Posted 13 years ago on Oct. 21, 2011, 9:04 a.m. EST by liberalcynic1 (3) from Canberra, ACT
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http://infrequentrant.blogspot.com/2011/10/occupy-wall-street-protesters-meet.html please discuss

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[-] 1 points by WSExec (48) from Boston, MA 13 years ago

Yup you're keying in on the critical issue that the plan probably overlooks, which is also a primary reason that OWS exists today. This is that the weath divide has gotten to a point where folks on the lower end are pinched and having trouble just getting by.

Firstly, most of the analysis that has been done on the plan skews with obvious bias in one direction or the other. Nonetheless, the chart you reference is based on data that assume those in the top 1% actually pay top-bracket taxes (which they obviously do not). Note Warren Buffett's controversial claims that his secretary pays a higher effective tax rate than he.

I'm far from an expert on the intricacies of the tax code and its various loopholes, but I have comfort in saying that they are many that are heavily exploited. As such, I do like the simplification of 999 and am also in favor of use taxes. Still there are obvious issues of "social good" that need to be addressed as well.

Any thoughts on implementing a floor that shields income below a base cost-of-living threshold from being taxed (inflation indexed of course)?

Has anyone seen a good data set on real tax rates for the top quartile, 10%, 5%, 1%?

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[-] 1 points by michael123 (25) 13 years ago

Yo check out www.SpanktheBull.org

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