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previous: SpeedRacer before you soley blame the gov't, b... -- 1115231916 View Thread

Re: stop yer whinin'!

5/4/2005 3:50 PM
Mark Lavelle
Re: stop yer whinin'!
"The top 5% of taxpayers pay 50% of all income taxes (as of 1999 data). They need to pay *more* than this?"
I think you're looking at the top 10% there, Speed!  
I get your point, but that page you linked to only goes to 1999. I'm sure you're well aware that the tax situation has changed significantly since then. In addition I can't co along with that page equating "income" and "wealth" - it only takes a moment's thought to see they're not at all the same thing, and most high-end wealth (i.e., other than real estate) is actually untouched by taxes in this country.  
Also, by the "truly rich" I did mean the top 1%, and those folks have whole menus of loopholes to play with. Heck, I suspect that in terms of annual income I just might be in the top 5% myself, and I can assure you that living in the S.F. Bay area I do *not* qualify as wealthy! Not hurting, sure, but nowhere near wealthy...  
Oh yes: as usual with these things, your link only talks about the income tax burden. When you take property taxes, SSI, disability, etc. into account, the bottom 50% are not exactly getting a free ride in terms of total taxes as a percentage of salary.  
Peace out, bros.