Quote:
Originally Posted by nation-x
There isn't a millionaire in the country paying 32% of his income in taxes unless he is an idiot.  Most pay an average of 12.5% after deductions. |
We know they don't, but he has no clue.... just like we know most truly wealthy funnel the money through corps.
Going wayyyyy back 1986:
http://www.straightdope.com/columns/...ery-little-tax
"The most blatant recent example of this was the tax act of 1986. Between 1986 and 1987 the effective tax rate on millionaires fell from 40 percent to 29 percent, and as a result they paid $3.6 billion less in tax. Meanwhile people making from $50,000 to $75,000, a reasonably prosperous but hardly rich crowd, paid $7.6 billion more. Some reform."
"Let me explain. Following the 1986 tax reform, the average income tax paid by somebody in the $50,000-$75,000 bracket indeed went down, and I mean way down--$1,100. The total tax take for that bracket went up $7.6 billion because there were many more taxpayers in that range in 1987."
"By eliminating many popular tax deductions. This forced millions of Americans into higher brackets, so they paid more tax. "
In one year, plugging a loop hole the wealthy used in 1987 they collected $300b more in taxes. Just showing that they do use them, greatly.
Even though the rich, because of money volume, pay pay more overall, the percentage based on actual wealth, is extremely higher the lower your income is. Even more so, when they get a cut and nobody else does...
Right now, the rich truly pay the lowest amount of taxes than they ever have in history, from personal to business.... and our Country is falling apart around us while they scream to tax the lower income people more, which doesn't help shit.