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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (72569)	12/30/1999 10:48:00 PM
From: Wildstar	Read Replies (4) \| Respond to of 132070

Pardon my ignorance, but if that's the case, why can't we just tax the rich? I always thought it was because their weren't enough rich people out there, not because of the political clout of the rich. I remember doing research on this topic in school back in 92 when Clinton said he would increase taxes by x percent on the top 10% of the population and pay off the debt in y amount of years. When I looked at the numbers, it turned out that he'd have to raise taxes on everyone making $30,000/year or more because there weren't enough rich people out there. BTW, do you by any chance have a link to that Wall St Journal? Thanks.

To: RealMuLan who wrote (72569)	12/31/1999 9:07:00 AM
From: Logain Ablar	Read Replies (2) \| Respond to of 132070

Yiwu: From 1997 US Federal income tax filings (latest year data is available from US Treasury Department). 1)Top 5% of individuals pay 52% of the individual income tax (up from 43% in 87). To qualify for top 5% you income had to be above $108,048. This group accounted for 32% of income reported. 2) Top 50% pay 96% of the individual income tax. This group (which includes group 1) accounted for 84% of income reported. Shows why whenever there is an income tax cut proposed by the republicans the democrats attact it as favoring the rich. Unfortunately the rich are the ones paying the taxes. Also, I remember (I don't have the facts readily available) that 70% of our population make less than 60,000 of income. T