Without even discussing the affect on job creation, or fairness - a small tax-base is a very unstable tax base as well.
Relying on 1% of people to pay such a large percentage subjects Gov’t revenues to wild swings, based on stock market returns or changes in asset prices.
Moreover, the 1% can simply pack up and leave if they choose - again, not very stable.
Finally, it in facts give the “1%” even more voice in policy and makes the system more corrupt. Being the largest payers, it only makes sense they will increase their lobbying to swing policy their way.
We need a broad and flat tax base, with a low rate.
It would be interesting to see:
1. The breakout of dim-bulbs vs conservatives in the top 1%
2. Of those, another breakout of those who actually earned their monies vs Kennedy felon-son types.
And of course, the stats on our congresscritters - few of whom could profitably run a McDonalds - would also prove very illuminating. Does anyone thing Al Gore would be doing anything other than digging ditches if he wasn’t the (repulsive) spawn of a crooked senator?
Please...let's see your access to the source.
I have an ongoing cdebate about this statistic and would appreciate a link if you kept it.
Is the dividing line between the 1% and 99% a million dollars a year? If not, what figure is it?
Just trying to figure out where I fit.
Any article that only posts info about income taxes and excludes all the other taxes that people pay is just propaganda. Taxes are taxes. This is bullcrap.