05-04-2017, 01:22 AM
(This post was last modified: 05-04-2017, 10:43 AM by David Guyatt.)
Quote:
First, we have a highly "progressive" income tax. Without extremely progressive income-tax rates where about half the country pays nothing and the top 10% pay for roughly 80% the electorate would never continue to vote for more and more government. But it does, mostly because it doesn't have to pay for it.
http://www.demos.org/blog/9/5/14/top-10-...everything
"The top 10% of families own 75.3% of the nation's wealth. The bottom half of families own 1.1% of it. The families squished in between those two groups own 24.6% of the national wealth."
The bottom half still pay sales taxes.
Trump proposes to increase the lower tax rate from 10% to 12% so he can lower the upper rate from 39% to 33%.
BUT if anyone believes Trump and the Repugs in Congress will actually get tax reform done...