Is it really "fair" (in the liberal usage) for those who aren't paying the taxes or even worse, those who aren't even paying income taxes to call on tax increases?
CSC, taxpayers whose major income sources are described as due to investments predominate among our nation's greater income earners. The meaning of the commonly used word “investment” has a narrower meaning as it is used by economists. Economists describe most of the transactions involving but not limited to stocks, bonds or real-estate as all being transfers of wealth rather than investing. Transfers of wealth do not contribute to a nation’s gross domestic product, (GDP) because they do not themselves cause contributions the nation’s production of goods and services.
Most of the incomes that are derived from what is commonly described as investments were actually income derived from the transfer of wealth that did not substantially contribute to the nation’s GDP. Markets that promote the liquidity of wealth being transferred are an economic asset to the nation. To further describe such transactions as promoting a nation’s GDP is analogous to describing the fleas on a dog’s tail as causing the dog itself to wag back and forth.
Lower income earners do not have the benefit of the vast tax loop holes available only o wealthier “investors”. The maximum income tax rate is 35% and a good portion of the wealth spent by those upper income earners were not taxed due to special strokes for special folks or were imbedded within business expense account deductions.
Wage earners directly pay 7.65% beginning with the first dollar they earn. There are No exceptions. In addition we and our all our families pay for all taxes imbedded within everything we all purchase. Lower income earners are forced by necessity to spend everything they earn.
The people you describe as paying no taxes actually pay a great portion of their income for taxes. When median wage increases, all boats rise with the rising tide. It’s been clearly demonstrated that increasing stock market indexes do not cause increasing median wage.
I’m a proponent of free enterprise and a populist. The two concepts are not contradictory. Simply because capitalism makes common sense does not mean that what your message seems to imply is sensible.
Respectfully, Supposn