Quote:
Originally Posted by thejeff
Good point, we've got chris arguing we can't tax the rich more because "Top 5% of earners pay 50% of the taxes in the U.S.", which is close enough to true. He neglects to mention they also bring in roughly 50% of the income. And probably a far larger percentage of actual assets.
On the other hand NTJedi claims there's no point in raising taxes on the rich since they just find loopholes and never pay taxes anyway.
I'm not quite sure how to reconcile those arguments. The facts of the first one seem to check out, and don't seem that unfair with a little bit of context. In fact, it suggests that the top 5% are barely paying their fair share ("Fair" is a fuzzy word in this context. In one sense it would be "fair" for the top 5% to pay 5% of the taxes.)
The US seemed to do quite well in 50s & 60s with top marginal tax rates up in the 90% range. What has accompanied the lowering of those rates since then is a massive transfer of wealth upwards. The top few percent control a much larger percentage of the countries wealth than at any time since the Roaring Twenties. I would like to see that reversed.
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Here are some other figures for you:
Barry has proposed 1 trillion in new spending.
This is roughly: 16% of the US economy - additional spending.
Our current budget is roughly .. 2 trillion dollars. He proposes to increase govt spending 1 trillion dollars?
How is transfering 1 trillion dollars each year from the private economy to nonproductive government use.. a good thing? I mean sure, if he's giving it to you.. you're all in favor of it... but if you are looking out for the goose as a whole (you know the goose that lays the golden eggs) how is it a good thing?
We borrow roughly..$450 billion a year.. and he wants 1 trillion in additional spending. And this is on top of a financial crises where we are going to have to spend BILLIONS more in bailouts.
and this is a good idea?
How is it a good idea to increase the % of people not paying taxes from 38% to 48%.
Also an interesting statistic.. how is it possible to give a tax break to 95% of taxpayers - when 38% don't pay taxes?
Its financial insanity. As de Toqueville said.. democracy works until people realize they can vote themselves a pay raise.