Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: THE ANT who wrote (94162)	9/1/2012 12:52:39 PM
From: KyrosL	Read Replies (1) \| Respond to of 219661

Taxing the top 10% 100% of their income will pay for 1/3 of last years deficit. Not really. The top 10% in 2009 had an AGI (Adjusted gross income) of $3.38 trillion. Since 2009 was the worst year of the Great Recession, the income now is probably $3.5 trillion or more. taxfoundation.org The income taxes of the top 10% were $0.61 trillion in 2009, which is a tax rate of 18%. To cover the deficit of $1.1 trillion, you will need to increase this tax to $1.71 trillion, which results in an overall income tax rate of around 49% for the top 10%. This is not much more than what the tax rates for top incomes are in most European countries.