RE: Bar stool economics
November 10, 2014 at 8:54 pm
(This post was last modified: November 10, 2014 at 9:01 pm by Heywood.)
(November 10, 2014 at 7:11 pm)Surgenator Wrote:(November 10, 2014 at 4:08 pm)Heywood Wrote: The economist's claim that most rich people don't pay any taxes at all is false(if he indeed claim it....i don't remember). A little research indicates that rich people pay the lion-share of all taxes.
First, you should post your source.
Second, I was mistaken. The economist didn't say that. It came from a friend of mine who I was talked with. I got the two conversations mixed together.
My friends point is that the super rich get access to deductions that ordinary people do not. This lowers their effective tax rate be lower than the ordinary people. Also, the rich and corporations get subsidies, tax deductions, and obtain off shore accounts that can lead to an effective tax rate of 0.
http://www.huffingtonpost.com/bill-quigl...89188.html
http://www.bankrate.com/finance/taxes/ta...ich-3.aspx
http://www.huffingtonpost.com/2013/04/29...79139.html
http://www.usatoday.com/story/money/busi...s/2480281/
Yes...some corporations and some rich people don't pay taxes....nevertheless the lion share of tax revenue the government collects comes from corporations and rich people. Subsidies and targeted tax breaks should be eliminated. The tax system should be simple and straight forward....earn this much money...pay this much tax.
