On May 23, 11:27*pm, John Smith wrote:
On 5/23/2011 12:49 PM, gfn wrote:









On May 21, 7:30 pm, John *wrote:
On 5/21/2011 4:29 PM, John Smith wrote:

If you look at the figures on this page, you will find, in 2007, in
America:
1) The top 1% have 42.7 of the financial wealth.
2) The next 19% have 50.3% of the wealth.
3) The bottom 80% have 7.0% of the wealth.
So, according to those figures, the top 20% of the population have
42.7 + 50.3 = 93% of the financial wealth.
This situation has worsened since 2007 ...
I'd say we tax those top 20% of the population, what say all of you?
Regards,
JS
Of course, I forgot the link in the above:

http://sociology.ucsc.edu/whorulesam...er/wealth.html

Regards,
JS
What I say is interesting, and very slanted, one sided article. *I
particularly like how they avoid who is actually footing the federal
income tax bill in this country and focus primarily on the percentage
of ones income that they pay in taxes. *They also avoid who primarily
benefits from all this income that is coming in. *Paints two different
pictures. *But, fear not, I'm here to help.

Top 1% paid 38.02% of the bill
Top 5% paid 58.72% of the bill
Top 10% paid 69.94% of the bill
Top 25% paid 86.34% of the bill
Top 50% paid 97.30% of the bill
Bottom 50% paid 2.7% of the bill
http://ntu.org/tax-basics/who-pays-income-taxes.html

Now, before you complain about who has the wealth consider that the US
does not, but for limited circumstances, derive their revenue based on
wealth. *It's based on income. *So, let's compare apples to apples
until the law changes to tax based on wealth.

Is there a summary of the taxes which they are using in that figure,
somewhere?


Yeah. It's called the IRS. IRS.gov to be specific.

For example, are these figures only dealing with income tax?

Yes. That's how the government is primarily funded.


Do they take into consideration fees, licenses, fines, federal excise
taxes, state sales taxes, fuel taxes, property taxes, etc., etc.


No. But, do you think the wealthy don't pay fees, licenses, fines,
excise taxes, state sales taxes, fuel taxes, property taxes, etc.?

No, 1% of the people in the highest income taxes are NOT paying their
fair share ... and, all those other figures are just as skewed ...


Sure they are. The numbers don't lie. You can not deny that the top
1% pay over 38% of all federal income taxes. That is not disputable.
It is a fact. What I see your side doing is avoiding the question of
who is footing the bill and prefer to frame the question as how much
of one's income is someone paying in taxes. Two different questions
with two very different results. My point is when it comes to funding
government it is indisputable who is doing just that. Nothing you say
can change that.

Regards,
JS