Quote:
Originally Posted by OldSkoolToys
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.
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I'm at work right now, when I get home I will search for the chart and post it (I have already seen it, found it through watching a Young Turks video on Youtube). Or you can look for it yourself in the mean time. Try "Top 1% and economic growth" as a search in google. Or something along those lines. You will find data that states just that...everytime they get the cuts, the economy declines. It dates back to the Great Depression.
Lowered across the board means
nothing when the Top rich pay LESS in tax % than the middle class still. Warren Buffet stated it so himself that his secratary paid more in taxes on a % base than he did. Come one really, you think that's a working system? It hasn't work and it doesn't work.
And you are still looking at it wrong, you can't compare $ paid to your income, that makes no sense seeing as how it's taxed on a larger amount of money to begin with. You compare % rates, not the monotary amount.