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Originally Posted by Matt_WildCash
Yep great way of screwing your country just as the biggest recession of the last 70 years kicks into high gear.
Over tax the people who will employ and rebuild the country with inititive and entrepreneurship. Take it for the Govenment who will blow it on useless ill planned expenditure instead.
I read on CNN money last month a breakdown of taxes paid by Americans.
Turns out 74% of American income taxes are paid by people earning over US$100,000+ a year. You can see why they want to tax the higher incomes more, thats where most of the tax money comes from.
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The top 1% in America control 90% of the wealth....so it's only logical that they pay 90% of the taxes, since money (income) is what is being taxed.
When you look at it that way, it sure doesn't seem like they're paying "higher taxes" than everyone else, since their contribution is right in line with their share of the pie.
The rates are higher on paper, but once all of the loopholes/exemptions/shelters are taken into account, they don't pay nearly the amount they'd like us to think they do.
