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The people earning above $350k need to start paying a higher percentage of their income in taxes than the middle class. We can't compete if our product cost more because we have to pay more tax than the rich. This tax system is a huge benefit to the rich & a huge burden to the middle class. If a middle class person made widgets, they would cost more than the rich widgets because the middle class widget maker has to pay more tax per widget. This drives all the middle class out of business, into poverty & onto the government dole every time the rich wants to compete.
Don't fall for the tax rate nonsense. Effective tax rates are what you must go by. The loopholes & low dividend tax rate are the whole problem. When you look at total tax revenue & not just income tax, the rich are actually paying lower effective tax rate than the poor/middle class. Government is letting the people at the top pay a lower percent tax than the rest.
Investment flows to where it receives a greater return. That means if the rich are taxed less thereby producing more efficiently than the rest of us who are taxed more, we all become surf's & they become our super wealthy masters. That is what is wrong with this country. All forms of income including dividends must be taxed at the same rate. Loopholes for the rich must be eliminated. According to free market capitalist Adam Smith the father of modern economics there should also be a slight progressiveness to taxes that allows the people at the bottom pay a lower rate than the people at the top. Currently it is inverted & regressive.
If you want to become a peasant that is forced to kiss the shoes of your rich masters then by all means keep with the current tax scheme. Mitt Romney only paid 13% in taxes. That is as low of a tax rate as someone in poverty. By all means worship the ground he walks on & kiss his ass every hour.
What your chart shows is people start investing after a certain income level in meaningful ways. That investment helps maintain and create jobs. Go ahead, syphon it off to the government.
No it doesn't show the rich invest in meaningful ways or create jobs. The rich destroy jobs. The middle class & small business create jobs & invest in meaningful ways.
At least by your stupid statement we now know you envy the rich can kiss the ass of your master better than most. Romney really needs you to sooth his but-hurt with your lips after his big defeat.
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