Top 1% of taxpayers = those making $380,000 per year
Top 1% earn 20% of all income
Top 1% pay 38% of all income taxes
Avg effective rate for all people = 11%
Avg effective rate for top 1% = 23%
Letting Bush tax cuts expire for $200K and above will generate enough revenue to run the country for 8 days
hmmm thoughts to ponder
seems the Republican thoughts are wrong ....................once again
There isn't a whole lot of evidence out there that tax increases on the wealthy have significant harmful effects on the economy, and I agree that the wealthy should pay more. But I think a small share of the additional burden needs to fall on the middle/lower classes over time. If one group of people is going to put more skin in the game, all groups should.
The problem is each side only has one solution.
Should the military be cut? Yes!
Should Social Programs be revised and cut in the process? Probably, yeah.
Should the rich pay more in taxes? They shouldn't pay a lower percentage than anyone else, so yes.
That's the thing. No one wants compromise. Even people posting here aren't interested in any sort of compromise. To Conservatives, cutting social programs and taxes while hinting at possible military cuts later (that will never happen) is a compromise. To liberals, taxing the crap out of the rich and cutting the military down to 2 bikes and a BB gun while hinting at reformatting social programs (which will never happen).
I'm hearing everyone talk about compromise, but someone has to be willing to give SOMETHING up (literally ANYTHING) before a compromise can be had. Just holding your positions the way you are now is just going to stalemate your nation into chaos.
1. Rich people don't have enough money to just increase their taxes and solve all our problems
2. The middle class/poor don't have enough money to just increase their taxes and solve all our problems.
That leads me to think that all people should bear a little bit more of a burden. I think the rich should bear more, but it's almost a principal thing with me. If my taxes go up a little bit, so be it. This country should be about sacrificing for each other. I'm willing to sacrifice for my fellow countrymen.
On a somewhat related note, and one of the reasons that I think the wealthy should bear more of our tax burden is displayed on this chart:
This shows that over the past 12 years, we've essentially seen an 8% decrease in real buying power. When you take this chart in consideration with the fact that the top 20% of earners currently have the biggest share of total income that we've seen since 1967 (and consequently, "middle class" earners currently have the lowest share of total income since 1967), we can infer that in fact, the middle and lower classes are doing much worse than the chart indicates.