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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: Bill who wrote (142839)	10/23/2008 7:47:09 PM
From: Kevin Rose	Read Replies (1) \| Respond to of 173976

So, you believe in a flat tax rate? Because McCain doesn't. There was not less productivity under Clinton, when the tax rates were higher on rich people. In fact, I'd bet that productivity overall was higher then, and the economy was certainly in much better shape. I'm in favor of people paying a higher percentage on income about certain high levels.

To: Bill who wrote (142839)	10/23/2008 9:00:23 PM
From: PartyTime	Respond to of 173976

>>>6. "Taxes are for little people." Most millionaires do pay taxes. In fact, the top 1 percent of earners paid nearly 40 percent of federal income taxes in 2005 — a whopping $368 billion — according to the Internal Revenue Service. That said, the wealthy tend to derive a higher portion of their income from dividends and capital gains, which are taxed at lower rates than wages (15 percent for long-term capital gains versus 25 percent for middle-class wages). Also, high-income earners pay Social Security tax only on their first $97,500 of income. But the big savings come from owning a business and deducting everything related to it. Landlords can also depreciate their commercial properties and expenses like mortgage interest. And that's without doing any creative accounting. Then there are the tax shelters, trusts and other mechanisms the superrich use to shield their wealth. An estimated 2 million Americans have unreported accounts offshore, and income from foreign tax shelters costs the U.S. $20 billion to$40 billion a year, according to the IRS. Indeed, "an increasing number of people want to establish an offshore fund," says Vernon Jacobs, a certified public accountant in Kansas who specializes in legal foreign accounts.<<< smartmoney.com