Quote:
Originally Posted by GRH
http://www.faculty.fairfield.edu/fac...ome&wealth.htm
Tracy, given the data at this link is a little bit dated, but more contemporary studies suggest that in recent decades, wealth has become even more concentrated in the hands of the elite few. The "poor" rich folks in the top ten percent of earners pay 70% of income taxes in the US. Well guess what, that same top ten percent owns over 70% of the income and wealth in America. So from where I stand, it seems perfectly reasonable to expect the people who own most of America to in turn pay the bulk of the taxes. To suggest the rich are "overtaxed" is to ignore just how much of America the top few percent of earners actually own.
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During the 1950s and 1960s taxes on the wealthy were up around 70%. The economy was thriving and so was the middle class. In the early days, Henry Ford understood economics, he paid his workers well so they could afford to buy his cars. Corporation business men now days don't seem to understand that principle. Turn the workers into slaves and they aren't going to buy anything.