danielpalos
Diamond Member
- Banned
- #41
don't know and don't really have to care since they don't have our social Contract and Constitution."As the graph to the right illustrates, in 2010, the total (federal, state and local) tax revenue collected in the U.S. was equal to 24.8 percent of the U.S.’s GDP.Was that based on Federal Taxes only, or did it include all of our Taxes?
It's deceptive when State, City and County Taxes are not added also.
"The total taxes collected by other OECD countries that year was equal to 33.4 percent of combined GDP of those countries.
"As the table below illustrates, the U.S. has steadily moved closer and closer to becoming the least taxed OECD country over the past three decades."
The U.S. Continues to Be One of the Least Taxed of the Developed Countries CTJReports
Hypothetically, if government offered to decrease the tax burden of the poorest 90% of all taxpayers and make up the missing revenue by increasing taxes on the richest 10% of individuals and large corporations, would you support or oppose the changes?
Here is what some on the left consider supply side economics to be currently doing for the wealthiest until it "trickles down":
In 2007 the richest 1% of the American population owned 34.6% of the country's total wealth, and the next 19% owned 50.5%. The top 20% of Americans owned 85% of the country's wealth and the bottom 80% of the population owned 15%. From 1922 to 2010, the share of the top 1% varied from 19.7% to 44.2%, the big drop being associated with the drop in the stock market in the late 1970s. Ignoring the period where the stock market was depressed (1976-1980) and the period when the stock market was overvalued (1929), the share of wealth of the richest 1% remained extremely stable, at about a third of the total wealth.[20] Financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 42.7%, the next 19% of Americans owning 50.3%, and the bottom 80% owning 7%.[21] However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 34.6% to 37.1%, and that owned by the top 20% of Americans grew from 85% to 87.7%. The Great Recession also caused a drop of 36.1% in median household wealth but a drop of only 11.1% for the top 1%, further widening the gap between the 1% and the 99%.[19][20][21] During the economic expansion between 2002 and 2007, the income of the top 1% grew 10 times faster than the income of the bottom 90%. In this period 66% of total income gains went to the 1%, who in 2007 had a larger share of total income than at any time since 1928. -- Distribution of wealth - Wikipedia the free encyclopedia
Supply side economics should be supplying us with better governance at lower cost.
Didn't Venezuela stick it to the rich to help the poor?
How'd that work out?
we could have solved simple poverty yesterday, but for the communism of the Right.