GoFuckYourself.com - Adult Webmaster Forum - View Single Post - Elizabeth Warren basically sums up why most Republicans are idiots/hypocrites...

TheDoc · 09-23-2011, 06:23 AM

Quote:

Originally Posted by 12clicks

this is another leftist fairy tale.
lets put it to rest right now. please note the date of the article as well.

http://www.washingtonpost.com/blogs/...d0iK_blog.html

When you add up all of the various taxes, and look at the effective tax rates, it is clear the tax system is already pretty progressive. Everyone pays some tax, even those who pay no federal income taxes, and the wealthiest pay a larger percentage share of taxes. Here?s the effective tax rate for all of the groups, according to the CBO:
Lowest quintile (23.4 million taxpayers), zero to $18,900: 4.3 percent
Second lowest quintile (22.4 million), $18,900-$32,100: 10.2 percent
Middle quintile (22.9 million), $32,100-$47,400: 14.2 percent
Fourth quintile (23 million), $47,400-$71,200: 17.6 percent
Highest quintile (23.6 million), above $71,200: 25.8 percent
Top 10 percent (12 million), minimum income of $98,100: 27.5 percent
Top 5 percent (5.9 million), minimum income of $134,400: 29 percent
Top 1 percent (1.1 million), minimum income of $332,300: 31.2 percent

So the top1% guy get's the tax benefits of the lowest, second, middle, fourth, highest, top 10 and top 5, then he gets hit with the 31.2%... so really, it's not 31.2% at all, it's more like 20% for the top 1% and slowly goes down as your income does.

The top 1% get the same tax benefits of everyone else... they don't get taxed 31.2% on the first $20k, it's 100% equal with the poor on that income level.

Best part is, we don't really have to raise taxes, just undo the tax cut Bush did... put it back to how it was, "before you bitched about it" and our spending to income ratio flips back around.