wasteofo2 said:
First off Russ, thank you very much for keeping this pretty civil, mad props to you cuz.
Secondly, I believe that the figure of the top 1% paying 90% of the federal taxes is off base, I've heard people like Sean Hannity saying that the top 10% pay 50% of the federal taxes, and I really doubt Hannity was low-balling it. I'd be more inclined to believe Njorl's stat.
Quite frankly, I haven't researched this like I said I would - busy weekend. I'll just plain concede. Njorl's numbers looked credible. That said, 30% for 1% is still quite a lot.
In response to your "who are you to say..." question: I am an American citizen, and I support the idea of taxing the richest 2% of Americans more than they currently are being taxed. Kerry will do this, so I support him, if enough people support Kerry, he will be elected and instate that policy, which is how democratic republics work.
Yes, that's how the democratic process is supposed to work, but is that specific opinion how the
United States is supposed to work? The US is the first country founded on
individual rights and the idea that the majority shouldn't have the power to take away the rights of a selected minority. The founding fathers called that a "tyranny of the majority."
All Kerry wants is a multi-billion dollar tax cut...
...a tax cut already implimented. I will continue to object to the framing of it that way. Supporting something that has already done is not the same as doing it yourself.
If you look at that chart, the dirt poor pay 10%, the poor pay 15%, and the lower-middle class pay 25%. It may be almost nothing in terms of the amount of money the federal govt. collects, but if you're only earning $30,000 a year, paying 1/4 of that means a lot to how you're able to live.
That's the
marginal rate - the rate you pay on your last dollar of taxes, not the rate you pay on
every dollar of taxes. And this has nothing to do with deductions (a single person with a $30,000 income is only taxed on at most $25,000) - even after you take out deductions and consider only the adjusted gross income, that's still not the actual average rate (except if you're in the bottom category).
What that table says is your
first $7,000 gets taxed at 10%, your
next $21,000 at 15%, and your
next $40,000 at 25%. For someone on the low end of the 3rd bracked - say with a $35,000 adjusted gross, that's...
10% of $7,000 or $700
15% of $21,000 or $3,150
25% of $7,000 or $1,750
...for a total of $5,600 or 16%.
First off Russ, thank you very much for keeping this pretty civil, mad props to you cuz.
I have no problem with arguing in a civil manner as long as the respect is mutual: mad props to you too.