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For all you who even THINK about arguing that the top 1% of tax earners are paying too much in taxes today - read the following article - and you will begin to realize what I have for at least the past 5 years..
- the share of total income going to the top 1% has mushroomed in the past 15 years - they now reap in 18.8% of total income
- the after-tax income of the top 1% has mushroomed in the past 15 years
- the income growth of the middle class has grown by 1% per year over the past 15 years - and their tax burden has grown at double this rate over the past 15 years
The point is, is that the top tax payers STILL pay a higher rate! They continue to pay nearly 40% of all income taxes. 1% pays 40%. Guess that just not fair enough because they can EASILY afford it? Ha. More class warfare. yippy
It shoots down the fraudulent arguments of the Republicans and right-wing that taxes on the wealthy need to be lowered - more Bushanomics... as if we haven't suffered enough economic devastation from that already...
The top 1% are paying very low tax rates - Obama needs to make it a high priority to address this disparity...
I am POSITIVE that he will - but maybe not for a year or 2...
For all you who even THINK about arguing that the top 1% of tax earners are paying too much in taxes today - read the following article - and you will begin to realize what I have for at least the past 5 years..
- the share of total income going to the top 1% has mushroomed in the past 15 years - they now reap in 18.8% of total income
- the after-tax income of the top 1% has mushroomed in the past 15 years
- the income growth of the middle class has grown by 1% per year over the past 15 years - and their tax burden has grown at double this rate over the past 15 years
Article doesn't take into account the massive financial hit the wealthiest folks have taken this past year, and continue to take this year. With their significantly reduced income, your hoped for tax revenue increases won't materialize.
Here is a better idea (with a nod to the late Jack Kemp), go with a flat tax system instead of this current process.
It shoots down the fraudulent arguments of the Republicans and right-wing that taxes on the wealthy need to be lowered - more Bushanomics... as if we haven't suffered enough economic devastation from that already...
The top 1% are paying very low tax rates - Obama needs to make it a high priority to address this disparity...
I am POSITIVE that he will - but maybe not for a year or 2...
Another absolutely pathetic attempt to derail the discussion with a phony 'class warfare' gripe - just more childish whining from the right - that's all...
Just because they can afford it doesn't make it right. I'm far from the top 1%, but they shouldn't be penalized for their wealth.
Who said anything about penalizing??? Just set the rates back to as they were during the Clinton years - and raise the capital gains tax a few percent - that would do it...
Their AFTER TAX INCOME and wealth has skyrocketed in the past 15 years - does that sound like punishment to you??
If so, whip me, please, harder, harder--- oooohh - that feels good!!!
For all you who even THINK about arguing that the top 1% of tax earners are paying too much in taxes today - read the following article - and you will begin to realize what I have for at least the past 5 years..
- the share of total income going to the top 1% has mushroomed in the past 15 years - they now reap in 18.8% of total income
- the after-tax income of the top 1% has mushroomed in the past 15 years
- the income growth of the middle class has grown by 1% per year over the past 15 years - and their tax burden has grown at double this rate over the past 15 years
The article states that the top 1% makes 18% of income & pays 28% of all taxes - payroll included. Sounds like their paying their fair share to me.
While the study bemoans the the 1% growth of middle income wages, what it does'nt include is the increase in compensation the middle class has recieved as its benefit compensation - i.e. the value of health insurances, etc. received by workers has increased. This increase in benefits is not added to the middle class workers wages.
It also fails to mention the number of lower middle class workers who have been removed from the tax rolls completely
Of course what would you expect in an article from a lefty think tank funded by George Soros?
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