Reply to Down and Out on $250K/year....

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[quote=Anonymous][quote=Anonymous]"In 2008, the top 1 percent of tax returns paid 38.0 percent of all federal individual income taxes and earned 20.0 percent of adjusted gross income." [b]So the top 1% are already paying way more than their share of taxes[/b], even considering their disproportionate share of the income.

Only in a world where people refer to a flat tax as a "fair tax" with a straight face.  In a world populated by, you know - rational people, whe see both the benefits and the necessity of a progressive taxation system, that percentage seems a little low.  Especially when you consider that the top 1% had an AGI of over $380,000.  That's AGI, not gross.  Gross would be well over $400,000.

[/quote]

Consider a two-income professional family making $420,000 a year, gross.  AGI is $385,000.  Mom makes $230,000, Dad makes $190,000. Their total tax burden -federal income, FICA, medicare, state and local, not including property tax - is $123,000. Do you really want Dad to stop working because he only get $67,000 after taxes, not even considering any childcare costs?  Seems like a dumb policy to tax this type of family to death.[/quote]

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