The top 1% of Americans earn 3.9 Trillion dollars per year. Currently, they pay about and effective 22% tax rate, or nearly .9 trillion dollars in taxes. As 1% of America is 3.3 million people, that means, on average, those 3,300,000 people each earn, after taxes, about $900,000 per year, not per household, per person.
The other 99% average $42,000 take home per person. Not bad, but if you think about the richest 1% making 20 times that, while the bottom 50% of Americans earn an average of $21,000.
While the 1% can truthfully say they pay 40% of the current income tax bill, they still earn 20 – 40 times as much as most Americans. It is hard to understand why anyone would think we need to lower taxes on these people who control over 20 percent of all the wealth in America, while some of the hardest working people end up at or near the bottom making around $15,000 while working full time.
Which is why I propose we tax everyone who makes less than $50,000 per person at a 5% rate, and raise the top 1% to 50%, with a couple of stops along the way for people who make between $50,000 and $430,000. See, the funny thing in America, we tax earned income at a much higher rate than unearned income! So, while the top 1% average earning nearly $1,500,000 each, nearly a million dollars on average is not from wages, it is from money they already own making more money for them, without them having to work. And it is taxed at a much lower rate. This needs to stop.
If we taxed the 170 million Americans who earned a total of 4.25 Trillion, we would generate 212 Billion, or about 10% of what you current collect from all Americans in income tax.
Now, we collect 50% of every dollar over 430,000 the 1% made, we would raise another $1.65 trillion, leaving them with about $600,000 per year per person, hardly anything other than still rich. Now if the remaining 49% of us who are neither in the bottom 50 nor the top 1. We earn the remaining 9 trillion dollars of our GDP, we do “okay”, but we currently pay about the same taxes as the 1%, we could cut the taxes on this class in half so the average middle class home earning a little over 100K for the house hold would pay 10% and that would raise another 900,000,000,000, so we are now collecting 2.7 trillion, which would allow us to keep all the services we have now and even eliminate the deficit. This is my 5/10/50 plan. The GOP would like to lower the taxes on the rich, cut the services to the poor, run up the deficit and actually raise taxes on millions of us in the middle class! I say 5/10/50 is better!!!
If you don’t know that pi is 3.141592, and if you don’t know how to use it in this formula and then know what you are achieving when you run a number thru the formula, does that make you stupid?
Formula: V=4/3 pi r3
The answer is no you are not stupid. If you can’t multiply 1234 x 567 and then divide by 89 to get the correct answer, working only in your head, no paper, no calculator, excel spreadsheet. If you don’t know the answer with great confidence 5 positions past the decimal, that means you don’t do math in your head for a hobby, but you might be pretty smart.
Now, if you see someone who writes something and their spelling, or grammar or some aspect of their word choice amuses you, that’s fine, but before you start thinking you are smarter than them, that they must be idiots, please review the preceding few words regarding mathematics.
Unless you are an idiot because you not only didn’t recognize the formula that starts with “V” you don’t know how to use it and you have no idea what V nor r, nor even pi is, then someone who writes something down in a nonstandard format is not automatically an idiot either!