Quote:
Originally Posted by lookout123
Either you believe the very wealthy are paying taxes at 35%+ right now or you don't. If you don't then by eliminating the loopholes the treasury must receive more money. If they are paying 35% I'd like to quit hearing about the very wealthy paying nothing.
Personally, I believe the very wealthy pay significantly less than 35% because they have shelters and loopholes. Therefore, I believe 1% on every dollar up to $X0,000 and 25/35/39?% on every dollar over MUST generate more income than 0%on the first $40-50K and Less than 39 on everything over, regardless of the growth rate of the economy.
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The real tax rate (all state/federal taxes) for the top taxpayers is in the low 30% range....the lowest they have paid in 50 years.
I've not seen any example where your math works in real dollars in a real economy.