8) The biggest tax cut of all-time was put through by President John F. Kennedy with a Democratic controlled Congress. It worked just like the tax cuts under Reagan and Bush: it created jobs, lowered unemployment, boosted the stock market and increased revenue to the federal treasury as the increase in the number of wealthy people caused an increase in the total tax money paid to the federal government. Its called "supply side economics" and its the only economics that works. The old Keynsian economics of the FDR liberals was a proven failure, which claimed that increased government spending would increase wealth. The opposite turned out to be true in the real world and now the liberals and socialists are left without an economic system to justify their raising taxes, other than the obvious motive: to buy votes with other people's money...
I looked for the stats on % of income tax paid by different brackets but couldn't easily find them. I'll bet you are a lot closer to the top 10% than you think you are. Terry
:!: If I read this data right, you have to earn $94,891 (jointly, if married) to join the "elite" top 10% that pays 65.84% of all income taxes. If you scrape up $130,080, then congrats...you are in the top 5% that pays 54.36% of all income taxes. You only need $57,343 to be in the top 25% of earners, and this group manages to pay 83.88% of all the taxes. Taxpayers in the 50% to top 25% of earners pay only 12.66% of all taxes...taxpayers in the bottom 50% pay 3.46%. http://www.taxfoundation.org/news/show/250.html So when 75% of our taxpayers pay only 16% of the taxes, how are you going to come up with a tax cut that affects them to any degree? The debate should be over whether tax cuts are good for the nation and economy overall, not over the "fairness" of who gets them...that is a smokescreen pure and simple. Interestingly, even those lucky enough to be in the top 10% but not in the top 5% only pay 11.48% of the taxes. There is just no meaningful way to pump any money back into our economy through tax relief without the majority of the relief going to those top 5%. stu
Just a guess, but using Stu's number for the Top 5% and figuring MCG must be in the 33% marginal bracket he has to be in the top 5%. A rich bastard!!! Terry
Based on your numbers I'm going to say I have been in the 5-10% range for several years but really...it's a very substantial amount of money I know but no more and sometimes less than an assistant coach in College football and not as much as an NFL assistant. It's been a good living for sure but it is as tenuous as sales is tenous and dealing with automotive companies these days is tenuous. Tax breaks by and large don't help my bracket all that much. I have no child tax credits and the AMT has hit me a couple of times. Don't get me wrong if I could sign a contract tommorrow that would keep me where I'm at for the rest of my career I would do it in a heartbeat but again my situation is not Gonzoesque by any means. In the meantime I pay an crapload of taxes.
Now I know why you were able to hang out with the babes at the big Super Bowl parties, You rich guys get all the perks!!
There is no doubt that MCG income, based on his taxes, is in the top 5%. There is no doubt that if the left takes control he can count on paying a lot more.