Geithner has just announced this AM that there will be a deal on the debt ceiling and default is off the table. More to come. Will the deal include tax increases is yet to be seen. From this chart, I’d say the rich pay more than their share already though Warren Buffet needs to contribute more; he should stop complaining and start paying if he feels he’s short changing the government. As long as we have a Progressive tax system, we need “loopholes” which are actually legitimate, legal deductions based on overhead and other contributions. If we went to a flat tax, loopholes would be gone. I’m sure that some “loopholes” are ways around the law and they need to be closed, so close them.
From The American: The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare
However, a recent CBS phone poll of questionable merit indicates that Americans are angry with the Republicans for holding out on taxes, which would indicate that Obama’s class warfare is working (It is important to note that only 25% Republicans were polled which does skew the results) …Americans are unimpressed with their political leaders’ handling of the debt ceiling crisis, with a new CBS News poll showing a majority disapprove of all the involved parties’ conduct, but Republicans in Congress fare the worst, with just 21 percent backing their intransigent resistance to raising taxes.
President Obama earned the most generous approval ratings for his handling of the weeks-old negotiations, but still more people said they disapproved (48 percent) than approved (43 percent) of what he has done and said.
Approval drops to 31 percent for the Democrats in Congress, and only 21 percent of the people surveyed said they approved of Republicans’ handling of the negotiations, while 71 percent disapprove.
Even half of the Republican respondents (51 percent) voiced disapproval of how members of their own party in Congress are handling the talks. Far fewer Democrats expressed disapproval of their own party’s handling (32 percent) or President Obama’s (22 percent) of the urgent quest to raise the nation’s debt limit ahead of a looming default on Aug. 2 if action isn’t taken.
The Obama administration has pointed to the warnings from rating agencies as evidence that not raising the debt ceiling could have severe consequences for the economy, and even suggested the government might not be able to make Social Security payments if there’s no agreement.
While the poll shows little confidence in the men and women doing the negotiating, there still seems to be hope that the politicians will be able to stop politicking for long enough to avert financial disaster…Read here: CBS phone poll of 810 people, no info on numbers in each party or how questions were asked.