2016 election and memories of Novembers past

CLICK TO LISTEN:

2016 election and memories of Novembers past 11/05 by Silvio Canto Jr | News Podcasts:

The election is a few days away.........We will make some predictions and check out some of the trends.........Trump is dashing to the finish line........Clinton looks desperate and just talking about Trump..............look back at some elections of the past.........LBJ 1964, Nixon 1968 & 1972....Truman 1948.....FDR 1940 & 1944......

---

It's the class warfare that makes me sick!

(Thanks to TaxProf Blog for the charts)

It's another year and another plan on the table.    

We've been talking taxes for a long time.

The Washington Post has a good editorial in 2009 called Who Pays Taxes:

"In 2006, the top 20 percent of earners paid 70 percent of all federal taxes. 

On average, they paid 26 percent of their income to the government.

The very richest -- the top 1 percent of taxpayers, with household incomes of over $332,000 -- paid 28 percent of all taxes, with an effective tax rate of 31 percent.
The middle three quintiles paid rates of 10, 14 and 18 percent.
The lowest 20 percent of households paid only 0.8 percent of all federal taxes -- and the bottom 90 percent of households paid only 4.5 percent.
Based on these numbers, it would be hard to argue that the country doesn't already have a significantly progressive tax system."

That's right! We have a very progressive tax system. The top earners are clearly paying the bulk of taxes in the US.

Don't misunderstand. I'm OK with the rich paying a lot of taxes.

I just detest the ugly class warfare, specially the class warfare that comes from the Obama White House.

Perhaps, we can simplify our tax code.

I have always a favored a national sales tax and the elimination of our federal income tax.

We have a US$ 15 trillion GDP. I think that we can run our federal government with a national sales tax.