The Wealthiest In America Paid the Lowest Taxes, as % of Income, On Record!

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Subject:	The Wealthiest In America Paid the Lowest Taxes, as % of Income, On Record!
Date:	Thu, 18 Feb 2010 17:07:53 -0800
From:	Jas Jain

This was reported on Bloomberg and is based on the 2007 data released by IRS. I am quite sure that the "record" is for period after the beginning of the WW II. When the income tax was first instituted only the top 1% paid income tax. This is the legacy of the Regan-GW Bush tax cuts that in reality favored the very wealthy and Warren Buffet has pointed this out several times. The bottom 40% have paid lower taxes since 1981 under the Democrats as well as the Republicans and their share of the total income tax is very small anyway. The middle-class that earns W-2 income has seen hardly any lowering in overall federal taxes, as % of incomes, since 1981. No, American economy does not need tax cuts. The main problem is systemic financial fraud.

 

The tax policy in America is a sham and every time a politician speaks of tax cuts (Republican), or reform (both), or fairness (Democrat), he is a conman. America is full of born-and-bred partisan dopes but Republican dopes are definitely dopier of the two groups. Both parties support Crooks wholeheartedly, but Republicans, led by Greenspan, GW Bush and Bernanke, are in a class by themselves. Obama, Pelosi and Reid, whom propagandist Limbaugh blasts on a constant basis, are products of their evil deeds! A born-and-bred American dope never takes responsibility for his mistakes and, as a result, remains a dope-for-life.

 

The key problems for America are: Debt (a result of bad tax policy), Democracy, Dopes and Doom. Nothing can save Americans from themselves! The efficacy of the American system in breeding dopes is exemplary. 

Jas