What is a 'Fair' tax rate? 20,30,40,50,60,70%?

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What is a 'Fair' tax rate? 20,30,40,50,60,70%?

threadbear
Senior Member

since 2008-07-10

Posts 817
Indy

0 posted 2008-09-24 04:50 PM

Quite often i hear pundits claim that the wealthiest should pay the most taxes.  Well, they do, in spades.  The top 10% of wage earners in the United States account for 70% of the income derived by taxes.

of the 138 million taxpayers in the United States, over 1/3RD DON'T pay any taxes at all!  Shocking, huh?  I didn't know the figure was that high.

questions:
Do you feel that people should keep the lionshare of what they earn?  If so, how do you explain the progressive tax nature of income tax? (the richest pay nearly 3timex the national average)

What do you think the government is entitled to, in a total percentage?

Let's total an average person's taxes:
Social Security 8%  (includes Medicare tax)
State taxes 5-10%
Income Taxes - 27%
Property taxes - 6%
County taxes - 1-3%
Gas taxes - 1-2% total income (fed,state,local)
Luxury taxes - 1-2% (gambling, cigs, liquor)
add 'em up
the average person with a home now pays
52% to 57% of their income to government taxes.

Is that fair?
Keep these figures in mind next time you hear a politician claim:  We MUST have a tax increase!  Especially now, in these financially dire times, the percentage of income you actually get to KEEP, seems incredibly important.

[This message has been edited by threadbear (09-24-2008 05:38 PM).]

Sunshine

Administrator

Member Empyrean

since 1999-06-25

Posts 63354
Listening to every heart

1 posted 2008-09-24 05:39 PM

The next time a politician asks me if I think we need a tax increase, I'll say, "sure, just as soon as Congress' salaries and budget is reduced by 1/2."

threadbear
Senior Member

since 2008-07-10

Posts 817
Indy

2 posted 2008-09-24 06:58 PM

Postscript:

Obama and others propose a 'graduated tax increase' to buy down the debt.

There's an old story about a frog who voluntarily jumped into a cool pan of water. Gradually, in small increments so to be unnoticeable to the frog, the heat was turned up gradually. Eventually, and quite soon, actually, the frog cooked.

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