TAX THE WEALTHY ABOPT A FLAT TAX

[Nelson Muntz]

When one talks of our Federal tax receipts some are fond of saying the highest income earners amongst us pay something like 40% of Federal taxes.

In 2007 the top 20% Americans controlled 93%  of this nation's financial wealth.  "Financial wealth is a more 'liquid' concept than marketable wealth, since one's home is difficult to convert into cash in the short term. It thus reflects the resources that may be immediately available for consumption or various forms of investments."http://sociology.ucsc.edu/whorulesamerica/power/wealth.html

If all the financial wealth of the top 20% were to be taxed they should be paying 93% of all the taxes in America as they own so much more.

It is difficult to get a handle on the exact percentage of all taxes the top 20% wealthiest individuals pay but in all likelihood it isn't 93% of total taxes collected.

And even if one were to use income as the measure to base tax receipts 21.3% of income goes to the top 1 and another 40.1% of income to the next 19%.  The top 20% should be paying 63% of all income taxes.

Now this is a reason to brew some tea...And yes a flat tax does yield this result.  Remember the idea of a flat tax was not some invention of right wing think tanks it was the whole premise of Governor Jerry "moonbeam" Brown's 1992 Presidential campaign.  Set all Fedreral tax rates at 13%...

[WhatMeWorry?]

The rich only "spend" a fraction of their wealth.

So a flat tax taxes those who live hand to mouth and those who live a little better at a much higher rate than a progressive tax does.

Raise the upper tax rate back to what it was during Eisenhower's time and create an incentive for the rich to spread spread the wealth around or pay it in taxes and see what happens to the economy. Letting them hoard wealth hasnt worked out v
ery well for the rest of us.

We can make our service economy work if the middle and lower class had access to the cash to spur it on. We all want stuff and we want stuff to get done for us. We just cant afford it.

[hammondjam]

But FOX keeps saying that if we're nice to the rich, they'll build companies and provide jobs so we ALL can go to WalMart and buy nice Chinese pretties like they do in the gated communities!

I think I'll send my next check to the GOP so they'll like me and give me a cushy minimum wage job!  ::)