Posted on 07/26/2011 11:01:49 AM PDT by moshiach
If government revenue is some 15% of GDP - everyone paying over 15% is getting a raw deal.
I remember when Kerry was running for President he was saying I wasn’t paying enough at 30 some percent on income in the tens of thousands - while he was paying 3% rate on an income in the hundreds of millions.
All earnings, regardless of their source, should be taxed at the same rate. Period. This utter bullsh*t of taxing people who practice capitalism discourages people from investing in our economy and it is nonsensical and regressive in the extreme.
The truth is that all the ideas here about ways to raise revenue, changing the tax code, etc are all logical ideas with good intentions as the final results. The realist in me sees that no matter how much more we raise for them, they will only want more. And I mean primarily democrats, when I refer to them as “they”.
The top 10% in the US make 33.5% of the money, and pay 45.1% of the taxes.
Countries often held up as examples of socially just and progressive nations:
The top 10% in Sweden make 26.6% of the money, and pay 26.7% of the tax
The top 10% in Norway make 28.9% of the money, and pay 27.4% of the tax
The top 10% in Germany make 29.2% of the money, and pay 31.2% of the tax
The top 10% in Italy make 35.8% of the money, and pay 42.2% of the tax
The top 10% in France make 25.5% of the money, and pay 28.0% of the tax
The top 10% in Denmark make 25.7% of the money, and pay 26.2% of the tax
Quick conclusions from the data - A highly progressive income tax does NOT result in an leveling of incomes. Having the richest 10% pay substantially more than their fair share (which strictly speaking is a 1/1 ratio - 33.5% of the income and 33.5% of the tax) is not necessary to have a country with a high level of social services.
So the premise behind the leftist philosophy of "tax the rich and redistribute" as the only way to have a relatively egalitarian society is debunked by empirical data.
Countries like Denmark and Sweden are pretty egalitarian - more so than the US, but they do not resort to punitive taxation of the wealthy to do it.
Bump
If the coach is getting a million you can guarantee that the programs is bringing in TENS of millions in TV, Radio, and advertising.
A lot of these guys have so much power that they can influence the stock market through legislation to make their stock prices go the ways they want them to.
They do not contribute to society like the small to mid-sized business owners do.
More than 50% of the US Population pays ZERO income taxes. ZERO. It’s about time they got some skin in the game and shared in the sacrifice. Hell, even Steve Liesman said essentially the same thing on CNBC earlier today - really... he said something to the effect that having more than half the population paying no income taxes is unsustainable... I about crapped my pants hearing that from Liesman.
I don’t see how a flat tax will work to the country’s benefit. Even rich people can spend ONLY SO MUCH. How many steaks can you eat? There have been game shows where people had to spend $1 million in a day and it couldn’t be done. Our biggest investment is our home but that isn’t done every year. Homes can be bought on the barter system thus creating a loop hole. I just don’t see a flat “use” tax working.
I don’t have a problem with the reduced rate on dividends and capital gains. I’m for it.
What we need to do is follow suit and dramatically lower the income tax rate to one flat rate that everyone pays.
Everyone. (I’m tired of being in the 49% of the adult population paying the way for the 51% not paying anything.)
why did moshiac get the zot?
Scary thread, but great post by you, Mr. Banker!
What percentage of all taxes do these top 400 pay?
What percentage of all taxes do the bottom 50% pay?
Nah, I found it. I know my way around a little bit. Sorta. ;-D
They mut all be friends of Obama.
Depends on what type of income they are receiving. Most rich don’t take salaries per say, and make money buying and selling and thus pay a lower capital gains rate.
This is a great way to create growth. It’s investment money they have already paid taxes on when realized and I think it’s criminal to have to pay taxes on investments made with already taxed money.
But, as usual, some idiots can’t comprehend reality and just want to “tax the rich”.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.