What is the top tax rate again?

Ah, he thinks wistfully, if only I could set the taxes. Any personal income in excess of $500,000 to be taxed at 98c in the $1 on the excess. As to flat tax, I used to believe in that too, thirty years ago, but I came to realise that if the tax rate is flat, then pay increases should also be flat: but 5% of $20,000 is a pay rise of roughly $20 per week, and 5% of $100,000 is roughly $100 a week, and the rich get richer and the poor get poorer. And since the very act of earning huge incomes generally requires a far greater use of the assets of the "common weal", the rich are morally liable to pay extra tax rates because they use up resources at so much higher a rate than the poor. I wonder how Americans would react to the Australian tax rates lol. I believe their top tax rate will soon be going to 39.6%, a mere bagatelle. Belgium, Denmark, Japan, the Netherlands, and Sweden all have top rates of 50% or more. I agree wholeheartedly. Australia: $180,001 and over $54,550 plus 45c for each $1 over $180,000 It's a start. Lash

The latest data show that a big portion of the federal income tax burden is shoul­dered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 per­cent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare. Over the past seven years, however, Americans in general think taxes have become more fair, not less. The Gallup Organization found in an April poll that 60 percent of respondents believe the income taxes that they themselves pay are fair, com­pared with 37 percent who believe the taxes they pay are unfair. In 1997, the figures were 51 percent fair and 43 percent unfair. Did you know that class warfare was a tactic the Marxist used to bring about the Russian Revolution? 5-10 million. And that doesn't include the deaths that were a result of the Soviet system over the years up until it fell. Envy has NEVER been a character trait of Americans as a whole. PRIDE in hard work, and producing the highest standard of living the world has ever seen is the American character. Class envy is an embarrassment to America. My parents would not recognize this country anymore and I am embarrassed myself, for the whinny attitude and the envy and yes, GREED of those who want someone elses money.

What was the source of the income? If it was from a Roth IRA they already paid taxes on the income. If it is interest on Public Bonds the income is tax free, to keep the interest rate low. As to all the deductions that is a reason for a flat tax for everyone.

Why didn't they name them? Is this a made up story?

I think this misses the point of why "right wingers" want lower taxes. First 'right wingers" want to close these tax loop holes, too. Second these tax loop holes are results of both right and left wingers. Obama has some of the richest people following and supporting him: who says it is okay for higher taxes, but as they write the codes, they put in loopholes where they can get the break to pay less taxes, but their smaller competition usually cannot. GE's CEO is a Obama supporter, and I remember posts from you criticizing GE because they paid no taxes last year, where their taxable US income was negative, but their foreign profits was high. I would like to have seen them pay more taxes, but yet when I see their share holders get profits, that will be taxed from money that was brought from overseas and put in the US economy, I see our economy being boosted from it, and a more taxes were netted from it as the increased money circulates around. Third, the money our government spends to high of a percentage other GDP. Every time taxes are cut, the economy grows. The government is too big and we the people have lost freedoms because of it. Our government is spending more and more. The left wingers have not had a budget passed for the last 3 years, and instead they spend, spend, and spend, where the are spending trillions dollars a year more than an other times, and it all borrowed money. Fourth, the first major tax cuts were done by JFK, a democrat. When JFK entered into the presidency, the top tax was 85%. He lowered it and the economy took off. Every time there was a tax cut, business grew and even with a lower percent on the tax, the net taxes collected by the IRS was more...and the economy grew. Reagan tax cuts got us out of the terrible times of Carter. We need lower tax, but even taxes. I think 100% of the citizen in the US should have the privilege to some taxes, no matter what they make. The other thing I have problem with is that I pay more taxes in sales, state, and local taxes. Many local communities have to high of tax rates and are burdening the economy. Yet, they may have the best parks and such.