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The Great Tax Heist.

In 1995 the richest Americans- the four hundred households with the highest incomes- paid 51.2 percent of their income in federal taxes.
In 2007, on the eve of the global financial meltdown, the four hundred richest Americans paid 16.6 percent of their income in federal taxes….
When Ronald Reagan took office in 1981, the top tax rate on salaries and wages was 50 per cent; today it is 35 percent.  The tax rate on unearned income- dividends and interest for example- was 70 percent.  In 2012 it was 15 percent.  The maximum tax rate on income from capital gains was 28 percent in 1980; in 2012 it was 15 percent….
Beyond the top 400, a whopping 18,783 individuals and families with incomes of more than $200,000 paid not one cent in federal income tax for 2008.  “
Barlett and Steele, The Betrayal of the American Dream.  2012.

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Comment Preferences

  •  A Big Lie associated with (2+ / 0-)
    Recommended by:
    phonegery, cotterperson

    capital gains taxes is that "you should be allowed to keep what you earn." With regard to capital gains, you have the option of keeping all of it. You don't pay a dime until your realize the earnings.

    "A cynical, mercenary, demagogic press will produce in time a people as base as itself." - Joseph Pulitzer

    by CFAmick on Sun Aug 19, 2012 at 09:11:42 AM PDT

  •  That a huge heist, and they want another! (1+ / 0-)
    Recommended by:

    The rethugs want to steal what we've been paying in for Medicare and Social Security and give it to the corporations in which they invest. Until our betters loot it from there, leaving it bankrupt and our hands empty. (In line with, Rmoney's "excellent" business experience.)

    Why drown us in a bathtub when they can Enron us, Romney us, or something even worse?

    That's their American dream!

    "Let each unique song be sung and the spell of differentiation be broken" - Winter Rabbit

    by cotterperson on Sun Aug 19, 2012 at 10:37:07 AM PDT

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