Cuban has some interesting ideas, but he’s flat wrong about soaking rich people with more taxes. As the Cato Institute reports, tax cuts–not tax increases–stimulate growth. And the wealthiest are paying more in federal taxes than ever.
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“The amount of tax paid by those earning more than $1 million a year increased to $236 billion in 2005, up from $132 billion in 2003, the year of the tax cut. This was a 78% increase in taxes paid by millionaire households.”
This is from the Cato report, the problem is that they are not paying more taxes as a % of income they are paying more taxes because they have increased there income by over 78%
The wealthiest people are making more money and paying less in taxes as a total % of income. Cuban is right!
The blue-bloods want people to believe “Aww, poor me” when really they are paying less and less as a % of total income, but more of the tax bill as a result of that class getting filthy rich.
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http://www.pkarchive.org/economy/TaxCutCon.html
http://www.mises.org/story/1789
“The amount of tax paid by those earning more than $1 million a year increased to $236 billion in 2005, up from $132 billion in 2003, the year of the tax cut. This was a 78% increase in taxes paid by millionaire households.”
This is from the Cato report, the problem is that they are not paying more taxes as a % of income they are paying more taxes because they have increased there income by over 78%
The wealthiest people are making more money and paying less in taxes as a total % of income. Cuban is right!
Mike is absolutely correct.
The blue-bloods want people to believe “Aww, poor me” when really they are paying less and less as a % of total income, but more of the tax bill as a result of that class getting filthy rich.