Happy Tax Day, and Why the Top 1% Pay a Much Lower Tax Rate Than You

[Boreas]

Originally Posted by Pio1980

Theoretically at least, if spending level equates somehow to income both those factors should be covered.

All indications are that it doesn't. The poorest are forced to spend every penny they have just too stay alive. The wealthiest among us are under no such compulsion. They invest their excess earnings in speculative ventures like the stock market or sequester vast sums offshore. The Fair Tax is anything but.

John

[Tom Joad]

Originally Posted by Ike Bana

Taxes should be based on income, not spending. And the schedule should be aggressively progressive.

Exactly, and we should have a 90% top bracket like we had in the 1950's.

[whell]

Originally Posted by Tom Joad

Exactly, and we should have a 90% top bracket like we had in the 1950's.

With 1,000,000 loop holes, just like we have in the 1950's?

[bobabode]

I wonder what the actual tax rates were for those in that 90% tax bracket after they availed themselves those"1,000,000" loopholes?

Chances are it was a much heavier rate than Romney and his ilk are getting these days.

[finnbow]

Originally Posted by bobabode

I wonder what the actual tax rates were for those in that 90% tax bracket after they availed themselves those"1,000,000" loopholes?

Chances are it was a much heavier rate than Romney and his ilk are getting these days.

[bobabode]

Thanks Pat. Another graph.

[icenine]

Originally Posted by whell

With 1,000,000 loop holes, just like we have in the 1950's?

it is still better than what Sister Mary wants by a million miles.

people who want to get rid of the IRS just want less IRS agents around so they can avoid paying taxes.

[Tom Joad]

Originally Posted by bobabode

I wonder what the actual tax rates were for those in that 90% tax bracket after they availed themselves those"1,000,000" loopholes?

Chances are it was a much heavier rate than Romney and his ilk are getting these days.

Here's another good interactive graphic on it.

http://qz.com/74271/income-tax-rates-since-1913/

(Word of caution to whell, be careful if you click on the link. It contains facts that might cause your head to explode)

[bobabode]

Thanks Tom.

[Tom Joad]

Originally Posted by whell

With 1,000,000 loop holes, just like we have in the 1950's?

There would be no loopholes if I were in charge.

I'd double the standard deduction and personal exemptions, index them to inflation, and that would be it.

I'd eliminate all other deductions, credits, allowances, and whatever.

Everybody would use a simple 1040-A, just like I do now, goddammit.