All the rhetoric about how much the rich pay in taxes when the actual amount of the increase is a drop in the bucket of the deficits being created and ignores the fact that 47% of the people don't pay any Federal Income taxes. Wonder what the real agenda is here?
Federal poverty level income for 2010 is $22,050;think of a poor widow woman, just scraping by. Medicare payments on this income is $320,per month, Social security is $1367,which is about ten percent of her income, which leaves $22000 to live on, around $425 per week. When the people living at poverty go to a grocery store there is no "sales tax break" for them, they pay at the same price for grocerys of someone making a million a year.
Someone earning $200000 a year would pay $ 12400 into social security and $2900 into Medicare; their tax would be $ 64000 in. Leaving after tax income of about $120,700.About $2321 per week.
Of these two Scenarios which in your opinion can best afford to pay the taxman? The widow women, making do on $425 per week, or someone making almost six times that per week.
So sad that the wingers have taken up kicking poor widow women as part of there agenda.
The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say
Last edited by Conservative; 09-05-10 at 08:13 PM. Reason: spelling
Speaking of not being soaked-what about thos e 47% who have an effective federal income tax rate of ZERO
I know lots of people in the 200K-1 million a year level. One former colleague is a partner in a major law firm as is his wife in another meaning they have a combined income of about 500K a year. They have two brilliant daughters-one at an Ivy , the other at Duke meaning they are paying close to 100K in tuition a year. people like you assume that they don't need all the money they make because you project your situation on to them. Why should they pay more taxes when they get nothing from the government additional to what you get despite paying at least 100K in taxes already. (and that doesn't include the high state income tax here in ohio, and property taxes)
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
"Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911