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Originally Posted by RIJIMMY
i think you're way off
The top 1% pay 40% of all income taxes! Thats a real number.
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That's true and makes one scratch their head when the Dems say they won't budge on resolving the so-called fiscal cliff unless the rich pay their "fair" share.
But I think there is something to what Jackbass is saying. Unless there is a way to remove the loopholes that are beneficial to the rich, raising the tax rate on their income will have no effect. 100% of the zero that is paid on loophole hidden income is still zero. The compromise the Repubs are proposing--keeping the rates the same but closing loopholes--makes more sense if the goal is raising government revenue. Lowering the upper rates with removal of loopholes would make even more sense. It would encourage the rich to pay the lower rates and would not have a negative effect on business.