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- Dec 16, 2011
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If you consider the fact they own 75 percent of all "wealth" in the country, then no, the statement might not hold. But since this is about "income", of which they constitute about 48 percent of, then yes, the statement could be considered true.
I still voted "no" however. There are plenty of other factors to consider. There is a reason we have a "progressive" tax system, it helps compensate for the inherent inequalities in a system such as ours. Yes, that would be the "redistribute the wealth" thing.
Actually the progressive tax system is a stimulant for our consumer economy since it taxes money not spent at a higher rate. Taxing everybody at equal rates would deprive the economy of billions in retail sales crippling our economy and our GDP which is 75% consumer spending.
The sad thing is that as our tax system grows less and less progressive, less and less people pay any income taxes which is opposite of what you might think would happen. It is another "unintended consequence" of the supply side nonsense of Reaganomics.
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