Quote:
Originally Posted by Slims
Um, our current tax system is already that way. The wealthy pay the vast majority, both in terms of percentage and net dollars under the current system (despite popular misconception).
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"Vast majority" I think not.
The US tax system is not really progressive, so um, no, "our current tax system" is not "already that way". The tax rate tops out at 35%, which means a person making a pretty comfortable living but is not exactly rich pays the same nominal rate as John Thain Bill Gates. But wait! Thanks to the miracle of tax breaks, the effective tax rate on the wealthy is actually lower than that 35%. On top of that, much wealth is not taxed because it's owners are supposedly in the Cayman Islands or because it's hidden away in Swiss or Bahamian bank accounts. The GAO guesses that the effective tax rate on this "foreign" income is 5%.
The report is here:
GAO report on "foreign source" income & effective tax rates
Anyway, i reject the whole premise of this thread. US corporations dumped 75,000 jobs today and people want to institute drug testing? And you arm chair libertarians are going to rewrite the constitution. Goody! That will solve all our problems.