Extending the Payroll Tax Cut

[dellinger63]

Originally Posted by Danzig

the top 1% controls about 42% of the money, perhaps they should pay 42% of the taxes as well. they can certainly afford it!
that's not coveting, i'm certainly not going to get a penny of it.

If taxes are to be paid on what one 'controls' then yes that would seem logical. And that may be a way to go. But then again we'd tax foundations, what stock and retirement portfolios one might have equity in home(s), commercial real estate and what businesses are worth. Not too business or investment friendly though. And would be a shame to tax two guys who work side by side and earn the same wages 50K and 5K because the guy taxed 5K had a few DUI's and made a couple of bad investments, has no home or retirement savings while the other guy saved as much as he could, worked a second job and invested in rental properties in lieu of lawyer fees and fines.

Meanwhile we tax by earned Adjusted Gross Income and while the top 1% earn 17 percent of all income they pay 37% of all taxes. So should their taxes be reduced by over half?