Also, FYI, did you know that 86% of all taxes are paid by the top 25% of income earner. The top 50% pay 97% of all taxes.
source lastest tax year IRS or rushlimbaugh.com
“Also, FYI, did you know that 86% of all taxes are paid by the top 25% of income earner. The top 50% pay 97% of all taxes.”
I’m well aware of that. It still doesn’t excuse them from illegally avoiding taxes any more than I should be excused. Or you.
“”””Also, FYI, did you know that 86% of all taxes are paid by the top 25% of income earner. The top 50% pay 97% of all taxes.
source lastest tax year IRS or rushlimbaugh.com”””
And John Kerry only paid $11,000 in taxes the year he ran for president.
I believe the issue is more complex than than that.
There are different types of income, The reason we used to have 90% income tax on the rich was that they used to view income differently. Somebody that collects what they “Rent” income from interest, insurance, financial income otherwise known as the FIRE economy was considered non productive income as opposed to someone who produced something in a factory, farmed or mined out of the ground so they taxed the rentier class up to 90%
Of course nobody wanted to pay 90% so money was diverted to productive enterprises which is why when tax rates were high on the rent class the federal revenue did not increase.
You know the old story where if you had a penny invested at %5 when Jesus was was born that today the earth would be sphere of gold that would extend halfway to the sun. A lot of pennies collecting interest these days and trees only grow so high.
The concentrations of wealth at the top are structurally unsustainable and as an example they have not been this high since the Great Depression.
A productive middle class worker pays a much higher % of total income starting with FICA federal and state taxes. In my situation being self employed I am pushing 60% which the government considers my fair share.
I am sure that John Kerry and the Warren Buffets of the world and others like them with $11,000 returns are not paying anything close to 60% or what would be considered their fair share.
With tax advantages that we do not have they can grow their wealth while we pay the rent, debt slaves.
Makes more sense to me to Tax the unproductive Fire economy enterprises (Goldman, JPM, BOA, ML, Citi etc.) and support the productive companies and workers.