Obviously you don't know the difference between payroll taxes and federal income taxes. 47% of people who may or may not be working pay no federal income tax at all. Yes, they may pay SS tax, federal withholding, Medicare tax, but not income tax.<quoted text>
Huh? If you get any more stupid with your rants your inflated head will explode! It's time to put an end to that centuries old scam and tax rich people by what they own not what they make. They may well pay 70% of all federal taxes collected but they also own 90% of what can be owned! Wage earners are in fact paying a higher % of what they have. It stands to reason that “wage-earners” contribute less in federal taxes but they pay on every single $ they make, yet they own nothing or very little. It is the absolute height of perversity for someone who has millions or billions of dollars, insisting they must acquire MORE and pay less . After all, their stake in a secure and healthy country is far greater than that of the rest of us - the rabble!
What we really need is to drastically reduce spending while making most all pay income tax of some kind. We can't keep going to the wealthy because the wealthy are the people who provide us jobs and support the market which many of us have our IRA's in.
According to the New York Times, if DumBama had his way which was to allow the Bush tax cuts to expire on people making over $250,000 per year, that would have only netted us 800 billion in ten years. Doing the math, that's only 80 billion dollars per year. We spend more than that on food stamps alone every year.
And no, the top 10% do not own 90% of what can be owned. The top 20% owns about 85% according the latest figure in 2007.