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Just look how great our economy is doing. Thanks to low taxes, the rich are really pumping money into the economy and generating lots of good-paying jobs.
WASHINGTON – As millions of procrastinators scramble to meet Monday's tax filing deadline, ponder this: The super rich pay a lot less taxes than they did a couple of decades ago, and nearly half of U.S. households pay no income taxes at all.
The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.
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Eric Schoenberg says to sign him up for paying higher taxes. Schoenberg, who inherited money and has a healthy portfolio from his days as an investment banker, has joined a group of other wealthy Americans called United for a Fair Economy. Their goal: Raise taxes on rich people like themselves.
Schoenberg, who now teaches a business class at Columbia University, said his income is usually "north of half a million a year." But 2009 was a bad year for investments, so his income dropped to a little over $200,000. His federal income tax bill was a little more than $2,000.
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Raising taxes on the super rich is fine. Then again $250k a year isn't super rich and the guy paying $2k on $200k isn't nearly a representative sample.
Just look how great our economy is doing. Thanks to low taxes, the rich are really pumping money into the economy and generating lots of good-paying jobs.
I found this a while ago and thought it was interesting. This analysis suggests that the top 10% of earners in the USA have a larger tax burden than essentially any other country when looking at share of taxes versus share of income.
This is a biased site and I have not had a chance to look at the cited study but I thought it an interesting analysis, claiming that the rich are better off from a tax burden perspective in places like Sweden than the USA.
More to your point Patters I'd like to see rates stay where they are or drop a bit more but compensate by simplifying the tax code and removing the ability of the top % to find loopholes that reduce their overall rate, as in the work you cited (where its down to 17% from 26%).
I just wish someone was smart enough to offer such a plan... Yep, that sure would be nice, and even better if they tried to address the long term solvency of our social programs as well. I'm sure the President would look at such a plan as a great opportunity to live up to his campaign promises and work across the aisle and would NEVER resort to political attacks that distort the truth only to serve his reelection hopes...
Haha no seriously though cut rates and close loopholes, if it brings in the same amount of revenue, and we ensure the creative accounting goes away, that's good for everyone, right?
Reagan hasn't been president for well over 20 years.
We've had 10 years of pub admins, and 10 years of dem admins over the last 20.
If we're talking Reganonics, then what about Clintonomics, Bushonomics, and Obamanomics.
Wow, 45% of income earners don't pay any taxes. That's almost half of the income earning population.
The question I have with respect to the article is what they are including as "income". Yes the top rate is 35%, but are they including income subject to capital gains? It's not clear.
To me, based on the limited information given in the article, it's clear that we need to restructure and simplify our tax code. There are simply far too many deductions available. Flat, or Fair tax anyone?
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Finally, proof that Reaganonics works
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