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Politics : Formerly About Advanced Micro Devices
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To: Alighieri who wrote (390112)6/10/2008 10:35:37 AM
From: Road Walker  Read Replies (1) of 1577280
 
The tax code is not nearly as progressive as it can/should be. The top money earners make dis-proportionally more than they should pay in taxes in terms of % of AGI, they are much more likely to manage their tax burden, so they find loopholes and reduce their AGI and their payroll taxes are nil. The mid wage earners get hit with payroll taxes and are less likely to do any tax management, and the bottom 50% pay very little in income tax, but they make barely a living wage, and when you factor payroll taxes, the picture for them is in fact burdensome.

Income tax is the only progressive tax. The vast majority of taxes are regressive.
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