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Politics : American Presidential Politics and foreign affairs

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To: LLCF who wrote (69244)	3/11/2014 12:26:52 PM
From: TimF	1 Recommendation Recommended By i-node Read Replies (1) of 71588

The truth about the 1% is (and I'm one of them): 1.) they are super rich... A number of them are, but the group in general is not. You only need a few hundred thousand a year in income to hit the top 1% (just under $344k in 2009). Maybe that's enough to be rich, but not "super rich". Also many of them don't make that money year after year. People have a one off jump in income, and then they are the top 1% for that year, only to go back down a bit later on. They also have a lower tax rate than they've ever had Depends on what specifically you mean by that. Many in the top 1% for any specific year (includign this one) are paying a higher tax rate (both marginal and average rate) then they ever have before. If your talking about the group rather than the individuals (so your not counting current top 1 percenters for the years when they are not in the top 1%, and you are comparing to past top 1% earners whether or not they are in the top 1% or even alive now), then there were periods in the past when the nominal statuatory rate was lower than it is now. and so we are typically would have no problem paying more Many could pay more, but generally it would be a bad idea to make them pay more. Taxes never should be aBbout grabbing the most that everyone can possibly pay. We realize that we have benefited from our great system [/] People (both the top 1% and others) benefit from it less the more tax rates go up. That's true even if you don't consider the direct cost of paying tha taxes. for raising tax rates to {gasp!} 30 some % People can already face total marginal tax rates of about 50% not just 30% and that's before any further increases.

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