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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Alighieri who wrote (607781)	4/14/2011 2:14:54 PM
From: i-node	1 Recommendation Read Replies (3) \| Respond to of 1583613

>> I know it's hard for you to visualize this but there are many families in the country that live on bare necessities...it's hard to imagine how one raises taxes on these folks... You're obviously missing the point. If you confiscate ALL the income of the wealthy, you still cannot deal with the Obama deficit. It just isn't there. There isn't enough wealth in the hands of the wealthy to pay this bill. This really isn't that complicated. I don't know why you guys go on and on about it.

To: Alighieri who wrote (607781)	4/14/2011 3:00:50 PM
From: Tenchusatsu	1 Recommendation Read Replies (1) \| Respond to of 1583613

Al, do you realize that FICA taxes (for Social Security and Medicare) are regressive, yet that accounts for *half* of all federal tax revenue collected by the IRS? And everyone (who works) pays FICA taxes, including the families that live on bare necessities. My point about raising taxes on everyone stands. If you just target the "richest 5%," they'll just move their money-making assets into tax shelters. Or move out of the country. Kind of like what Michael Bloomberg observed in Manhattan, where taxes on the "rich" rose, but that triggered an exodus of millionaires and the result was no net gain. Maybe it's time to move to a flat tax. No deductions. No separate regressive FICA taxes. Just a flat percentage of all income above a certain threshold. Tenchusatsu