Wealth, What is it?

[tw]

Originally Posted by TheMercenary

Last week the Congressional Budget Office joined the IRS in releasing tax numbers for 2005, and part of the news is that the richest 1% paid about 39% of all income taxes that year. The richest 5% paid a tad less than 60%, and the richest 10% paid 70%.

That is taxes only on declared (taxable) income. With tax shelters and numerous other money games, reality is the wealthiest pay less than 20% in taxes.

That was the point bluntly made by Warren Buffet on Ted Koppel some years ago. Buffet pays a smaller percentage of his income than even his receptionist. Less than 20%. And Buffet's taxes are also in agreement with the political spin posted by TheMercenary. TheMercenary forgot to mention that vast amout of wealth that gets exempted from any taxes whatsoever - and still ends up in the pockets of the richest income earners. Tax exempt incomes never appear in TheMercenary's numbers. TheMercenary forgot to mention that part? No. He simply was told how to think by the party extremists. Also called lying by telling a half truth.

Or to rephrase it in TheMercenary type of logic: TheMercenary does not have a sufficient sized brain to understand it. Did we mention he also lied about his miltary carrer?