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Of course they do, thats what their donors are paying them for. But Republicans are not alone. Democrats are also being paid by donors to not talk about capital gains. Thats a shame, because capital gains is the real cause of America inequality.
I think raising the income tax is the wrong way to go. It won't lead to much tax revenue, it hinders new businesses, and it gives the wrong signals, like it did in France. If it is politically impossible to increase the capital gains tax, then I would support a gst on luxury goods or a mansion tax.
So what constitutes a "mansion" to you? And how much tax should someone have to pay on the house you deem a mansion?
Whenever the topic of tax rates comes up, a poster will inevitably chime in with the factoid that the top rate on the very rich was 91% under Ike in the 1950's. And always will be added the observation that it was a time of economic boom in the U.S. This is misleading and deceptive for several reasons.
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(from The Age of Reagan by Steven F. Hayward, p. 67).
First, Eisenhower was one of my favorite Presidents. If more Republicans today were more like Ike, I'd still be a Republican.
Nevertheless, you seem to have forgotten that there were 3 recessions during his presidency and "job creation slumped drastically, with fewer new jobs per month during the Eisenhower presidency than during any other post-World War II presidency other than that of George W. Bush."
Because the very wealthy dont make their money from income, they make it from wealth appreciation, and thus you get ZERO taxes from raising the taxes to the point that they have no incentive to cash out and spend it.
I do not doubt that there are a LOT of people who fit your description, but you aren't going to tell me that there aren't a lot of people making way more money than the "top" of 413K. This just simply isn't true.
I do thank you for being one of the very few to actually answer my question instead of rehashing the same arguments from months ago before I bumped it with a new question.
Your corporate think tank source is misleading, manipulating, and hiding information. Your source does not mention differences in CEO's and non-CEO's tax rates.
Yes the top 1% that are not CEO's are paying taxes out their as-, but the CEO's who control Fox news, Rush radio, and your corporate think tank source are not paying crap.
There was no manipulation, misleading or hiding of information. It just gave an overall effective tax rate for the 1%, same as the Piketty piece cited in post #1. Do you accuse Piketty also of manipulation, misleading, and hiding information?
The data cited by the "corporate think tank' was CBO data. The CBO has a pretty good reputation for objectivity.
Quote:
According to CBO, the top 1 percent of income earners—families earning more than $613,700 in 2010 (the latest year of available data)—paid an effective tax rate on all federal taxes of 29.4 percent. They paid 24.2 percent of all federal taxes while earning just under 15 percent of all income.
If you wish to break it down by CEO vs. non-CEO rates that is fine (and I find it an interesting point), but if because someone does not break it down that way doesn't mean that they are being deceptive.
In the fifties the top marginal tax rate was 91% and the economy did fine. Those are just facts. People are entitled to their own opinions. People aren't entitled to their own facts.
All statistics can be manipulated to say pretty much anything you want by simply changing the context. The Wealthy have never paid 91% taxes and never will. My Father paid himself $36k per year and owned a dozen banks. Marginal tax rates and effective tax rates will never be even remotely close to each other.
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Have you ever taken a class on Statistics?
