"The Richest 1%"

[weikel]

Megabump.

[weikel]

The government should give more money to people who earn less, because the poorer the person, the faster they spend their money.

And the spent money goes to those who own businesses.

So the rich still get the money anyway.

Workers of the world unite you have nothing to lose but your chains... I promise you peace land and bread

[weikel]

Not so taxes are above the point of diminishing returns. Lowering taxes will increase government revenue.

[litehaus]

"That's welfare in my book."

Your book ain't the DNC mantra book/////4 sure!

[cherry]

the richest 1% do not pay at least 8% of their total hard earned dollars to social security.....

admit it or not...when you got the bucks, you get most of all the tax breaks....you get to deduct tons of special vehicles, special transportation, special eating and entertainment outings. you get to deduct vacation homes and boats because you entertain " business partners" there......

you can say that they pay so much of our income tax but in totality...for what they get...for what they do not pay into...the wage earners in this country get pounded in every way....

middle income married couples with children are the ones who need some relief in this nation......we would love to have our dividends free from taxation but truth is , there is little left for most middle income people....and I am not talking "poor"...I am talking people in the upper tax brackets....

you know those people....the ones who make too much money for the govt to help their kids pay for college but just too poor to be buying IPO's.....

[freeper12]

>>Lowering taxes will increase government revenue.


Perhaps, but even with reagans tax cuts, revenues increased, but spending increased even faster...increasing revenues is not the end game...without getting spending under control it matters not how much you cut taxes or how much you increase revenues. If you always spend more than you make, you eventually go broke. If an individual spends more than he makes and goes broke, its his problem, if the govt continually spends more than it brings it, sooner or later the piper needs to be paid...and who do you think is going to pay the piper?

We have had tax cuts, tax increases, and no matter what has happended the debt continues to grow....the debt really does need to get paid someday...right?

[ancient_geezer]

When I purchased todays sunday paper, $1.50, it cost me an additional eleven cents for state tax. On any such purchase I pay the same rate as anyone else.

Actually more than 33 cents of that $1.50 was due to Federal taxation and tax compliance costs embedded into the price itself.

[weikel]

I favor taking over Saudi and using the Opecer princes accounts to pay the debt... but most people don't see things like way.

[ancient_geezer]

my fear would be if we tried to institue a national sales tax to replace the income tax, we get the sales tax, but income tax would stay too.

Not if you make repeal of income and payroll taxes coincident with the replacement.

John Linder (R Texas) offers a comprehensive bill to kill all income and payroll taxes outright, and provides an NRST as a replacement tax, not simply in addition to:

H.R.2525
SPONSOR: Rep Linder, John (introduced 07/17/2001)
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.
Refer: http://www.fairtax.org & http://www.salestax.org

[freeper12]

>>Not if you make repeal of income and payroll taxes coincident with the replacement.

Well if there could be safeguards built in to somehow legally ensure that one goes away when the other comes on, I'd be all for it.

Wouldn't mind seeing all those IRS folks out pounding the pavement either....

[cynicom]

ancient....

Those are hidden taxes and not to be counted. Gubmint doesnt want you to realize that.

The direct 11 Cents was permission to buy. If we only knew the cost of government.

[chiller]

No question spending is a problem. 'W's plan to cut taxes has a secondary affect of reducing what's available to spend. He knows it. He's said it.

Two things got in the way to raise the deficit. 1) War 2) Stock market bubble burst.

Trust the man. He's the first in a long time to tell agencies to cut their spending. No or smaller automatic increases.

[PFKEY]

Maybe next year I can be in the top 1%.

Can't wait to be vilified.

[LexBaird]

The government should give more money to people who earn less, because the poorer the person, the faster they spend their money.

And the spent money goes to those who own businesses.

So the rich still get the money anyway.

Ahh. The rarely heard "trickle-up" theory of economics. Ranks right up there with the "spit-in-the-wind" and "give-the-man-the-fish" methods that have worked so well in places like Romania and North Korea.

[freeper12]

>>Trust the man. He's the first in a long time to tell agencies to cut their spending

I certainly hope you are right...but the longer he waits, the bigger the defecits, the bigger the debt, which increaes the debt payments...already we pay over $300B per year to service the debt...if the debt keeps going up, he may in fact be able to decrease agency spending, but we;ll just swap those payments for more debt payments.

I can't help but visualize Bush at las vegas, having been dealt a bad hand, and finds himself in the hole throwing the dice and saying "double or nothing". My fear is that unless *everything* works perfectly, he is playing an extremely risky game with this tax plan.

If the war goes bad, if korea goes bad, if the economy continues to falter, if the tax plan does not stimulate jobs, if more terrorists attacks etc...we could be looking at a $10TRILLION dollar defecit in a few short years and $450-$500Billion debt payments.

[ATOMIC_PUNK]

Only The Rich Pay Taxes

Top 50% of Wage Earners Pay 96.09% of Income Taxes

October 23, 2002

The IRS has released the year 2000 data for individual income tax returns. The numbers illustrate a truth that will startle you: that half of Americans with the highest incomes pays 96.09% of all income tax. This nukes the liberal lie that the rich don't pay taxes. The top 1%, who earn 20.81% of all income covered under the income tax, are paying 37.42% of the federal tax bite.

*Data covers calendar year 2000, not fiscal year 2000 - and includes all income, not just wages, excluding Social Security

Think of it this way: less than four dollars out of every $100 paid in income taxes in the United States is paid by someone in the bottom 50% of wage earners. Are the top half millionaires? Noooo, more like "thousandaires." The top 50% were those individuals or couples filing jointly who earned $26,000 and up in 1999. (The top 1% earned $293,000-plus.) Americans who want to are continuing to improve their lives - and those who don't want to, aren't. Here are the wage earners in each category and the percentages they pay:

Top 5% - 56.47% of all income taxes; Top 10% - 67.33% of all income taxes; Top 25% - 84.01% of all income taxes. Top 50% - 96.09% of all income taxes. The bottom 50%? They pay a paltry 3.91% of all income taxes. The top 1% is paying more than ten times the federal income taxes than the bottom 50%! And who earns what? The top 1% earns 20.81% of all income. The top 5% earns 35.30% of the pie. The top 10% earns 46.01%; the top 25% earns 67.15%, and the top 50% earns 87.01% of all the income.

The Rich Earned Their Dough, They Didn't Inherit It (Except Ted Kennedy)

The bottom 50% is paying a tiny bit of the taxes, so you can't give them much of a tax cut by definition. Yet these are the people to whom the Democrats claim to want to give tax cuts. Remember this the next time you hear the "tax cuts for the rich" business. Understand that the so-called rich are about the only ones paying taxes anymore.

I had a conversation with a woman who identified herself as Misty on Wednesday. She claimed to be an accountant, yet she seemed unaware of the Alternative Minimum Tax, which now ensures that everyone pays some taxes. AP reports that the AMT, "designed in 1969 to ensure 155 wealthy people paid some tax," will hit "about 2.6 million of us this year and 36 million by 2010." That's because the tax isn't indexed for inflation! If your salary today would've made you mega-rich in '69, that's how you're taxed.

Misty tried the old line that all wealth is inherited. Not true. John Weicher, as a senior fellow at the Hudson Institute and a visiting scholar at the Federal Reserve Bank, wrote in his February 13, 1997 Washington Post Op-Ed, "Most of the rich have earned their wealth... Looking at the Fortune 400, quite a few even of the very richest people came from a standing start, while others inherited a small business and turned it into a giant corporation." What's happening here is not that "the rich are getting richer and the poor are getting poorer." The numbers prove it.

I have made an executive decision as the owner and ultimate editor of this website that this table and these numbers stay on this website forever - or until next year's numbers come out. In order to get these facts, you have to see them each and every day.

This story, along with a link to the IRS chart, will stay somewhere on the RushLimbaugh.com homepage so everyone can see and find these numbers at any time. It's crucial that people get this, so please, share it with a friend now!

[desertcry]

Class warfare is the only thing remaining in the democrat's arsenal. Please have compassion on them, they are being taken to the cleaners by W and his Team.

[Torie]

If one really wants to know who is in the top 1%, and who isn't, here are some numbers:

The Distribution of Wealth, by Age Group (dollar figures in thousands)
					
Age     Top 1% 	Top 5% 	Top 10% Top 25% Median
Group

80 +	2957.8	693.0 	440	252.2	118
70-79 	4338.1	1074.5	703.4	316.5	140.9
60-69 	6263.4	1850.2	902.8	356.7	155.8
50-59 	5791.7	1410.6	708.8	326.7	120.9
40-49 	3402.7	 829.0 	531.6	226.8    86.2 
30-39 	1210.1	 451.1 	267.5	127.4	 34.7 
20-29 	 383.3 	 148.2 	 78.3	 25.4 	  5.2 

Source: The VIP Forum, Corporate Executive Board, 1998 data					

[Chemnitz]

How many homeless people have given you a job? Don't answer if you are a social worker.

[Lizavetta]

the richest 1% do not pay at least 8% of their total hard earned dollars to social security.....

I know a gentleman, a former Reagan Cabinet member, who is of the age to collect Social Security, the same Social Security that was taken from his paycheck all these years on the promise that when he became of age it would start coming back to him.

He is now of that age, and older, and it is denied him, because he is still earning an income that places him above the level you can earn and get your SS check. Let's talk about the fraud perpetrated on Americans through the false promises of this stupid program.