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I presume that refers to AGI or to "taxable income". And the top 5% have many more wags to fudge their "income" numbers than to wage slaves who are fed W-2 forms by their employers.
Totally false. Most deductions, etc., are completely phased out at higher income levels. Low income earners have the most ways to offset income with deductions and tax credits some of which are refundable, meaning they end up getting more money FROM the government than they paid in taxes.
It's absolutely not fair that rich people pay a penny more in taxes than anyone else. Having a tax based on income is inherently unfair and disincentivizes making more money. Every individual in this country should pay the same amount (say, $5000) and be charged perhaps half ($2500) for any dependents, whether you make $10,000 or $10,000,000 per year.
No. Taxes do not disincentivize making more money.
Totally false. Most deductions, etc., are completely phased out at higher income levels. Low income earners have the most ways to offset income with deductions and tax credits some of which are refundable, meaning they end up getting more money FROM the government than they paid in taxes.
Every "wealthy" person who got that way by being smart has a great accountant to find every possible deduction, tax shelter, income shifting strategy out there that the middle class can only dream of.
Again. Why so much energy exerted to shill for people who can and always do take care of themselves, first?
I would like to see the low end just start paying federal income taxes.
The low end spends and re-invests every dollar they receive BACK into the economy. You know - to BUY the things that make business owners money.
Supply side vs. demand side economics.
Most Americans are usually too short sighted or just do not understand how this redistributionist scheme at the low end helps keep the economy afloat. When people don't have money in their pockets, nobody eats out, nobody buys anything.
Poor people spend, middle class - if you're lucky - saves and spends. The rich do not spend enough to create a consumer economy. They build wealth. Wealth building does not create jobs. Witness why tax rates are at historic lows and we're not exactly swimming in jobs. Instead, the money is used to purchase even more assets, to continue to widen the gap between the top and the bottom.
For heaven's sake (and ours) NO!!!! Do not increase ANY REVENUES IN ANY FORM going to Washington, D.C.
STOP FEDERAL SPENDING! PERIOD! I hope there is no one dumb enough to believe sending more $'s to the Federal Government will do nothing but give them more TO SPEND! Shut off the revenue. Bring the Federal Government back under control and force them to stay within the limitations spelled out in our Constitution...ya know, that founding document that Obama ignores and trashes.
And...don't cry "oh, but those poor people who need help!!!" Get over it...those people who really do need help should get that help from their State, County and/or Local entities that provide same...not the Federal Government!
The USG needs money. How will they continue nation building and trying to make friends and instill dictators in other countries if we cut back ?
And the dirtiest secret of all is that the wealthy profit from these activities - even promote them - whilst simultaneously crying about the taxes that FUND them to begin with.
Which is a major reason why we find ourselves in a jam re: the unfunded wars of Iraq and Afghanistan.
They have most of the assets and the money. Tax the wealthy. That is where the wealth is sequestered. Taxing the poor just punishes people for not being able to save because of having to feed and house themselves.
I propose a progressive tax system on all income from all sources above the 90th percentile as well as a property tax on all real estate and financial wealth above 10 times the median. In addition I would have import tariffs set to eliminate the differentials based on labor rates, government subsidy and support. Combined, along with substantial cuts to our rapacious warmongering military complex, these taxes would let us operate our government without Federal Debt.
And the dirtiest secret of all is that the wealthy profit from these activities - even promote them - whilst simultaneously crying about the taxes that FUND them to begin with.
Which is a major reason why we find ourselves in a jam re: the unfunded wars of Iraq and Afghanistan.
The same corporations show up over and over.
JPMorgan, the bank everyone loves to hate, makes over $5 billion a year in just processing SNAP payments. They also process unemployment and other benefits that have gone electronic.
GE, the corporation that gets back money from the FedGov, does government work all over the globe.
And then you have the perpetual war machine which benefits several multi-national corporations as well.
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Tax the rich. A lot!
