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CreativeDominant -> RE: VIDEO: Paul Ryan Booed At Town Hall For Defending Tax Breaks For The Wealthy (4/26/2011 7:44:40 AM)
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ORIGINAL: Edwynn
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ORIGINAL: CreativeDominant
And as has been noted over and over again....even if that top 10 percent, which is paying 90% of the tax bill of this country, was willing to give willing to give at a 90% rate, they still would not cover the debt. And like it or not, that is not "shared sacrifice" as our "leader" called it, that is illegal confiscation of other;s earnings. Like it or not, Eddie...people are going to have to figure out what they are willing to give up.
As has been pointed out over and over again and either not understood or willfully ignored, it's not so much the nominal rate as how many loopholes and evasion tactics are available, which the super wealthy take advantage of, but the lowly $300,000/yr. earner cannot. Far worse in this regard are the largest corporations, especially the oil companies, who are far and away the most damaging to the revenue structure both ways. Our taxes used for subsidies, investment schemes that taxpayers pay up to 85% for, all kinds of expenses that taxpayers cover that in other companies the shareholders pay for, depletion allowance, tax credits, the list goes on. On the other side, there's all kinds of environmental costs, of which they pay the first bit and then successfully fend off every effort to pay anymore. The communities and/or taxpayers deal with the rest. And the now perpetual warfare, the low side estimate being $3 trillion so far.
Then there's the whole nature of all those offshore accounts that more and more companies have that means that we can only ascertain some portion of what is missing on that score.
And for those with third grade or better reading comprehension, nobody is saying the poor are paying for this in taxes.The middle and upper middle class and the "lower wealthy" individual earners and the mid-sized and small companies, none of whom can afford the huge lobbying tab required to get the bonanza of tax money that the mega corporations get, are the ones paying. The poor are paying in other ways, not the least of which is overcrowded schools due to all the closings.
Like it or not, giving the latter even more of my earnings ain't gonna create any jobs, but rather cost more jobs as small companies keep dropping out from the economic wrecking done by the largest corporations.
Send the billionaires more of your money if you want, but keep your hands out of my pockets.
Hmmm....are you willfully ignoring this?
About 47 percent will pay no federal income taxes at all for 2010. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.
In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2010, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax.
Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Barack Obama and Democrats in Congress. Less noticed were tax cuts for low- and middle-income families, which were expanded when Obama signed the massive economic recovery package last year.
The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners — households making an average of $366,400 in 2006 — paid about 73 percent of the income taxes collected by the federal government.
The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.
"We have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation.
you know what...give your money to all the folks who cry out for it and whom Obama failed to mention as needing to share in the sacrifice (as even mnotter noted, cuts DO have to be made and not just in defense....which is paid for with only 3% of the GDP...but in entitlement programs).
"Shared" sacrifice seems to be defined by progressives as "the wealthy share their money with the poor and.the rest of the populace...wellllllllll, they receive it and that's their part of sharing. As for the sacrifice part? No...."
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