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Looked at from that perspective, this is a naked attempt at making a wedge issue.
Also as much of these proposed increases reach down to 200k (or less) it falls on the top 10% and that is the group that already, today, pay most of the taxes.
I will remind everyone that 47% of tax filers pay no Federal INCOME TAX, and of those, 20% actually get more back than they ever paid in.
Alternate Minimum Tax?
How about a Alternate Minimum Tax?
Here I'll do it for you, the total debt was less than a trillion.
What happened when we abandoned "tax the rich"?
Here, I'll do it for you, the debt grew to over 14 trillion.
So why is it so hard to go back to doing what worked, after 30 years of "low taxes for the rich" has failed to produce what the GOP said it would produce?
The bright spot in that 30 year period came after (wait for it)
taxes on the rich got raised.
Then taxes on the rich got cut, and here we are in shit city.
Can someone explain to me what's so bad about this dreaded "class warfare"? I mean, besides the fact that, like, Paul Ryan said it's bad? What's gonna happen if we engage in this so-called "class warfare"? Are the "job creators" going to suddenly stop creating jobs? Oh, wait...
The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.
Alexis de Tocqueville
Thought for the day:
We are always hearing about how Social Security is going to run out of money.
How come we never hear about Welfare running out of money?
“Some ideas are so stupid that only intellectuals believe them.”, George Orwell
Such as Obamacare, introducing the architects:
Dr. David Cutler, Otto Eckstein Professor of Applied Economics, Harvard
Dr. Ezekiel Emanual, bioethicist and fellow at the nonprofit bioethics research institute The Hastings Center., University of Pennsylvania
Dr. Jonathan Gruber is a Professor of Economics at the Massachusetts Institute of Technology
So lemme get this straight; Obama is pushing for a plan where half of it is spending cuts and the other half is very modest tax increases on other people just like himself, and somehow that's class warfare? Meanwhile, Republicans wish to raise taxes on the middle class.
Obama's going to win next year because the Republicans are just too stupid by a nose with defending the wealthy, but wanting to tax the middle. You just can't sell that in an election year.
When I gave food to the poor, they called me a saint. When I asked why they are poor, they called me a Communist.
-Bishop Hélder Câmara
"I like to pay taxes. With them, I buy civilization"
Oliver Wendell Holmes
Just a reminder:
Who pays taxes?
From the CBO…
in 1999 in the grandly remembered Clinton years here is who paid how much of the tax burden:
Lowest Quintile 1.1%
Second Quintile 5.2
Middle Quintile 10.2
Fourth Quintile 17.8
Highest Quintile 65.6
Top 10% 51.0% (so the top 10% paid 51% that’s half for those that are math challenged)
Top 5% 40.2
Top 1% 24.3(and the top 1% paid 24.3% that’s one-quarter of all taxes for those that are math challenged)
Lowest Quintile 0.8 %
Second Quintile 4.4
Middle Quintile 9.2
Fourth Quintile 16.5
Highest Quintile 68.9
Top 10% 55.0% (so the top 10% paid 55% that’s more than half for those that are math challenged… and 4% more than they paid under Clinton)
Top 5% 44.3
Top 1% 28.1 (and the top 1% paid 28.1% that’s more than one-quarter of all taxes for those that are math challenged… and 4% more than they paid under Clinton)
More interesting still is people’s share of individual income tax liabilities. This chart shows the impact of programs like the Earned Income Tax Credit that actually will send back to the person filing more money than they paid in during the year.
Lowest Quintile -1.9
Second Quintile 1.3
Middle Quintile 6.1
Fourth Quintile 14.0
Highest Quintile 80.6
Top 10% 66.7%
Top 5% 55.1
Top 1% 35.0
Lowest Quintile -3.0
Second Quintile -0.3
Middle Quintile 4.6
Fourth Quintile 12.7
Highest Quintile 86.0
Top 10% 72.7 % (so the top 10% paid 55% that’s more than half for those that are math challenged… and 4% more than they paid under Clinton)
Top 5% 61.0
Top 1% 39.5% (and the top 1% paid 28.1% that’s more than one-quarter of all taxes for those that are math challenged… and 4% more than they paid under Clinton)
We are taxing the rich… the rich are the only ones being taxed. When the top 10% are paying 72.7% of the individual income tax liabilities you cannot say different.