what john edwards would do

[fhl]

During the dem debate this afternoon, Edwards said that what he wants to do is "take back the country from the rich and the corporate interests that now control" this gov't.

Seeing as how almost forty percent of Americans don't pay any federal income tax and the rich and corporate interests pay almost all the bills, you would have to conclude that either the rich, (those Edwards says are in control), are idiots or they are very charitable, indeed. If Edwards takes back the country from them, what's he gonna do? Make a system where almost nobody pays income tax except the rich, and take ALL their money?

 

[Covertibility]

How about getting Halliburton to do the job they're suppose to do when given no bid contracts? The ethanol special interests should get the boot.

 

[Magna]

Quote from fhl:

Seeing as how almost forty percent of Americans don't pay any federal income tax

fhl,

Not to challenge your statement as to what John Edwards would or wouldn't do, but I'm curious about this claim. Seems when I first saw something like this mentioned at ET the figure was 25-30%. Later it grew to 35%. And now you've got it escalated to "almost 40%". Could you provide a single credible source/link to this figure because, if it's true, that's astounding. Thanks.

 

[Cache Landing]

Quote from Magna:

fhl,

Not to challenge your statement as to what John Edwards would or wouldn't do, but I'm curious about this claim. Seems when I first saw something like this mentioned at ET the figure was 25-30%. Later it grew to 35%. And now you've got it escalated to "almost 40%". Could you provide a single credible source/link to this figure because, if it's true, that's astounding. Thanks.

This isn't my thread but I can provide a link.

http://www.taxfoundation.org/news/show/1410.html

 

[LT701]

i thought John Edward's comments about China trade were really good. I would have had one question for him though,

'So why'd ya vote for it, John?'

pretty much what you could ask him about anything he rants about

 

[AAAintheBeltway]

Edwards has no idea what he would do, except raise taxes for certain. He is a remarkably stupid and shameless phony.

 

[Magna]

Quote from Cache Landing:

This isn't my thread but I can provide a link.

http://www.taxfoundation.org/news/show/1410.html

Cache,

Thanks much. Those figures are quite remarkable and clarify for me whether all the high percentage claims referred to tax liability (which is the real figure that matters) or simply tax owed.

 

[Cache Landing]

Quote from Magna:

Cache,

Thanks much. Those figures are quite remarkable and clarify for me whether all the high percentage claims referred to tax liability (which is the real figure that matters) or simply tax owed.

These numbers are referring to people who were either declared exempt from federal tax thoughout the year, or were >100% returned the money they had paid towards federal tax.

Essentially, the federal tax deductions, credits, and exemptions are large enough to eliminate the federal tax liability of about 1/3 of all taxpayers and 41% of the US popluation. Unfortunately I'm not one of them.

I should also note that it has been my experience that the average American pays less than 16% of their income to income taxes. A HUGE number of people pay somewhere around 5-10%.

That said, I am a big supporter of consumption tax, and a big opponent of income, inheritance, capital gains tax.

 

[Hydroblunt]

Quote from fhl:

Seeing as how almost forty percent of Americans don't pay any federal income tax

40% also live at or below the poverty line. There is no income tax to collect.

As for the very rich, they have a number of tax credits & incentives available to them, which they exercise to a great extent. So do corporations, in fact corporate taxes provide a lot less tax revenue than individual taxes.

 

[jamis359]

The rich can pay 40% of all tax revenue and still underpay. Yesterday Warren Buffett said that he is astounded that he is only asked to pay 17% of his income and capital gains. I'm upper middle class and I pay a higher percentage than that. There's no reason why Warren and the other top-earners can't pay at a 35% rate. If they did, the budget would be balanced, and the economy would do better.

Warren Buffett is a saint. He understands that America needs to do more to strengthen the middle class. He said "trickle down" doesn't work. He's right, supply-side economics has been a failure with budget deficits and collapsing dollars as far as the eye can see.