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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forumsmitch mcConnell: Tax code already "extraordinarily progressive" and needs to be changed
do republicans live in the same universe?
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(CBS News) The United States tax code is already "extraordinarily progressive" and should be restructured, Senate Republican Leader Mitch McConnell said, noting that more than two-thirds of the money the government collects already comes from the wealthiest ten percent of taxpayers.
In an interview that aired on "CBS This Morning" Tuesday, the Kentucky Republican said he is ready to sit down with "this president or the next president" and have an animated discussion about the tax code to "reach a conclusion" that would bring down the ballooning U.S. deficit.
"Almost 70 percent of the federal revenue is provided by the top 10 percent of taxpayers now. Between 45 percent and 50 percent of Americans pay no income tax at all. We have an extraordinarily progressive tax code already. It is a mess and needs to be revisited again," McConnell said in the interview, taped Monday.
A "progressive" code increase tax rates as income increases.
http://www.cbsnews.com/8301-505267_162-57455873/mitch-mcconnell-tax-code-favors-lower-income-too-much-already/
rfranklin
(13,200 posts)There's always an answer to such problems.
spanone
(135,832 posts)drm604
(16,230 posts)and what other taxes do they pay?
What percentage of overall U.S. income is earned by those top 10%?
Swede Atlanta
(3,596 posts)He famously forgets to acknowledge that those that don't pay INCOME TAXES pay Social Security and Medicare payroll taxes. They pay these on their entire income whereas the top wage earners pay Social Security on income only to around $106,000.
Plus he fails to recognize that state and local taxes, especially sales taxes are often extremely regressive in that they tax most if not all purchases. That means that the entire take home pay of the lower income workers is subject to additional taxes collected at time of purchase. But higher income wage earners don't typically spend their entire incomes. They invest some of them and they pay a much lower tax rate on capital gains than on ordinary income.
part man all 86
(367 posts)i guess for conman such as yourself 50 sounds better than maybe 10. cold stone liar mitch, do you pray to your god with that mouth?