On 10/25/2011 5:54 PM, X ` Man wrote:
wrote:
On Oct 25, 2:06 pm, wrote:
On Tue, 25 Oct 2011 11:04:27 -0700 (PDT), "*e#c"

wrote:
On Oct 25, 1:58 pm, wrote:
Well, at least the wealthiest...

Rick Perrys plan to scrap the graduated income tax and replace it
with a 20-percent flat rate would call for deep cuts in federal
programs and grant a major tax cut for the wealthy by eliminating
estate and capital gains taxes while sharply lowering the rate the
richest Americans pay on the bulk of their income, which is now set at
35 percent.

This guy is clearly the dumbest of all the Republican clowns running.

35 percent? Thats it? Boy, its no wonder the USA is screwed.

That's before all the deductions and loopholes built into the tax code
that favor the wealthy.

You guys can't get your story straight. One minute you say the rich
don't pay *any* taxes, the next it's that a 20% rate would be sharply
lowering their rate.

And how in the hell does a tax code that has the bottom levels paying
little to no tax, and even giving them refunds exceeding what they
paid in, favor the wealthy?

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Feeling overtaxed? Under the U.S. income tax system, most of the taxes
collected are supposed to be paid by the people who make the most
money. Thanks to President Bush's tax cuts, that is exactly the way
the system works, says the U.S. Treasury Department.
According to the Office of Tax Analysis, the U.S. individual income
tax is "highly progressive," with a small group of higher-income
taxpayers paying most of the individual income taxes each year.


"In 2002 the latest year of available data, the top 5 percent of
taxpayers paid more than one-half (53.8 percent) of all individual
income taxes, but reported roughly one-third (30.6 percent) of income.


"The top 1 percent of taxpayers paid 33.7 percent of all individual
income taxes in 2002. This group of taxpayers has paid more than 30
percent of individual income taxes since 1995. Moreover, since 1990
this groups tax share has grown faster than their income share.

"Taxpayers who rank in the top 50 percent of taxpayers by income pay
virtually all individual income taxes. In all years since 1990,
taxpayers in this group have paid over 94 percent of all individual
income taxes. In 2000, 2001, and 2002, this group paid over 96 percent
of the total.
Treasury Department analysts credit President Bush's tax cuts with
shifting a larger share of the individual income taxes paid to higher
income taxpayers. In 2005, says the Treasury, when most of the tax cut
provisions are fully in effect (e.g., lower tax rates, the $1,000
child credit, marriage penalty relief), the projected tax share for
lower-income taxpayers will fall, while the tax share for higher-
income taxpayers will rise.



"The share of taxes paid by the bottom 50 percent of taxpayers will
fall from 4.1 percent to 3.6 percent.


"The share of taxes paid by the top 1 percent of taxpayers will rise
from 32.3 percent to 33.7 percent.


"The average tax rate for the bottom 50 percent of taxpayers falls by
27 percent as compared to a 13 percent decline for taxpayers in the
top 1 percent.
The White House has announced it will lobby Congress to pass
legislation making most of President Bush's tax cutting measures
permanent.

Source: U.S. Treasury, Office of Tax Analysis
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Perry seems too desperate. And Cain is in outer space. It is going to be
the Mittster.

The Mitt replaces the Mutt. Hey, I like it. It even rhymes.