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The Rich pay more then their fair share in taxes.
- Thread starter stoic
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Quote from Free Thinker:
1. The Top 1 Percent Of Americans Owns 40 Percent Of The Nationâs Wealth: As Nobel Laureate Joseph Stiglitz points out, the richest 1 percent of Americans now own 40 percent of the nationâs wealth. Sociologist William Domhoff illustrates this wealth disparity using 2007 figures where the top 1 percent owned 42 percent of the countryâs financial wealth (total net worth minus the value of oneâs home). How much does the bottom 80 percent own? Only 7 percent:
2. The Top 1 Percent Of Americans Take Home 24 Percent Of National Income: While the richest 1 percent of Americans take home almost a quarter of national income today, in 1976 they took home just 9 percent â meaning their share of the national income pool has nearly tripled in roughly three decades.
3. The Top 1 Percent Of Americans Own Half Of The Countryâs Stocks, Bonds, And Mutual Funds: The Institute for Policy Studies illustrates this massive disparity in financial investment ownership, noting that the bottom 50 percent of Americans own only .5 percent of these investments:
4. The Top 1 Percent Of Americans Have Only 5 Percent Of The Nationâs Personal Debt:
Using 2007 figures, sociologist William Domhoff points out that the top 1 percent have 5 percent of the nationâs personal debt while the bottom 90 percent have 73 percent of total debt:
5. The Top 1 Percent Are Taking In More Of The Nationâs Income Than At Any Other Time Since The 1920s: Not only are the wealthiest 1 percent of Americans taking home a tremendous portion of the national income, but their share of this income is greater than at any other time since the Great Depression, as the Center for Budget and Policy Priorities illustrates in this chart using 2007 data:
http://thinkprogress.org/economy/2011/10/03/334156/top-five-wealthiest-one-percent/?mobile=nc
The top 1% of American male earners get the most of the best pussy out there. Maybe the 99% will call for a hot pussy consumption tax.
Quote from Eight:
The fairest possible tax would not involve this horribly invasive process of reporting income. It would be a consumption tax. The rich that spend more would pay more taxes. A consumption tax would be fair to all of us because it would curb runaway government spending. People would realize that government costs money every time they made a purchase. If the founding fathers had foreseen the rise of Marxist Socialist garbage they would have made a constitutional mandate requiring that taxes all be consumption taxes, it was the only kind of tax they had at the time, and that only on imports.. In the age of computerized transactions the consumption tax could not be easier to implement...
Great post, Eight!
These immoral, evil thugs in the Senate and House Of Representatives should not know how much money you have and/or make.
Our tax system in the USA, though, is the engine that drives much of the corruption in Washington, D.C.
Quote from Free Thinker:
so you think a grandma scraping by on 9000 a year should pay the same tax as someone who makes a million a year?
Should be like this:
Everyone pays a consumption tax.
There should be no such thing as filing your income tax return every year.
This rotten, evil government should not know how much money you have and/or make.
But, everybody should pay something.
Freedom ain't free, Free.
Mitt Romney pays the same rate as someone making 15k a year.
Yeah, that's fair.
Yeah, that's fair.
I heard that in Somalia there are no taxes at all. Perhaps some of these folks should go there and make all the money they want, without the bother of taxes.
Quote from BSAM:
Should be like this:
Everyone pays a consumption tax.
There should be no such thing as filing your income tax return every year.
This rotten, evil government should not know how much money you have and/or make.
But, everybody should pay something.
Freedom ain't free, Free.
That indeed would be the optimal and fairest way of taxation.
When I say fair I mean you get to decide how much tax you pay by controlling your consumption.
However 2 flaws kill this 1) it would limit political power of the politicians and their crony's.
2) It would hurt current and near retirees .(Since they have already paid the bulk of their lifetime taxes on earned income) IOW they essentially will get double taxed. I'm not sure how to prevent this problem.