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What about state income taxes or municipal income taxes?
Start your own thread for that. This is about federal income tax and the 49.5% who do not pay any. Maybe you are in that category and thus the reason for trying to divert the thread?
A modest tax rate of 10% or 15% on ALL financial wealth would go a long way to paying off the debt in a few years.
Yep, just counting the personal wealth excluding corporate wealth, 10% about pay for all spending, 15% would pay down the debt.
Actually, you could confiscate the entire wealth of the 1% and barely touch the national debt. But hey, don't let facts get in the way of you and class warfare koolaid punchbowl.
This is alarming. We need a flat income tax, where from dollar one, something is collected. If the EITC has any merit, it should NOT be refunded via the Income Tax, but moved under the auspices of the Welfare Department. That is what it truly is.
Actually, you could confiscate the entire wealth of the 1% and barely touch the national debt. But hey, don't let facts get in the way of you and class warfare koolaid punchbowl.
that myth has been debunked several times on this board.
I love conservatives that just look at a blanket statistic and don't even try to understand what lies beneath that.
Considering what you mentioned plus all of the younger kids who work at fast food joints, that's well on the way to making up that 49.5%.
The IRS stat is looking at households...hence it does not count a 17 year old flipping burgers in HS. And the number has risen drastically in recent years.
Actually, you could confiscate the entire wealth of the 1% and barely touch the national debt. But hey, don't let facts get in the way of you and class warfare koolaid punchbowl.
Actually you're wrong, the FINANCIAL wealthy of just personal and non profits is over $55 trillion. That doesn't include corporate FINANCIAL wealth. And we aren't even talking about material wealth, home, land, toys, buildings, and infrastructure....
Considering the top 1% owns 47% of that $55 trillion we could pay off the debt and have money left for middle class tax cuts....
You have been proven wrong yet again, but I'm sure we'll find telling the same lie again and again.
Last edited by buzzards27; 02-22-2012 at 03:52 PM..
This entitlement society combined with our wasteful spending, kleptocratic federal government is unsustainable. When Obama speaks of Americans paying "their fair share" he leaves out the fact that statistically half of all Americans (within margin of error) are not even paying federal income tax at all.
Since the federal income tax has become such a failure that 49.5% are not paying into it at all perhaps we should just revoke the 16th Amendment altogether. It is clear the welfare state and FDR's experiment have failed when half of American's do not pay federal income tax. This is the result of a century of the government robbing Peter to pay Paul thus buying Paul's vote in the process.
I do know what you are even talking about since it used to be only 1% paid an income tax when it started. Care to have any historical perspective any time soon?
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