And do you think America should have a Flat Tax?
2006-07-28 12:58:34 · 13 answers · asked by D B 4 in Entertainment & Music ➔ Polls & Surveys
Hi , here is a wealth distribution graph based on the figures for the 2000 census.
% of US Population % of Wealth Owned
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Top 1% 38.1%
Top 96-99% 21.3%
Top 90-95% 11.5%
Top 80-89% 12.5%
Top 60-79% 11.9%
General 40-59% 4.5%
Bottom 40% 0.2%
You can find this illustrated in a graph at United for a Fair Economy (UFE):
http://www.ufenet.org/research/wealth_charts.html
According to these figures the top 15% of the U.S. population would control, roughly, 85% of the country's wealth as you said.
However, I do not believe the flat tax is the answer. If we look at the results of flat tax policies in the "new" Eastern European economies, flat taxing has neither help build a sustainable tax base for newly emerging governments, nor has it effectively stopped the development of an even larger wealth gap in those societies. (try this site: http://en.wikipedia.org/wiki/Flat_tax )
2006-07-28 13:30:23 · answer #1 · answered by Mr. Knowitall 4 · 2⤊ 0⤋
That number is probably one way to see it. They also say 2% of Americans have over 50% of it's wealth. Flat tax? no, not in my opinion. Such a tax would hit the lower and middle class harder (relatively).Did you know the new inheritance tax law does not help anybody but the extremely wealthy? The Timken family was just saved several billion with this law. The American people thought this was a good idea , as if it would ever affect them. Here's another percentage, 20% of Americans think they are in the top 1% of wealth, .....too funny.
To Panacea above: "It was not here before they created it" that's hilarious, do you know what wealth is? It's not the measly few hundred grand your home equity created or your broker created...........get real. Real wealth has been around a long time with a few exceptions.
2006-07-28 20:07:36 · answer #2 · answered by M D 3 · 1⤊ 0⤋
The majority of the money isn't in anyone's hands. It is in business accounts belonging to companies. 85% of the money earned however is earned by 15% of the population.
It is a fact that is unfortunate. With different policies that money could be earned by far more people, bringing a better living to more people.
The flat tax is a stupid tax. It would simplify things at a cost of ruining a lot of people who are currently protected.
What we should be doing is switching to the Fair Tax plan. A progressive national sales tax and the removal of the IRS to save the government hundreds of millions.
2006-07-29 14:53:15 · answer #3 · answered by Anonymous · 1⤊ 0⤋
No, it is more like around the top 5% own about 90% of the stuff. If they own 90% of the stuff, then they should pay 90% of the taxes. These extremely wealthy people are obviously getting much more benefit from our American way of life than someone living in a run down apartment in some run down neighborhood; if you're getting more then you should expect to be paying more. So no, I don't believe in a flat tax.
2006-07-28 20:04:50 · answer #4 · answered by kill_yr_television 7 · 1⤊ 0⤋
It's actually more like 5%, but yes, that's completely true. Bill Gates, the childen of Sam Walton (Wal-Mart) and a few more. We're talking BILLIONS of dollars, not Millions like celebrities. I am in a state where tax isn't so high, and I lived in a state with no sales tax but state taxes taken from my paycheck. The paycheck deduction hurt even more than at the store. I personally think we pay too much in Property taxes than anything. I can deal with the federal tax, it's the county tax I live in, crazy high.
2006-07-28 20:04:52 · answer #5 · answered by ? 6 · 1⤊ 0⤋
Not exactly. Something like 15% of the people earn or create 85% of the wealth in this country. There is a big difference between having and making/earning. The wealth that rich people have did not exist before they made it.
2006-07-28 20:02:39 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Flat Tax sounds good to me because we would get taxes from everyone who isn't paying them now. Let me choose how to spend my money. If I was paying 7% more on everything, I wouldn't have so much crap.
2006-07-28 20:03:20 · answer #7 · answered by AfterThought 3 · 1⤊ 0⤋
Could be; I'm not sure of that stat; but one I do know is that 50% of the tax payers pay 97% of the tax bill and the lower 50% pay just 3% of the tax bill.
2006-07-28 20:02:04 · answer #8 · answered by netjr 6 · 1⤊ 0⤋
no i dont think that figure is tottally correct. however I do not think a flat tax is good for high income people
2006-07-28 20:02:00 · answer #9 · answered by stevieg639 3 · 1⤊ 0⤋
yes, db, very accurate in lieu of the repukes being in power...I believe in taxing the hell out of the rich and sparing the poor.
2006-07-28 20:08:25 · answer #10 · answered by Kiss my Putt! 7 · 1⤊ 0⤋