Featured The Great Prosperity -- The Great Regression

I'm wrong on taxes--that's rich. Everybody got a tax rate cut in the Bush tax cuts. Everybody. Now it is true that the rich got more of a percentage tax cut than the middle class, 4.6%, but the middle class got a 3% tax rate cut.

This is hilarious. You say I am completely wrong on taxes, and here YOU are completely wrong.

Top rate for ordinary income is now 39.6% same as before Bush's cuts. This was part of the fiscal cliff deal of December 31, 2012.

I don't think you have a clue as to what "earned income" really is. It's just money you earn on your job, besides wages. Things like tips, commissions, long term disability payments, etc. When you file taxes it's all accounted for. Top rate is 39.6%, just like ordinary income.

Things like alimony and child support would NOT be earned income. However, they are declared as income on your 1040 tax form and is treated like ordinary income for taxable calculations. Therefore, the top rate on "unearned income" is also 39.6%.

The top rate for long term capital gains is 20%. The top rate for short term capital gains is 39.6%.

 

So, no comment about the money supply not being finite, no comment about the middle class being taxed to support giveaway programs, just another dumb meme.

 

45% of Americans Pay No Income Taxes

An estimated 45.3% of American households — roughly 77.5 million — will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group. (Note that this does not necessarily mean they won’t owe their states income tax.)

Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center.

http://www.marketwatch.com/story/45-of-americans-pay-no-federal-income-tax-2016-02-24