Reply #15: that's not the whole story [View All]

[johnnypneumatic]

I don't even know that those stats are accurate, however, I have heard other statistics that 2/3rd of corporations pay no taxes, and is this top one percent including corporations, or is it only individuals? Seems like corporations would be the ones making all the money, not individuals.
Another thing to consider is that (poor and middle class)individuals pay 40% or their gross income in taxes = federal, state, local, social security, property, sales, etc.
What is that statistic that the average person works the first 4 or 5 months of the year just to pay their taxes?

My tax cut plan: increase the individual tax exemption to $40,000. Seems fair to me, the millionaire gets his first 40 thousand tax free. The kid who makes minimum wage pays no taxes. If the statistics are true that the lowest 50% pay only 3%, my tax cut plan will not hurt the government's tax income, and will also give poor people more money to spend, stimulating the economy :)