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The fact is that the top 40% of filers pay much more than half the revenue collected ,while the bottom 40% actually get money instead of paying ANY income tax!
Good post Chasky!
I agree that wealth and income disparity is a major concern, but not with some of your 'solutions".
I agree and add that the tax that discourages bringing back money earned elsewhere is bad.
"We need to do away with codes that allow off shore, tax exempt accounts where $$Trillions are put and stored by the elites and start collecting taxes on that money's earnings." Chasky.
I agree with the need for control and openness about campaign and lobbying money .
I agree that tarrifs are needed to create a 'level playing field" with the places that have little or no worker protection or benefits and no taxation or actual subsidies for producers.
I don't think the present income tax RATES would be much of a problem if the tax code had almost NONE of the thousands of pages of things that have nothing to do with the basic goal of raising needed funds fairly . The rates for everybody could be lowered and still raise more funds!
Posted by krlklar
I agree that changing the codes could make those at the top pay an amount equal to the actual top rate today would raise more tax revenue and help matters.
However, raising the rates back to where they were before the 1980 tax cuts would raise more revenue, lots more. It would essentially double what they pay now. To think that changing codes to make them pay the top rate we have today would raise as much revenue as going back to the upper brackets that topped out at 70% is simply mistaken. Do the math.
Posted by chasky
Posted by krlklar
I am sure that many wouldn't mind paying more taxes if everyone else was treated fairly. But when you see people like Mitt paying only 15% of his income in Taxes, you really need to understand that it simply provides the culture of trying to avoid paying as many taxes as you can.