[Copernicus]

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<u>Question:</u> In your informed economic opinion, should the wealthy pay any taxes at all?

I ask this because you apparantly believe that cutting taxes for the rich universally "increases tax revenue" and "stimulates the economy" (at all times and under all circumstances).

So, my question is: should we simply eliminate ALL taxes for the rich, in the interest of the nation?

If this is your position, please say so for the record.
If this is not your position, please explain *why not*.


q/q

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27% of the income taxes paid in 2003 were paid by .6% of all taxpayers (those earning &gt;500k).

Assuming government spending requires the same income tax receipts, you would have to increase the taxes paid by the "non-wealthy" 37%. Assuming the same tax rate structure , that means you would have to increase their income by over 40% (. If you increase their tax rate that stifles spending and slows the economy.

so no, eliminating all taxes on the wealthy isnt going to increase tax revenue. There is a point where you will get diminishing returns from additional tax rate cuts.

You also mischaracterize my opinion on tax rate cuts stimulating the economy "at all times and under all circumstances". One obvious extreme is when the economy is already running at full capacity. Another is periods of high inflation, when even tax free returns wont be enough to encouraage investment over consumption.