ImJustBayuum said:
mrstickball said:
Except they don't.
According to actual tax returns analyzed by the American Tax Foundation (TaxFoundation.Org), the following income brackets paid the following effective tax rates:
- Top 0.1% - 22.7%
- Top 1% - 23.7%
- Top 10% - 20.8%
- Between 5% and 10% - 12.4%
- Between 10% and 25% - 9.3%
- Between 25% and 50% - 6.8%
- Bottom 50% - 2.6%
That is the hard data from 140 million returns. Warren himself may not pay as much as some of his employees because he has more accountants finding each and every loophole for him, whilst his employees are going to get a big fat check back from the government in April each year which greatly diminishes the taxes they pay.
I do not disagree that revenues need raised - but we can do that without simply raising taxes. Our entire tax code structure is ripe for loopholes and to be taken advantage of. We need a simple flat tax system and/or an NST. That way, people like Mr. Buffet do pay their 'fair share' without dodging taxes. Additionally, Mr. Buffet's company uses loopholes to pay no corporate taxes - they dodged over $1 billion last year. Rather stupid of him to say taxes need raised when he knows good and well they can be avoided easily.
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Changing the structure of America's tax system...How costly would that be in this current volatile economic environment??
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If done properly, the net benefit would be far greater than the costs ...
The reason for this is that, if you look at the number of hardworking, intelligent and educated people who are employed trying to enforce or circumvent the overly complex tax and regulatory structure and consider how much larger the economy would be if they were focusing their efforts on producing the products and services of the future, it becomes clear that that a large portion of the greatest resource in a developed nation is being wasted for no gain.
