Saturday, December 08, 2012 12:04 PM
own 50% economic wealth—get 30% individual income
The tax increase:
Up to $500,000 Income will pay less than 1% of income
$500,000 to $ 1 Million will pay 2.5% of income on average
$1 million up average tax is 4.8% of income.
We need that Revenue to stop so much borrowing.
2013 budget projects $3800 Spending, $2900 in Revenue and borrow $900B.
We have an Income of $14,000 Billion. Shame on us to borrow so much so the rich can get ultra rich. 1945-1980, we paid our way by taxing wealth. Conservatives started the flush up of wealth.
Reagan + Bush were major factors. Spend and Borrow let kids pay tomorrow. Shame.