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Originally Posted by Bill14564
Spoken as someone trying to justify and protect the 5%.
Disclosure: I am definitely not part of 5%. While I believe I will personally benefit from parts of this bill, my country will be severely damaged by it.
Who cares? If you want to stand on the 65% of overall payments then it’s important to know the other side of the equation, the percent of overall income.
It’s interesting that we can easily find data on how put upon the millionaire class is but it is difficult to learn how much they benefit for shouldering such a burden. It’s almost as if the statistics were generated specifically to prove a point.
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NO, it's not important or relevant.
20% of $50 million is much more than 20% of $100,000---in fact. 9,980,000 more. As their income goes up, the amount of tax goes up, so the fact that they represent more of the total income is IRRELEVANT. But it's even much more unfair than that---as income goes up, so does the TAX RATE. So, to make the numbers real, 38% of $50 million is $ 19 million, 14% of $100,000 is $14,000.
The problem is that the top 5% could be taxed at 90% and it still wouldn't make any difference in the deficit or debt---but it would bring investment and venture capitalism to a grinding halt. People shouldn't be concerned over what their neighbor pays and pay THEIR FAIR SHARE themselves