Peter344 Wrote:
May 29, 2012 7:55 AM
Warren Buffett, billionaire, pays a total tax rate (federal, state, local, corporate) of 11% of his investment gains. A typical single person earning a minimum wage pays taxes amounting to 37% of her wages, double Mr. Buffett’s rate. The top 1% in the US have gone from owning 22% to 40% of the nation's wealth in the last thirty years. This is largely due to the tax cuts for the wealthy investor class, started under Reagan. They were supposed to encourage investment and strengthen the economy. Since then, the average annual GDP growth dropped by one-quarter and we had the worst recession since the Great Depression (which happened the last time the richest 1% owned 40% on the nation's wealth). http://fairsharetaxes