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Originally Posted by Gemini Cricket
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This doesn't bother me at all. Based on 2000 data (in terms of income, not all wealth), the wealthiest 5 percent pay 38.4 percent of federal taxes and the wealthiest 1 percent pay 24.8 percent of federal taxes.
If one is going to cut taxes, one must cut the taxes of those that actually pay those taxes.
We can get into a debate on the increase of federal funds that goes along with tax cuts because of increased economic activity. We can get into the amount of wealth controlled by percentage. We can get into the amount of federal services received based on income levels. There are lots of things we can get into on both sides, and they are worthy of debate. I think it is clear where I stand (and no, I am not in the wealthiest 5% of tax payers).
The truly wealthy in this country pay very little in taxes because they do have have taxable income. Taxes, as currently structured, and are penalty on the creation of personal wealth, not a tax on true wealth. That is why I think the entire income tax structure should be scrapped for either a flat tax based on something like Steve Forbes proposals discussed during the 2000 campaign (he got my primary vote in AZ), or a consumption tax which excludes food and services.
This will never happen. True political power is the power to tax, give tax breaks, and control the tax code. And ALL politicians are guilty of wanting that kind of power.