Even factoring all that in... the top 1, 5 and 10% pay a larger portion of total tax liability than portion of total income, have a higher effective rate, pay more dollars, and are more affected by deduction limitations and phase outs. So again how is my middle class hurt by any of it?
Because it hurts the economy and increases the debt on all of us. It gives more tax breaks to those who don't need them.
Did it hurt the economy between 2001 and 2007 when massive expansion occured? How about the expansions after Kennedy cut the rates imposed durign WWII? I don't put much stock in Huffington Post tax pieces. They are about as credible as the Heritage Foundation. Too many facts are ignored by both groups. the point that needs to be made again and again is that the government is far too big and we are all overtaxed. Cut taxes for everyone and slash spending to compensate.
but doesnt "slash spending" really mean slash DOD, SS and Medicare? just want to be clear on this so the republicans dont think that cutting food stamps, or unemployment benefits or congressional salaries are going to do anything.
Of course that is what it means. You can't address the budget mess we are in without hitting the big 4 hard. It means massive changes for Social Security, Medicare, and Medicaid. It means a reduction to the defense budget. It means elimination of redundant programs. Let's end all subsidies to private industries while we are at it. Let's get rid of ineffective Federal departments (DOE). Let's reform the tax code and do away with 99 % of the IRS. Let's stop regulating every aspect of life and let private markets work. Let's deal with all this pain now, because it is only going to get worse.
It also means raising taxes to pay off the debt, because only income can pay down the debt. It means getting rid of a lot of tax credits, tax cuts, and other loopholes that allow taxes to be avoided.
I disagree. I think our goal should be a balanced budget, and I think we should accomplish that with the taxes we currently collect or with less. We would just have to make bigger cuts. If you do that the debt will go away over time. The last thing the government should do is collect more than it needs to operate. Surpluses just suck money out of the economy where it can do some good. To me a small deficit is supperior to a surplus any day of the week. I do agree we need a simplified tax code. If I wrote the thing it would be about half a page.
Even so though, 25% of my yearly wages, absolutely kills me. 25% of someone who makes 5 or 6 million a year, while that is a huge amount of money, it wont bankrupt them. I was just using 25% as a general number, I have no idea what the actual tax percentage is. Why do middle class folks constantly feel the need to stick up for the rich when they would sell you down the river faster than you could blink.
I would wager to guess that all the taxes you pay, state, federal, payroll excise, property, and sales probably consume somewhere between a quarter and a thir of what you earn. The federal taxes alone consume a third of what the top 1% earn. Property taxes on mansions are big. Trust me. They have it worse in terms of effective rate. And even though the tax system may impact your lifestyle more than it does a rich dude's that is not justification to take more from the rich. It's up to you to have the lifestyle you want (if you presently don't). It isn't for the government to make things fair. It's called having principles. I favor lower taxes on everyone because it allows for a healthier economy. People having more of their own money can only lead to economic growth. Rich people's opinions of me don't have any impact on my principles. Also these uncaring idle rich you and red like to hate on are lining up left and right and pledging to give billions upon billions of dollars away either now or after they die. They probably aren't such terrible people. For every Madoff there is a Buffet or Gates.
