>>>And wasn't it bill clinton who had its financial matters in order? We all know what happened when the republicans took over. If the rich were taxed better and financials were taken in control a bit better you would not have the huge debt right now.
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>>If the rich were taxed better? What level of income do you consider to fall into the 'rich' category? What percentage of income going to taxes do you think is adequate and fair?
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>I have been an advocate for many years of the flat tax system. Above a certain cut-off (so the poor don't get really burned) everyone should pay, for arguments sake, say 15% of their gross income. Done! The percentage can be argued, but it would make life so simple, and without all the loopholes etc, the government would probably find itself awash in cash.
They are already paying 23-40%.
I think the idea of the fair tax is the one I prefer. Here is one perspective of the flat tax:
http://www.straightdope.com/classics/a5_139.htmlI know the rich pay the majority of taxes (the top 50% pay over 90% of the taxes), but as to a percentage of their income, probably not that high for all since much of the rich gain their income from dividends and capital gains which have a lower tax rate (that wasn't always the case).
In 1984, after the Reagan tax cut had been fully phased in, the bottom quintile (20 percent) of income earners paid an average federal tax rate (individual, payroll, corporate and excise) of 10.2 percent.
The top quintile of earners paid 24.5 percent and the top 1 percent paid 28.2 percent.
In 2001, after the first Bush tax cut had taken effect, those in the bottom quintile paid average federal income taxes of 5.4 percent, about half of what they did 20 years ago. Those in the top five percent saw a slight decline in their federal tax rate (28.6 percent, down from 29.7 percent).
The top 1 percent, however, saw their overall federal tax burden increase slightly, from 33 to 33.2 percent.
From:
http://taxesandgrowth.ncpa.org/news/do-the-rich-and-businesses-pay-their-fair-share
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