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- Jan 30, 2011
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If you are going to call me Stupid you ought to learn how to spell BURDEN
You are unable to fathom the fact that the rich bear more of the income tax burden now than at any time in the last several decades.
And you fail to "fathom" that it's because they are earning more (or keeping more for themselves) than ever before, and the working class has seen no rise in income in nearly a decade.
If you cut the tax rate in half, and they are paying more than they ever have... it doesn't take a degree from MIT to understand why.
Cutting taxes more for the wealthy will not change this and raising taxes on those that will not be able to feed their families or the fuel to drive to the only descent jobs available will not change that either.
If you want the tax burden to be more equal, earnings for EVERYONE must rise with rises in productivity (which we have) and rises in profits (which we have). The rise in productivity is almost exclusively the domain of the worker, any profits based on that should be passed to those responsible for it, period, not co-opted by those that control the flow of finances. High marginal tax rates on the wealthiest discourage this behavior. When taxes are in the 70%-90% range, directors and owners are less likely to steal 400% more on 104% rise in profits and instead return more of that to the worker rather than be taxed on it.
The first part of the problem is that our current code only has six brackets. And the top bracket tops out at about $375k. Meaning someone that in today's economy is just doing pretty well is paying the same rate as the top one tenth of one percent, the 400 wealthiest holding 85% of the wealth. There should be 12-16 tax brackets.
Current
Head of Household
Marginal Tax Rate...............Tax Brackets
10.0%............................. $0 $11,95
15.0% ............................. $11,950 $45,55
25.0%............................. $45,550 $117,65
28.0%............................. $117,650 $190,55
33.0%............................. $190,550 $373,65
35.0%............................. $373,650 and up
I'm sorry, but in a society that has people making tens of millions annually and tax brackets that lump the new middle class (bottom of the top tier) in with the wealthiest, that is gross incompetence. The real reason for this is to play to the far more numerous bottom of the top tier to support massive tax breaks for the top of the top tier.
The lower tiers have already seen their taxes double since 1964 while the wealthiest saw them halved... now you want more? Please.
What the tax brackets should look like..
6.0%............................... $0 $11,95
8.0% .............................. $11,950 $45,550
12.0%............................. $45,550 $117,650
15.0%............................. $117,650 $190,550
18.0%............................. $190,550 $373,650
30.0%............................. $373,650 $500,000
35.0%............................. $500,001 $750,000
40.0%............................. $750,001 $2,000,000
45.0%............................. $2,000,001 5,000,000
50.0%............................. $5,000,001 10,000,000
60.0%............................. $10,000,001 $20,000,000
70.0%............................. $20,000,001 $40,000,000
90.0%............................. $40,000,001 and up
I agree, the problem is the marginal taxes... but not the rates, the brackets.