In response to: Taxes and Fairness 8/24/11
"Soak the rich"? "Labeling" (employing a negative connotation) is "in the air" (and on the air) in these days of sound bite news.
The wealthiest top 10% of taxpayers provide 70% of tax revenue. That seems a little low, considering they own in excess of 83% of all wealth in The United States.
The bottom 80% of taxpayers own 7% of America's financial pie.
Delving into the convoluted tax codes is an exercise in futility. And my futility is already robust.
We'd literally have to re-define income, much like the tax loopholes do for the benefit of the wealthy. Averaging out several websites statistics on what the wealthy pay in taxes as a proportion of their income I arrived at: 16% of their income as tax.
The United States Corporate Tax Rate is 39.2%. The major reason trillions sit offshore. Further, American corporate tax dollars reside in other countries with favorable tax rates. Stimulating their economies for the simple price of setting up their (dummy) corporate headquarters in said countries. So, lowering the corporate tax rate seems a reasonable consideration.
The tax code is signed-off on by Congress, although they're not necessarily the sole author. Lobbyists representing those with the wealth to pay them influence much of the Tax Code.
We, the people, have no lobbyists. As we count on the people we elect to represent the majority's interest.
"There are very few such people (overpaid CEO types) in the country". True, because America can't afford too many more wealthy people.
The wealthiest 1% control 43% of the wealth. Leaving 99% of the people with 57% of the American pie.
The Wealthy are not one in the same (true of all social strata). There are good wealthy and bad wealthy. We need only look at the perpetrators of the current global financial collapse for proof.
The disparity of wealth distribution in America will reach critical mass. A cursory glance at history and current global events gives us an idea of what we can expect.
As much as we need the wealthy, the wealthy need us. America needs to be healthy as a society, bridging as many divisions as possible, to allow Americans the opportunity to become wealthy.
The sound bite mania oversimplifies complex issues deserving of thought, civil discourse and debate. As even in this single issue's complexities we only skim the surface, due to space limitations.
It's generally accepted that politicians lie. Yet we vehemently defend "our" politicians to the point we, the people, are divided and easily conquered.
This may be by brilliant design, but I leave you to judge. Don't be fooled by their words, it's their actions that give their true intentions away.
Or we will be forced to suffer fools, as the fools will be us.
jay busse's Blog
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