Quote:
Originally Posted by QUINNSCOMMENTARY
While the middle class keeps the factories, stories and offices humming and does all the "hard" work, they are not the ones who generate jobs, take risk, start new industries and create economic development. While it is easy to point fingers at the top 5% and their incomes, the fact is they still pay the overall majority of taxes and pull the economy along.
|
You do have a tendency toward selective analysis, Quinn. You use the word "taxes" and actually mean, at a guess, Federal Income Tax. Three quarters of US taxpayers pay more in payroll taxes than they do in income taxes. We did an analysis of US taxation on FG a while ago which included property tax, sales tax, state tax, we came to the conclusion that for most people the combined rate was around 45% for most employed people dropping to around 36% for incomes over $2 million a year.
The other problem I'd have is your implication that the only meaningful reward for success is money, that entrepreneurs wouldn't work without additional financial benefit. By all means generate jobs, take risk, start new industries and create economic development if that's what excites a person. It gives that person no more intrinsic right to additional personal resources than, for example, a carer in a hospital ward in a rational political environment. It just happens to in a Capitalist system.