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Yes, but you forgot... people with money will seek out ways to minimize their tax exposure... normal Americans dont have that luxury.
the more money you have the better your ability to minimize your tax exposure. but regular normal Americans do as well -we take deductions for charitable giving, mortgage interest... whatever Turbo Tax (or the equivalent) tells us we can do to lower our tax bill, we do.
No that is false. Raising taxes WILL increase revenue.
I almost wish it was true - it would make life much simpler. but the unfortunate reality over the past 50 years has been that there is little if any connection between tax rates and the amount of income we get in revenue. the main effect tax rates seem to have on revenue appears to be indirect; via it's ability to alter growth in GDP.
Problem is the US tax code is filled with loop holes put in place on behave of the rich and big business, so that these can avoid paying taxes.
that is indeed one of the many, many problems with our current tax code.
The Ryan budget right? Stripping loopholes is commendable... the rest of the House Budget on the other hand is so pro big business and the rich that it is not even funny.
really. considering that it collects just as much in taxes from them, but cuts their benefits, how do you figure that?