[FoRK] How far will the dollar fall?

Michael Cummins <michael at i-magery.com> on Tue Apr 22 12:14:00 PDT 2008

So if the effective tax rate on the rich is nearly zero in the US, how can
the US Treasury report that top 5% of all wage earners pay 53.8% of all
individual income taxes?


Where is the truth hiding?

-- Michael Cummins

-----Original Message-----
From: fork-bounces at xent.com [mailto:fork-bounces at xent.com] On Behalf Of Adam
L Beberg
Sent: Tuesday, April 22, 2008 2:58 PM
To: Friends of Rohit Khare
Subject: Re: [FoRK] How far will the dollar fall?

Owen Byrne wrote on 4/22/2008 10:41 AM:
> Most of the world still has nice progressive tax rates waiting for 
> them to arrive.  And if you're an American citizen, they usually have 
> nice tax treaties with the US so what they don't get, the IRS takes a 
> look at.

Which is why much of the money is here for now. The effective tax rate on
the rich is nearly zero in the US, negative if you get some farm subsidies
for not growing food in Manhattan. If the dems go and "fix" 
that, the money will be gone in a hurry.

Adam L. Beberg
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