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Karl, You have a point. In 2010, IRS reported that there were $1.911 Trillion in DEDUCTIONS to income while EXEMPTIONS for the people being supported by all the income was only(!) $1.054 Trillion. Thing is, the deductions were concentrated at the top of the income ladder while exemptions are more valuable to the middle and bottom. If the EXEMPTIONS were doubled, the loss in revenue would be largely offset by decreases in welfare payments because the poor would be keeping more of their income. GOPer-dupes hate this because they think paying federal income taxes is the only way you'll be interested in what the Government is doing - an absurd belief, but one no GOPer-dupe leaves home without.
As for RATES, Reagan cut the EFFECTIVE rate for the Uberrich 1% from 60% to 24%, and on income of $1.8T that costs us $648 Billion/year. Cutting capital gains from 25% to 15% costs us another $460 Billion, 95% of which goes to the Uberrich 1%.
n Response to Re: GREED IS RUINING US!:
You must realize Dems are just as interested in those campaign contributions as the other politicians ! Greed is bi-partisan!
tax cuts have come from both sides over the years ,sometimes in the form of deductions, rebates, as well as loop-holes and subsidies.The income tax RATES are a small part of the loss of income tax revenue compared to all the other add-ons. Even with the present tax rates the top 10% paide more than half the income tax money collected in recent years!
We need a drastic revision of the complex mess the tax code is now to simplify and make the RATES mean something and vastly increase the returns.
In Response to Re: GREED IS RUINING US!:
Greed is motivated by the desire to be the most powerful. Unfortunately for the greediest among us, money is not bred in vast sums in perpetuity. Reagan began a power structure the right wing greedheads knew was a guarantee of as much wealth in lifetime as could be squeezed from consumers, employees and taxpayers. The back room GOP agenda has always been to ignore the Middle Class and go right to the top for campaign donations that always include lobbyists who demolish Constitutional rights more and more every day.
Try to fight back and these vultures of greed go right for the jugular. Yet, history proves how wrong their greed is and how many civilizations that pandered to a handful of elitist greedheads are now extinct.
If there is anything the greedy fear most, it's loss of wealth. Make them lose as much of their ill gotten gains as possible and their bloated egos pop like burst balloons and with it their stranglehold hostage taking on the rest of us. Boycott businesses you know are not playing with an honest hand.
Posted by Eleanore1946
Posted by krlklar