geauxtohell
Choose your weapon.
Yes. You notice the massive disparity between the "top 1%" and the "top 50%"?
Oh yeah, I see what your saying....those evil 1% are paying 40% of the taxes.
The rest of the 99% are paying 60% combined
Or, another way of looking at it....the top 5% are paying 60%.
The rest of the 95% are paying 40% combined,
Yes those rich old bastards really do need to step up to the plate.
http://www.nytimes.com/2011/08/15/o...-rich.html?_r=2&scp=2&sq=warren bufett&st=cse
Since it's getting so much play now:
Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as carried interest, thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if theyd been long-term investors.
These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. Its nice to have friends in high places.
Last year my federal tax bill the income tax I paid, as well as payroll taxes paid by me and on my behalf was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income and thats actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.
To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. Its a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot.
Everyone (with 1/2 a brain) knows that to get control of the debt and the economy, we need to make cuts and raise revenue.
It's only logical where that revenue should come from.