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Politics : Politics for Pros- moderated
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To: John Carragher who wrote (31449)2/25/2004 8:14:25 PM
From: KyrosL  Read Replies (1) of 793670
 
increase tax on top 10%

In 2000, the top 10% had 40% of the income and paid 66% of the income taxes -- some $587 billion.

house.gov

By now the income of the top 10% has grown considerably both in absolute and relative terms. It's not inconceivable that a Democrat president and Congress may increase the taxes on this top 10% by a hefty amount. A 50% increase will eliminate more than 50% of the deficit.

The conventional wisdom used to be that you can't get much by increasing taxes just on the "rich". But successive tax cuts had the interesting side effect that income taxes on the middle and lower incomes have been virtually eliminated, so the "rich" end up paying most of the income tax -- even though their percentage of tax paid has gone down considerably. Therefore, increasing taxes just on them is very effective, since it is appealing to the masses plus it brings in the dough.
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