Huffington Post Accidentally Admits Rich Pay More than 'Fair Share'

Discussion in 'Economics & Trade' started by expatpanama, Apr 17, 2017.

  1. expatpanama

    expatpanama Active Member

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    from: Huffington Post Accidentally Destroys The Left's Entire 'Tax Fairness' Argument

    JOHN MERLINE 5:19 PM ET

    The left-leaning (to put it politely) Huffington Post website makes a convincing case for the Republicans' plans to cut taxes.

    In an article headlined 'That GOP 'Middle Class' Tax Cut Might Be a Big Fat Trojan Horse For The Rich," a Huffington Post writer set out to attack Republican tax-cutting plans.

    There's nothing new about decrying tax cuts as giveaways to the rich. Democrats spent years trashing President Bush's tax cuts on those grounds, and the first chance President Obama had, he raised the top tax rates.

    But in making his case, Huffington Post senior White House correspondent S. V. Date inadvertently reveals...


    ...the infamous Top 1% — you know, the folks who don't pay their "fair share" — actually pay 25% of all federal taxes.

    The top 20%, Date goes on, pay 69% of all federal taxes. The middle 20? They pick up just 9% of the tax bill.

    What's more, Date notes that the average federal tax rate has dropped significantly for every group over the past 30 years — except the wealthy.

    "The poorest 20% saw their average federal tax rate drop from 8.7% in 1983 to 3.3% in 2013,"...


    ...a tiny fraction of the country pays the vast bulk of the tax bill, while more than 40% pay nothing. Then, whenever Republicans talk about tax cuts, Democrats scream that all the benefits go to the rich.

    This isn't an argument against tax cuts. After all, the people paying the bulk of the tax load also tend to be the people who make the investments that grow the economy, create jobs and increase opportunities for everyone. Lower their taxes and they will have more money to invest...
     
  2. CourtJester

    CourtJester Well-Known Member

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    Yes it is truly amazing that despite supposedly paying way more than their fair share of taxes the rich seem to keep accumulating an ever increasing share of the wealth of the nation. How does that happen do you suppose?
     
    Merwen likes this.
  3. Kode

    Kode Well-Known Member

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  4. Kode

    Kode Well-Known Member

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    Money to invest? They have "money to invest"! And they are not investing it!

    http://cdn2.vox-cdn.com/assets/4207471/wealth_inequality.png

    https://fred.stlouisfed.org/series/CP

    This is common knowledge. Corporations are sitting on billions of dollars in retained earnings and not investing it in business, and your job is to find out why they aren't investing. Hint: the reason is that investing is mainly about increasing production, and the corporations already produce more than they can sell. So why invest? It makes no sense. So they don't.
     

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