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

To: TimF who wrote (143686)	10/28/2008 12:48:10 PM
From: geode00	Read Replies (2) \| Respond to of 173976

but not any profit in the normal sense of the term A 'corporation' is a made up 'person' so there is no reason that an individual should not be able to have an income statement that shows top line revenue and bottom line profit. It's simply convention and made up stuff. but if you want to consider any earned income to be profits If they are not for a made up corpus, then it shouldn't be for an actual one. The amount needed the bare amount needed to survive effectively isn't taxed. Over 30% of people have no net income tax burden. And the other 70%, don't pay income tax on the first chunk of their income. WHAT? Where are your numbers for this statement? This is a bit old but I don't think there have been many changes since: "When you figure in other federal taxes, including the very regressive payroll tax—which conservatives steadfastly refuse to do—that pretty much erases whatever imbalance exists between tax proportion and income proportion. And that's not even counting state and local taxes, which are also notably regressive. According to a new study from Citizens for Tax Justice, a labor-funded nonprofit, the average state and local tax rate for the richest 1 percent of the population is 5.2 percent; for the middle 20 percent, 9.6 percent; and for the poorest 20 percent, 11.4 percent." slate.com