Avinash_Tyagi said:
TheRealMafoo said:
Avinash_Tyagi said:
People are not taxed out, you really don't get it do you, in real terms US taxes are among the lowest in the developed world.
Also at the moment inflation is down, right now the concern is deflation not inflation
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I guess I should have rephrased.
Almost all of our tax dollars come from the top 5% income earners. If you raise taxes on them, you will not collect any more money.
You could raise taxes on the poor and middle class and increase government income, but most people think that's counterproductive when entering a depression.
Being that I apparently don't get it, enlighten me with your wisdom. If you were president, what would you do?
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Actually you will get more revenue, you do realize that taxes on the rich used to be much higher, and our revenues, (adjusted of course) were higher than they are now, you do realize that we used to be a lending nation not a debtor nation with those higher taxes on the rich. Nowadays however the rich aren't shouldering their share
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The rich have always paid 19.5% of the GDP, regardless of how much you tax them.
Raising taxes on them does not generate more dollars. In fact, it generates less, as the GDP will fall. You can raise taxes on the middle class and poor however, and collect more dollars.
