Taxation and US Deficit.

Owen Abrey

The Vancouver Sun disclosed: Anon, the truth is that the wealthy in America pay a staggering amount of tax, far more than their fair share. In the US, the top 7 percent of those filing returns pay 51 percent of total income taxes—over half. The top 3 percent of filers pay 40 percent of the taxes; the top four-fifths of 1 percent pay 26 percent; the top one-twentieth of 1 percent paid 10 percent of the taxes. Since many of the wealthier Americans also own interests in companies, they pay corporate tax on top of that.

So I’m afraid the socialist fable of the downtrodden proletariat paying for the lifestyles of the rich and famous is just that—a fable. The truth is that it is overwhelmingly the rich who pay for social services used overwhelmingly by the non-rich. And what do they get in return? Hissing, spitting, unfounded accusations, and a thousand flavours of nastiness and ingratitude. Oh yes, the politics of envy is the beating heart of contemporary liberal philosophy.

Read more: http://www.vancouversun.co​m/business/Debt+ceiling+de​al+sees+Obama+offer+cuts+t​rillion+increases+wealthy/​5186240/story.html#ixzz1To​4j5Lou

Debt-ceiling deal sees Obama offer cuts of $2.5 trillion, no tax increases for wealthy

www.vancouversun.com

Top US liberal newspapers late Sunday attacked a debt-ceiling deal reached by Pr...See More

15 minutes ago · ·

Owen Abrey

My opinion is that instead of trying stick it to them, there needs be a reform to make sure all the wealthy are paying the same tax as each other. The need for tax reform in the US is staggering. Obama got a few loop-holes closed as part of his agreement with the Reps. I think it is important to save/create more income by this sort of review before the %s be cranked up. I have been saying to the US wealthy, it might be better to take a 2% bump on your taxes than suffer in your portfolios. Sure enough 7 trillion in wealth wiped out last week.

11 minutes ago ·