.2% -- that's "point two percent," pay 28 percent of all income taxes. The top 5 % pay 58% of all taxes and the bottom half of this nation pays 3% of all income taxes. No one is complaining but we are saying this: WE ALREADY PAY OUR FAIR SHARE. If Warren Buffet and Jeffery Immelt and Timothy Geithner do not pay their fair share, what does that have to do with anything?
Warren Buffet lives off his corporate investments and pays just 15% on that profit. But, the investment capital for his corporate investments -- where did that come from? Answer: from income he has already paid taxes on. Because he is so rich that he can function off this arrangement does not mean that he represents the rich. Understand that Warren Buffet is not included in the rich who pay 58% of all income taxes. He is not in that category.
Here is why I am against raising taxes on the rich, even by one percentage point: it is just an excuse to go and spend more money. Next year, the Democrats will be back, begging for more taxes, telling us the same old thing -- "You have to pay your fair share." Know this, not a single Democrat will tell what "fair share" is because as soon as they answer that question, they can no longer campaign on that issue. If "fair share" means 40% taxation, then they have to argue, "Lets raise the rate to 40%." If and when that happens, the Dems are finished with tax increase -- but, of course, that is not where they want to go. When Dems and Establishment Republicans ruled the day, back in the 1950's, the top rate for the rich was 90%. Yes, 90%. That is where they want to be right now.
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