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by gprisament
5959 days ago
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"Tax the Rich" seems to be a popular sentiment (probably because the majority of people aren't rich and would rather anybody but themselves pay more in taxes), but is it effective? The richest 1% of the population already pays for 40% of the US's total Federal Income Tax revenue, and the top 5% pays for over 60%. (http://www.ntu.org/main/page.php?PageID=6). And because of the Laffer Curve (http://en.wikipedia.org/wiki/Laffer_curve), increasing taxes to the rich could very likely result in LESS revenue. |
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http://news.ycombinator.com/item?id=1125225
Where that comment differs from the linked image in the post is talking about income vs wealth. I think the graph makes things look fairer than the are. I'm pretty sure that if you take account of all taxes then the US has a regressive tax system, and he's claiming it's progressive, so clearly something has been missed out.