the top 20% own 85% of america, but it takes the top 25% to pay for 85% of federal taxes.
1 - The top 20% may have 85% of the personal wealth in the US, that doesn't mean they own 85% of America.
Also income tax is based on income. If you have wealth after taxes its yours, I don't support a wealth tax, or trying to manipulate the income tax in complex ways to try to make it act somewhat like a wealth tax.
also, 39.38 is less than 39.7
Insignificantly so.
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.
Which is why we should spend less, or at least slow the rate of spending growth (which would be enough by itself to bring the budget to balance in a reasonable amount of time)
1. ship manufacturing over seas.
Each non recession year we manufacture more in the US than the year before. Manufacturing employment in the US declines, but that's mostly do to increased productivity. More recently manufacturing employment in China has started to decline (also mostly do to increased productivity)
2. devalue the dollar.
I'm concerned about the easy money strategy the fed seems to be pushing as well.
3. run up insane debt levels.
Measured as a percentage of GDP and compared to other nations or to the past in the US, the debt its at worst high, not insane.
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)
There is also reason to think that the official levels are too high. Either way they aren't going to be reliably accurate. And either way I think real inflation may be coming. I doubt very much 7.5% is here, but it might get that bad. |
