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Since the top 5% hold over 60% of America's wealth, they're getting off too light.
It shows that in 2009, the top 5% of wealth holders claimed 63.5% of the country’s wealth. The bottom 80%, by contrast, held just 12.8% of the country’s wealth.
[URL="http://www.epi.org/publication/top_5_holds_more_than_half_of_the_countrys_wealth/"]Top 5% holds more than half of the country[/URL]
sure, just like when someone takes out a mortgage or a student loan.
we don't throw our hands up and scream "HYPERINFLATION!!" every time a mortgage loan is made do we ? Of course not. Money is created and destroyed every day.
I feel like I am getting a signal at the SETI station of at last discovering intelligent life.
Since the top 5% hold over 60% of America's wealth, they're getting off too light.
We have an INCOME tax, not a wealth tax. If you prefer to have a wealth tax in this country, then the middle class should be fully prepared to surrender their homes and/or other personal possessions like cars, wedding rings, etc.
income taxes, taken in isolation, do not tell the whole story, because lower-income Americans do pay payroll taxes. But even taking into account all forms of taxation, the top 1 percent still paid 22 percent of federal taxes while earning just 13.4 percent of household income.
The top 5 percent paid 40 percent of all federal taxes, despite earning only 26 percent of all income. No matter how you slice the numbers, it's hard to understand why anyone would think the wealthy aren't already shouldering a burden.
We have an INCOME tax, not a wealth tax. If you prefer to have a wealth tax in this country, then the middle class should be fully prepared to surrender their homes and/or other personal possessions like cars, wedding rings, etc.
Deal?
They would win that deal by a land slide. A wealth flat tax would be a middle class wind fall....Though I myself would not tax any product of labor which is to say any form of capital. A wealth tax will still be a dead weight tax on production.
I propose a return to the tax rates under St Reagan.
Back in 1980s the Republicans, headed by Ronald Reagan began cutting the top marginal tax bracket. In 1982-1986 the top marginal tax rate was 50%. In 1987 the tax rate dropped to 38.5%, so for the majority (7 out of 8 years) of Reagan’s terms the tax rate for the wealthiest Americans was well above the top tax rates of today. In fact the wealthy only kept HALF or less of their money under most of Reagan’s presidency, yet that was enough to stimulate the economy according to many conservatives who credit the tax rates for the economic expansion of the 1980s.
We have an INCOME tax, not a wealth tax. If you prefer to have a wealth tax in this country, then the middle class should be fully prepared to surrender their homes and/or other personal possessions like cars, wedding rings, etc.
Deal?
The middle class do pay tax on their homes, their cars, etc.
Somewhat naive of you to suggest they don't. It isn't a recent development.
People complain about Weimar germany, but they had to pay back war loans in hard currency. We don't.
Greece has zero autonomy over the euro. The whole "euro crisis" is caused by attempting to put responsible northern European countries in the same currency as a bunch of corrupt southern europeans. It has nothing to do with America's national debt.
People complain about Weimar germany, but they had to pay back war loans in hard currency. We don't.
Glad to know you Guarantee it can't happen here????
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