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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: wonk who wrote (149429)	11/10/2010 10:05:42 AM
From: Little Joe	Read Replies (2) \| Respond to of 541933

"The top 10% of the population, now capture 50% of the annual income. " the more important question is why is this the case. lj

To: wonk who wrote (149429)	11/10/2010 10:08:50 AM
From: Paul Smith	Read Replies (1) \| Respond to of 541933

The top 10% of the population, now capture 50% of the annual income. ...and what percentage of the taxes are paid by the top 10%? So what rate of taxation would be necessary for only the so called "wealthy" to cure the budget deficit? Spending needs to be cut - the government can not continue to grow at a pace faster than the economy as a whole forever.

To: wonk who wrote (149429)	11/10/2010 10:18:06 AM
From: KyrosL	Read Replies (1) \| Respond to of 541933

Let's also point out that the top 10% have a cutoff point well below Obama's $250K threshold for households and $200K for individuals. In fact according to Wikipedia: en.wikipedia.org you have to get down to $80K to reach the top 10% for individuals. So, Paul's observation is valid. You must raise substantially not just the ultra wealthy tax rates, but also middle class tax rates to get rid of the deficit strictly via taxation. You can also impose wealth taxes, by, for example, severely limiting the amount of money the wealthy can deduct from their estates by creating or donating to foundations.