Much of this is true and is actually a good counter-argument to the claims that "the rich" paid much higher tax rates in the 1950-1970's. Yes, Federal income tax rates were higher. But state/local taxes, property taxes, alchohol/gasoline/tobacco taxes, etc. have skyrocketed since then. In addition, there were other tax deductions/shelters (especially in real estate) that are now gone. Hardly anyone really paid a true 50-90% tax rate. But all that makes for good "studies" and soundbites about the "good ol' days" (as if anyone wants to repeat the 1970s economy any more than they want the current economy).
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Bullshit. 40% of Americans don't pay any income tax. The top 1 percent of taxpayers paid 40.42 percent of total federal income taxes in 2007, according to the most recent data from the Internal Revenue Service. So, in reality, the poor have been riding on the backs of the rich, and not the other way around. I'm so tired of hearing Pelosi and her mis-guided liberal friends talking about how the rich should pay their fair share. The rich more than pay their fair share. The truth is the poor pay nothing for all the societal benefits they receive. Try spinning the fair share on that!
Wait, wait, wait.. Hold on a sec. !!! I thought it was 40.43%... if this is incorrect, how can i beleive any other part of your argument., Huh? EF
Fact: 47 % of American Households pay NO federal income tax Fact: the 'working poor' actually get a tax 'refund' check (seriously) without paying income tax - it's called the Earned Income Tax Credit (EIC). A working family with combined income $50K and under is not going to pay federal income tax - in fact, they are going to get a 'refund check'. Working families with income between $50K to $100K already pay a very low federal rates due to itemized deductions for children and education.
slacker - another Thatcher A quote attributed to Margaret Thatcher goes along the lines of "The problem with socialism is that eventually you run out of other people's money [to spend]." She must have been fun to watch as a backbencher.
They certainly do pay a lot but I have to agree with Obama when he says we can do without many of the tax loopholes and deductions that allow people like Warren Buffet to pay less in taxes than his secretary.