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New data Released by the IRS has just shown that the top 1% income earners pays more in tax than the bottom 95% combined.
An analysis of IRS data by the Tax Foundation shows that the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government, the highest percentage in modern history. While the bottom 95 percent paid 39.4 percent of the income tax burden.
Yep. And this is readily available info. It is shocking that so many people have absolutely no clue, and just mindlessly believe left-wing propaganda.
This is not difficult stuff. You go where the money is.
It is much easier to collect 50% from the top few percent than 5% from the bottom 25%.
And that is how it is going to turn out. And in another 25 years or so we will end up with guaranteed income to the population. And it will be the top couple of percent who pay for that as well.
This is all inevitable. Why not roll with the flow?
This is not difficult stuff. You go where the money is.
It is much easier to collect 50% from the top few percent than 5% from the bottom 25%.
And that is how it is going to turn out. And in another 25 years or so we will end up with guaranteed income to the population. And it will be the top couple of percent who pay for that as well.
This is all inevitable. Why not roll with the flow?
That'll never happen. Over-taxation produces the opposite result. The higher income earners just scale back, work less, or not at all. Tax revenue will decline.
If I was one of the 1%, I would hope to be like Bill and Melinda Gates. I admire them greatly. They could be selfish and self absorbed, yet they give so much to the world. Why not help others when you have billions of dollars. You can't possibly spend that much in your lifetime. So why not do some good for others.
Lyndar got it right. Our problem is we do not have Capitalism. What we have is corrupt Crony Capitalism. This system, with its ability to buy political protection by donating big money to both political parties, is much closer to the Italian Fascism of Mussolini in the 1930's. It is in no way a market based system. a market system would be far too much of a risk to the big money that controls the economy in their favor at the great cost to the rest of us.
Eliminating the concentration of wealth that allows that economic control is why I propose a tax system based on all income from all sources, including illegal, with a base deduction equal to the 90th percentile and steeply progressive taxes above that level. This would place the burden of governing the country on the people that own most of the economy and give those under 90th percentile the money to invest in themselves, their families and their businesses.
I am not trying to kill Capitalism. I am trying to eliminate the corruption that has almost killed it in this and other places.
Large scale corruption takes big government and big business. That is the scenario we have now. Government and business scratch each other's back because they are all part of the big establishment club. Increasingly the members of the club jump back and forth between both.
Even if people are in favor of punitive taxes against CEOs and the like, it will never happen. The tax law will always be written in a way to shelter the politicians cronies and donors in big business.
You have a society where the wealth is increasingly concentrated in the hands of just a few at the top; meanwhile, more people at the bottom are stagnating economically. And that's only going to worsen as robots come in and take more jobs. And don't be a moron; no matter what your orange demagogue tells you, your coal and manufacturing jobs are never going to come back in great numbers.
By the way, the rich will be the ones making the robots and profiting even more from your demise as productive workers.
But hey, if you middle/working class cons are so stupid as to defend your own executioners, then find by me. I'm closer to the rich people club myself. We were in the 35% marginal tax bracket last year, and I don't get much in terms of tax breaks. So ok, I can keep more of my money and build a bigger nest egg while most of middle America continues to get screwed, if that's the Republican/conservative plan.
If I was one of the 1%, I would hope to be like Bill and Melinda Gates. I admire them greatly. They could be selfish and self absorbed, yet they give so much to the world. Why not help others when you have billions of dollars. You can't possibly spend that much in your lifetime. So why not do some good for others.
The Gates avoid taxes by structuring their income in their charitable trust. And then use a little of that money to prioritize helping those abroad instead of people in need right here at home.
They're globalists. Globalism is depressing American workers' wages via global wage arbitrage. When the barriers to international trade are removed or eroded, jobs move to countries where labor and the cost of doing business is inexpensive and/or impoverished labor moves to countries with higher paying jobs.
They owe nothing. But even Jesus knows many of the wealthy crooked
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