in our debt. At the rate spending keeps increasing, it will soon by upwards of $0.80, and when we reach that mark, we're buried.