Tim,
i found the link...
taxfoundation.org
the top 20% own 85% of america, but it takes the top 25% to pay for 85% of federal taxes.
also, 39.38 is less than 39.7, so they don't pay their share and they are the top 1%! yes, agree the numbers are close, but i bet that fraction of a percent translates into billion dollar shortages. probably many billions of dollars.
also, keep in mind that the top 1% pay about the same percent of taxes as compared to their percent ownership of the country relative to the total amount of taxes paid, which falls 100s of billions short of the money required to actually run government.
the taxes collected, the denominator, is insufficient to pay the bills, which is why we run 100s of billions in deficits each year. so they pay even less than the current "not enough" given the actual size of government.
if the top 1% is paying billions less than the actual cost of government... how are our grandkids going to 1. pay even and 2. pay off the $9 trillion interest payment and, 3. pay off the $9 trillion in debt this generation has racked up?
if one were to write a script on how to destroy america, it would be hard to write it better than...
1. ship manufacturing over seas.
2. devalue the dollar.
3. run up insane debt levels.
4. hide financial disaster using stock and real estate bubble.
5. i'm sure i'm missing some.
when inflation hits, and i hear it is running at an annualized rate of 7.5% right now (and they always manipulate it lower than reality) and when interest rates go up to attract investors to currency whose value is burning up.
we may be fiscally wobbled so much by then, we might not be able to recover.
ps - yes, high income, low ownership people do get the big shaft. |
