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Old October 19th, 2011, 03:46 PM   #12
I'm not old, honest...
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Originally Posted by brewmenn View Post
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.
The only data I have is the bitching we hear all the time, including that from Oblama. Isn't he the one that is complaining that Warren Buffett pays less in taxes than his secretary? Don't we hear from the wallstreet occupiers that all these rich bankers and business owners don't pay enough? Now when somebody comes up with a plan that guarantees that a person of any income will have to pay, it's not the right answer either.
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