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To: Amy J who wrote (26285)	12/28/2004 3:58:53 PM
From: Elroy Jetson	Read Replies (2) \| Respond to of 306849

You don't have to look much past the Federal income tax to realize that most taxes are paid by the working class. What is the income tax rate? 15% on low-income people and 28% on those who earn more? Compare this to the percentage of national income raised by the income tax, about 8%. home.pacbell.net Let's take a fairly low income person paying 16% of their income in tax. This is double the average Federal Tax paid in America. By contrast, the top 20% of U.S. Families earn 55% of the nation's income and pay 61% of Federal Taxes. While the top 1% of U.S. families earn 14% of the nation's income and pay 17% of Federal Taxes. When you see the tax returns of many families where I grew up, you see long listings of tax-free bonds rolling over to new bonds at maturity. You see stocks and real estate held until death, when taxes are no longer paid on gains. Bush would dearly love to eliminate the Estate Tax so the tax rate on wealth drops to nearly zero. The sheep saving in their 401k accounts need to be shorn to pay for government operations, as the wealthy generally don't. The most amusing aspect of this are people's self-perceptions. A survey reported on National Public Radio on January 20, 2003: 19% of the people in the US believe they ARE among the top 1% Richest in the US; 40% of people think they can make into the top 1% of the richest in the US. .

To: Amy J who wrote (26285)	12/28/2004 11:15:43 PM
From: deeno	Read Replies (1) \| Respond to of 306849

ot "The rich folks use Annuity Charities to stuff millions and millions of dollars of gains (non-retirement money, mind you), where the gains are instantly tax free" although your not wrong, your way to simplistic. Do you really Know how they work? or are you just quoting a friend of a friend of your brother in laws CPA. Remember at the very least the CHARITY gets the money when you die not your poor desititute children waiting for thier inheritence. Die tomarrow your children would be very upset. "After looking at the numbers on these plans, it's a pretty darn good deal." true, but ask your kids if its ok "How would you like to have all your stock market gains tax free? " and then give it all away to poor people. you earned it, you spend it and give the rest away sounds ok to me. "Meanwhile, back at the farm John & Sally are slogging away at saving some money into a humble IRA or 401k." rich people dont need to save, the NICE ones give some back when they are gone. I guess the middle class just enables their heirs. Stop complaining about other peoples tax advantages and start working on getting your OWN. I'll vote for anything that give the government less money.