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Old October 19th, 2011, 03:27 PM   #10
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Originally Posted by whiterhino View Post
Is it a massive tax reduction? What about all this talk that the wealty currently have so many loop holes that they hardly pay anthing? This would eliminate that.
I've never seen any data on this "almost nothing" claim. The data I have seen puts the income tax rate for the top 1% at around 22%. So even it every penny they make was taxed at 9%, and they spend every penny on new items, they would be paying 18%. But add to this the reduction in capital gains tax from 15% to 0%, and the fact that the higher ones income the lower the percentage of it that's spent, so the lower the effective tax rate. Most analysis of his plan I have seen agrees that it would be a large tax reduction for the wealthy.
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