Home Forums Hunting & Shooting Hunter's Campfire Leave it to Republicans to raise my taxes.

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Before you write in and complain that the rich pay the lion's share of taxes, please note that we are taking about the mega-rich. As my colleague Carla Fried points out, As a share of total income and taxes paid in the U.S. in 2008, here's what the 400 wealthiest households contributed:

13.1 percent of all capital gains
4.6 percent of all dividend income
3.6 percent of all taxable interest
1.3 percent of the value of all itemized deductions
1.3 percent of total adjusted gross income
0.15 percent of all salaries and wages
5.2 percent of all charitable deductions
Add it all up, and in 2008 the total tax bill for the 400 wealthiest was $19.6 billion, accounting for 1.9 percent of all the income tax collected by the IRS. Everyone knows that taxing this one group will not dig us out of our $14 trillion debt hole, but he sure does make a compelling case of basic fairness. I can't wait to read the Huelskamp response.

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Let's assume the data you posted is accurate. 400 households - that's around 0.0004% of the households in the U.S. That 0.0004% pays 13.1% of the capital gains taxes. That 0.0004% gives enough to charity for 5.2% of the charitable deductions. When you consider that that 0.0004% accounts for only 0.15% of the salaries and wages, you see that the other 99.9996% of the households in the U.S. account for 99.85% of the salaries and wages in the U.S. That's what your numbers say - 99.85% of the salary and wages in the U.S. are earned by 99.9996% of the population.

The taxes on 99.85% of the salary and wages in this country SHOULD be able to pay for the expenses of the federal government. The taxes on the other 0.15% of salary and wages should cover part of the year-to-year fluctuations in tax revenue.

Quit it. Unionistas HATE actual facts, numbers, and economics. It just humps them right up.

Everyone knows that taxing this one group will not dig us out of our $14 trillion debt hole, but he sure does make a compelling case of basic fairness.


my point.

Im a fan of Glover Norquist.
Lower the rate broaden the base.
But that takes real work.
Just not something your going to see out of DC>


dave

So why don't we just tax everybody at 15% of their salary and wages, no deductions, and at 10% of their capital gains and interest. That would be "fair" wouldn't it?

Pass a constitutional amendment that the federal government can't spend more during a rolling 10-year period than tax revenue for that period, excluding only specific war expenditures during times of declared war (Congress has to declare war, per the Constitution), and the federal government can't spend more than 110% of the previous year's tax revenue, excluding specific war expenditures, in any given year.

So why don't we just tax everybody at 15% of their salary and wages, no deductions, and at 10% of their capital gains and interest. That would be "fair" wouldn't it?

Pass a constitutional amendment that the federal government can't spend more during a rolling 10-year period than tax revenue for that period, excluding only specific war expenditures during times of declared war (Congress has to declare war, per the Constitution), and the federal government can't spend more than 110% of the previous year's tax revenue, excluding specific war expenditures, in any given year.

You should run for president.


dave

How about Warren Buffett.
The people who work for him pay what? 30 38%...
Whats Warren pay?
That rich enough for ya.

Im not in favor of more taxes,not at all.
But the upper crust is not paying much if anything.
Of course when you can buy the reps and senators that write the tax laws.
Our system is all about money.
Never forget it.


dave

Okay its both sides raising the Limits that have cost us over the years. Check out the chart. You young'ens don't sabe how things are done in D.C. They then spent the money when it was put into the general fund... $2.5 trillion at last count. They put IOU's in the fund but they have no 'income' to pay us back. They could raise taxes and then spend that because it would still go into the General fund! Look at the history of the SS rates.

http://www.ssa.gov/policy/docs/statcomps/supplement/2010/2a1-2a7.html#table2.a3