Praise God for the Tea Partiers and Baptists.

<p><br>
Comparing to GB's tax statistics, I just found  this data  <a href="http://sociology.ucsc.edu.whorulesamerica/power/wealth.html" target="_blank">http://sociology.ucsc.edu.whorulesamerica/power/wealth.html</a>   saying that, excluding the very illiquid (and these days, highly doubtful) equity in home ownership, the top1% owns 42.7% of financial wealth and the top 20% owns 93%. (leaving 7% for the bottom 4/5 of America). Yeah, we tax income, not wealth, but this gives a pretty good picture of what the pie distribution looks like and who really has a stake in America and should be paying the freight.</p>
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<p>yar<br>
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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>GatorBob</strong> <a href="/forum/thread/73242/praise-god-for-the-tea-partiers-and-baptists#post_1992771"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style="border-right:0px solid;border-top:0px solid;border-left:0px solid;border-bottom:0px solid;"></a><br><br><p>I did a really quick Google search, and <a href="http://www.ntu.org/tax-basics/who-pays-income-taxes.html" target="_blank">I found this</a> from a self-proclaimed non-partisan group.  2008 is the most recent year that it has data for.</p>
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<h2 style="text-align:center;"><strong><span style="color:#336699;">Tax Year 2008</span></strong></h2>
<h2 style="text-align:center;"> </h2>
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<table border="1" cellpadding="0" cellspacing="0" style="margin-left:auto;margin-right:auto;"><tbody><tr><td style="width:148px;" valign="top">
<p style="text-align:center;"><strong>Percentiles Ranked by AGI</strong></p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;"><strong>AGI Threshold on Percentiles</strong></p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;"><strong>Percentage of Federal Personal Income Tax Paid</strong></p>
</td>
</tr><tr><td style="width:148px;" valign="top">
<p style="text-align:center;">Top 1%</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">$380,354</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">38.02</p>
</td>
</tr><tr><td style="width:148px;" valign="top">
<p style="text-align:center;">Top 5%</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">$159,619</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">58.72</p>
</td>
</tr><tr><td style="width:148px;" valign="top">
<p style="text-align:center;">Top 10%</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">$113,799</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">69.94</p>
</td>
</tr><tr><td style="width:148px;" valign="top">
<p style="text-align:center;">Top 25%</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">$67,280</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">86.34</p>
</td>
</tr><tr><td style="width:148px;" valign="top">
<p style="text-align:center;">Top 50%</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">$33,048</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">97.30</p>
</td>
</tr><tr><td style="width:148px;" valign="top">
<p style="text-align:center;">Bottom 50%</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;"><$33,048</p>
</td>
<td style="width:148px;" valign="top">
<p style="text-align:center;">2.7</p>
</td>
</tr><tr><td colspan="3" style="width:443px;" valign="top">
<p style="text-align:left;">Note: AGI is Adjusted Gross Income<br>
Source: Internal Revenue Service</p>
</td>
</tr></tbody></table><p> </p>
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<p>1.  If "the rich" are so likely to "do a John Galt" if they are taxed too much, then how ddi the country experience what was probably its most dynamic period of growth (during the 50s and 60s) in a time when marginal tax rates on the highest levels of income were at their most confiscatory levels?</p>
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<p>2.  I can't imagine that the rates of spending that marginal dollar are anywhere near as high for the rich as for the bottom 50%.</p>
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<p>3.  You talk like the amount of wealth in this economy is/can be unlimited.  The economy can only grow so much.  There are a finite amount of assets.  Studies have shown that the incidence of moving between classes (up or down) has significantly declined in this country - to the point where a poor kid has a better chance of "making it"  in one of the "socialist" countries of Western Europe than in the USA.  These days, "Ragged Dick" ends up working his way up to a $9/hr job and living in subsidized housing.</p>
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<p>I'm glad you're making it, Sat, I really am.  But this American dream has fallen apart for a huge percentage of this country and lowering taxes (again) for those who have made it isn't going to cure the problem.</p>
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<p>yar<br><br>
 </p>
<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>satfix</strong> <a href="/forum/thread/73242/praise-god-for-the-tea-partiers-and-baptists#post_1992896"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style="border-right:0px solid;border-top:0px solid;border-left:0px solid;border-bottom:0px solid;"></a><br><br><p>Yar - the rich are paying the 'freight' to use your words - and yet we still demonize them by feeding in to the political 'Fair Share' crap. They are paying their 'fair share' - perhaps, instead of making them or demanding them to pay more (which, they'll figure out how to get around it by spending less - or, in the case of a business owner, they may cut their investment in that and cost jobs which then has even a greater impact - because guys like GaReb who depend on those 'rich follk' to keep him employed may be one of the victims and then will require even more federal 'help' (which then you make the rich pay more and the circle continues!)</p>
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<p>Again, I contend, the 'rich' don't hoard their money so when you take their dollars in increased taxes, they simply spend less - which cost even more than you potentially may get from the 1 dollar tax.</p>
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<p>As to the 97% verses 3% - The total wealth and the ability to create wealth isn't a 100% pie! My ability to make more money doesn't diminish your opportunity to make more - its not 'limited' - where opportunity must be divvied up amonst the masses like gold hidden under the tree. Opportunity affords everyone the same shot - but not everyone either accepts the opportunity (called, "Risk") or in some cases - they don't have the capacity (either financially, or intellectually) to respond to the opportunity. But it IS there for everyone.</p>
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