It is a mistake to argue whether Wealthy people should pay more or less. They shouldn’t be rewarded nor punished.
They are in this just as much as everyone else and should pay as much as anyone else.
Analysis by the Chairman of the Economics Department at Harvard University:
Quote:
Because transfer payments are, in effect, the opposite of taxes, it makes sense to look not just at taxes paid, but at taxes paid minus transfers received. For 2009, the most recent year available, here are taxes less transfers as a percentage of market income (income that households earned from their work and savings):
Bottom quintile: -301 percent
Second quintile: -42 percent
Middle quintile: -5 percent
Fourth quintile: 10 percent
Highest quintile: 22 percent
Top one percent: 28 percent
There’s no such thing as a free lunch. (That goes for the Welfare Queen like Warren Buffett. I wish someone had given me $38B to buy a railroad. singing ‘Brother, can you spare a dime?’)
We need to eliminate the taxes on manufacturing altogether. They are effectively a VAT tax and have been a disaster for manufacturing from day one.
Things are being taxed multiple times before a corporate dollar is made or a consumer touches a product.