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Um. People are more than a little misinformed about inheritance I think. Careful, that might be you that you're talking about taxing...
And if you don't think that the rich pay their fair share of income taxes even if you now grudgingly admit that the deserve their wealth, you may want to review this. The top 1% of earners pay 36% of income taxes, the top 5% pay 57%, and the top 10% pay 68%. The bottom 50% pay only 3.3%! And that's with data updated through Sep 06 with those "awful" tax cuts pretty well engaged.
Admittedly, there isn't a perfect correlation between income levels and wealth, but this article implies it's pretty strong. The rich by inheritance as well as the newly rich do get additional leverage from the new lower 15% capital gains rate.
But before you get too worked up about that, you may want to take a look at the incredible shrinking deficit...
And if you don't think that the rich pay their fair share of income taxes even if you now grudgingly admit that the deserve their wealth, you may want to review this. The top 1% of earners pay 36% of income taxes, the top 5% pay 57%, and the top 10% pay 68%. The bottom 50% pay only 3.3%! And that's with data updated through Sep 06 with those "awful" tax cuts pretty well engaged.
Admittedly, there isn't a perfect correlation between income levels and wealth, but this article implies it's pretty strong. The rich by inheritance as well as the newly rich do get additional leverage from the new lower 15% capital gains rate.
But before you get too worked up about that, you may want to take a look at the incredible shrinking deficit...
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