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Thread: CBO: Fed tax rates hit historic low

  1. #21
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    Re: CBO: Fed tax rates hit historic low

    Quote Originally Posted by American View Post
    Cut spending reasonably, but slash tax cuts and loopholes to the bone. Amazing how some never want to cut spending in a hard way. Did you know that US combined corp income tax rate is the highest in the world?
    I say end all tax deductions (except for charitable contributions), end corporate taxes, have income and capital gains taxed exactly the same, have the first $10,000 income/capital gains/both at 0% and the rest (no matter how large) at one set rate.


    I am tired of the rich who live on capital gains getting a huge tax savings BUT I am also sick of the rich that work for their money being penalized for being successful.

    ALL Americans who make over $10G's should have the same tax rate...no matter their income.
    Last edited by DA60; 07-12-12 at 03:31 PM.

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    Re: CBO: Fed tax rates hit historic low

    Quote Originally Posted by lpast View Post
    The average tax rates for American households reached a historical low in 2009, according to a report issued by the non-partisan Congressional Budget Office.
    Indeed, federal taxes for American households averaged 17.4 percent in 2009, a historical low over the 1979 to 2009 period.


    The tax paid by households ranged from 1 percent in poorest fifth of Americans, to 23.2 percent in the wealthiest fifth. The much-talked-about top one percent of the United States paid a 28.9 percent average federal tax rate.

    Meanwhile, average before-tax income fell drastically between 2007 and 2009, a clear sign of the recession that struck the United States due to the 2008 financial crisis.
    Those with the most income were hit the hardest: the four lowest income quintiles’ before-tax average income dropped by five percent or less. But among the richest 20 percent, before-tax income dropped by 18 percent; in the top one percent, income fell 36 percent.

    Further, those who made the most income also paid the greatest amount in taxes.


    CBO: Fed tax rates hit historic low - Tim Mak - POLITICO.com




    Did you read this article before posting it? It just seems.... incongruent with your general approach.

  3. #23
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    Re: CBO: Fed tax rates hit historic low

    Quote Originally Posted by DA60 View Post
    I say end all tax deductions (except for charitable contributions), end corporate taxes, have income and capital gains taxed exactly the same, have the first $10,000 income/capital gains/both at 0% and the rest (no matter how large) at one set rate.


    I am tired of the rich who live on capital gains getting a huge tax savings BUT I am also sick of the rich that work for their money being penalized for being successful.

    ALL Americans who make over $10G's should have the same tax rate...no matter their income.
    that would work since dividends would no longer be taxed twice

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