Heritage Fdn LIAR on CSPAN says top 5% pays 70% of taxes

[EVDebs]

According to David Cay Johnston's "Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich - and Cheat Everybody Else" the richest do pay 70% of FEDERAL taxes....they DO NOT PAY 70% of all taxes however !

The wealthiest have soooo much hidden wealth, along with corporations, that those on payroll incomes actually pay about as much as the wealthy. Johnston's book shows that when TOTAL taxes, state, federal and local taxes are considered, the US has a FLAT TAX system.

Top fifth paid 19% of all taxes; the poorest fifth paid 18% of all taxes. (from page 94, Chapter 7). In essence, the US's flat tax structure is REGRESSIVE and those being shafted by it know this already. The richest like to play upon the ignorance of the tax system, to their own benefit. Corporate interests, according to Warren Buffett, have no more excuse either http://www.commondreams.org/headlines04/0306-01.htm , the tax burden as to who pays to make up for the lost revenues from tax avoidance by the wealthiest and globalized corporations, goes directly to Joe Sixpack.

We aren't going to take it anymore and we are putting Heritage Foundation on notice. We know what you are up to !

[stray cat]

1. Excellent post.

I have started the book "Perfectly Legal". It is great and in paperback.

[blondeatlast]

2. We need to expose the Heritage Foundation.

Tax-exempt mouthpiece for the Right, and I still would not be at all surprised if they could be linked to the payola press scandal.

[BlueEyedSon]

3. Right, and they make 90% of the INCOME.

And they probably own 95% of the wealth.

So 70% is fair.

[EVDebs]

4. ...and that's the income that we know of. The rest is hidden offshore

which is the whole point of Johnston's book "Perfectly Legal". They hide their incomes and coupons while Joe Sixpack's income is on wage statements and reported to govt. for taxation. Then the wealthiest pay tax attorneys to make sure that even less is reported/taxed and the cycle repeats. With a de facto 'flat tax' system, the poor and middle class are screwed.

I think with 'globalization' and further jobs going only to lower paid immigrants ( http://www.nupr.neu.edu/01-04/immigration_jan.html ) on visas along with continued Bush 'outsourcing' jobs overseas to cheap labor markets (Lou Dobbs' favorite phrase), we are seeing the Great Unravelling ! This is mainly due to dependence upon cheap oil. Those days are over with and in, say, 35 years more, the political parties most dependent upon cheap oil (read Republican Party) will be devastated.

[BlueEyedSon]

5. We need to tax CAPITAL. Discuss.