Quote:
Originally Posted by golfing eagles
If you think the top 1 or 2% pay LESS than the "middle class", you're dreaming. Remember, 47% contribute NOTHING. The top 1% pay 10% of tax and the top 10% pay 60%. But if anyone thinks the "middle" pays less, bring on the flat income tax----tomorrow.
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Don’t forget, the business owner pays double into social security with no extra benefits.
If your credit card limit is $10,000 and you carry a $9,900 balance, you call the issuer and ask for an increase to $15,000. This cycle will repeat until you are denied another increase. If approved, are you better off? Of course not. You will fall deeper and deeper into debt hell. At some point the interest on the debt will consume so much of your income that you will fall behind on true necessities such as food and shelter.
Obviously, our government plays by a completely different set of rules.
However, there are similarities. At what point does the national debt become unsustainable? IMO we are there now or certainly knocking on the door. What services will be cut or disappear? Will it be the military, social security, healthcare? The list is endless. Our legislators can’t simply tax their way out of this.
How many times have we heard that the “rich” must pay their fair share? Unfortunately, these people never define exactly what fair share is. The Laffer Curve is an attempt to determine the maximum amount of taxation that can be levied before a decision is made by an individual or business that it’s simply not worth the effort to generate additional income. The answer varies between 50% and 70%. In other words, why would I work extra hard and additional hours to make an additional $100,000 if the government takes away $70,000 of it?
Also, don’t forget the insane pension liabilities that will throw fuel on the fire of fiscal incompetence.