If the rich payed their fair share...

[ReefAreCoolToo]

Yall rich people gotta keep paying more taxes so my baby momma can keep pumping baby out, with a menthol cigarette on her hand and a stroller on the other while wearing scrub She is in the medical field *****...medical records! LOL

[emilybh]

Originally Posted by Luke9686

Let's be honest, it wouldn't change much. It would just prompt government to provide more free stuff to even more people who "need" it.

Exactly! As it stands now at the rate the government is spending and the Federal Reserve is giving away money we don't have, each of us would need to pay $176,000 if we were going to pay off the entire $55 Trillion national debt. There are only 400 Billionaires in the United States and there are more than 300 Million people! 400 Billionaires aren't rich enough to put a dent in $55 trillion as it takes 1000 Billion to make just one Trillion!

Bottom Line: We have to get the government to STOP SPENDING and restructure the debt. Besides, the United States, contrary to what Obama says, has a HISTORY of not paying off its debt and needing to restructure it.

U.S. National Debt Clock : Real Time

[djmilf]

Originally Posted by InformedConsent

Totally false. The top 1% pay the highest tax rate of all.

Look at the CBO's latest data on total effective federal tax rates:

Top 1%: 31.2%
Top 5%: 29.0%
Top 10%: 27.5%
Top 20%: 25.8%
Next 20%: 17.6%
Next 20%: 14.2%
Next 20%: 10.2%
Bottom 20%: 4.3%

Includes: income, social insurance (payroll), and excise taxes

http://www.cbo.gov/publications/coll...tive_rates.pdf (http://www.cbo.gov/publications/collections/tax/2009/effective_rates.pdf - broken link)

If that's the latest data, then the CBO has been sitting on their butts since 2006!

I notice that the rates quoted include another rate not cited by IC - corporate tax rate. Can someone explain why it's being added into the mix? Don't corporations have their own Tax Identification Numbers and fill out their own tax returns?

Also, the payroll taxes shown in the link run the gamut from 1.6% to 9.6%. Now total payroll taxes in 2010 (prior to the payroll tax holiday) were about 7.5% for employees and around 15% for the self-employed. Now with the 9.6% reported I get the feeling that the CBO mixed and matched employees and the self-employed when in reality the employer match is still considered employee expense - to compare apples to apples the CBO should have included employer payroll tax as both income and payroll tax for the self employed.

I think that if one properly takes out the corporate tax rate and more properly handles the payroll tax rate discrepancy that you'll find that the actual effective tax rate at the top levels actually is lesser than this CBO report would have us believe.