Why Aren't The Rich Paying 50 Percent in Income Taxes?

[Marcus Bryant]

http://reason.com/blog/2011/04/08/why-arent-the-rich-paying-50-p

[Marcus Bryant]

...the U.S. doesn't have a revenue problem or a tax-rate problem. We've got a spending problem. Since 1950, revenue from all sources has averaged around 18 percent of Gross Domestic Product, despite top tax rates that have fluctuated from over 90 percent to the high 20-percent range. Regardless of all efforts to jack up revenue (or reduce it), that's what the government can expect to work with.

Yet spending has averaged about 20 percent of GDP - and is currently at a whopping 25 percent of GDP, a figure not seen since World War II. President Obama's budget plan forecasts spending at 23 percent of GDP over the next decade while Rep. Paul Ryan's GOP plan calls for 20.5 percent. There's your deficit right there, folks.

[Marcus Bryant]

But King, Clinton, and Buffett - and you, too - can always pay more to retire federal debt held by the public. Just go to Treasury Direct and make a voluntary donation to reduce the national debt held by the public. So far in calender 2011, Treasury has pulled in an $125,000! Which means there's only about $8.99 trillion to go.

[DarrinS]

Ding ding ding ding.....


Bingo

Yahtzee

[Nbadan]

Darrin and this...


Secretary of state and cattle-futures queen Hillary Clinton


that's objectivity FAUX News would be proud of

:lol

[Sisk]

Darrin and this...




that's objectivity FAUX News would be proud of

:lol

I see what you did there!

[Nbadan]

Seriously, this is weak....how can he compare federal income when he is only looking at the tax rate of private individuals...what about the low to no tax rate of corporations making billions in profits...

[Capt Bringdown]

Lord of lords and king of kings, the almighty Ronald Reagan ran his government at 22% of GDP.

16% of our GDP are for health care costs to attain outcomes that are inferior to what other countries are achieving for less money.

Health Care Expenditures: An International Comparison (http://www.pbs.org/newshour/indepth_coverage/health/healthreform/july-dec09/chart_08-18.html)
http://www.pbs.org/newshour/indepth_coverage/health/healthreform/images/homepage/chart3.gif

[DMX7]

http://reason.com/blog/2011/04/08/why-arent-the-rich-paying-50-p

Pathetic strawman argument.

[RandomGuy]

Pathetic strawman argument.

That would explain Darrin's enthusiasm for it.

[Cant_Be_Faded]

Well Marcus, I am convinced. In fact we should prob reduce taxes even further for those richers that are struggling.

[DarrinS]

So many sound arguments provided by our fellow progressives.