new.morning wrote: > --- In FairfieldLife@yahoogroups.com, "jim_flanegin" <[EMAIL PROTECTED]> > wrote: > >> --- In FairfieldLife@yahoogroups.com, "authfriend" <jstein@> >> wrote: >> >>> --- In FairfieldLife@yahoogroups.com, "shempmcgurk" <shempmcgurk@> >>> wrote: >>> >>>> The so-called rich pay almost all of the income taxes in this >>>> >>> country. >>> >>>> In fact, the top 1% highest-earning Americans pay a whopping 37% >>>> >> of >> >>> all >>> >>>> individual income taxes collected. The top 10% pay 67%. In >>>> >> other >> >>>> words, 10% of Americans pay two-thirds of the taxes. Half of >>>> >> all >> >>>> taxpayers – those in the bottom 50% of earnings – account for >>>> >> less >> >>> than >>> >>>> 4% of income tax revenues. This means no matter how taxes are >>>> >> cut, >> >>>> it's nearly impossible for those cuts to primarily benefit lower- >>>> earning taxpayers. >>>> >>> Actually, it sounds like it means you can >>> give the bottom 50 percent a hefty tax cut >>> without reducing tax revenues much. >>> >>> >> Considering the bottom 50% only account for a measly 2.8% of the >> wealth in this country, we could eliminate taxes for them >> altogether. I don't think its a good idea, but since we're playing >> with numbers...:-) >> >> > > Flat Tax of (about) 17%. Starting at income above $30,000 for singles, > $50,00 for families. Or whatever above that which keeps the flat tax > from being regressive -- and balances the books. So how would you handle the mortgage interest deduction?
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