> The top 1% of U.S. taxpayers pay 39% of the country's personal federal income taxes.
> The bottom 49% of U.S. taxpayers pay, in the aggregate, no personal federal income taxes.
... yet, Mr. Obama and the democrats in congress consistently pound the table that the top 1% must pay more... pretty much in concert with their constituents in their tents down on Wall Street.
My question is this... How high is enough?
Should the top 1% pay 42 of the taxes, should they pay 50% of them? Should the bottom 60% of taxpayers pay none?... should the bottom 70% get a free pass?... at what point would Obama be satisfied that our country is sufficiently socialized and at what point would the Occupy Wall Street crowd finally dismantle their tents and go home?
Those of us who study capital flows know this: Investment Capital is streaming out of the U.S. at an alarming rate. Net inflows into U.S. stock mutual funds has been negative for a long time whereas "emerging market" mutual funds are closing right and left due to rampant demand.
That investment capital is money we need HERE in the U.S., to build businesses and employ people. Why is it leaving? What are those who have capital afraid of? High taxes?
It's well known that U.S. corporations with foreign subsidiaries are hoarding the earnings of those subsidiaries overseas to avoid the high... and double... taxation of that income here in the U.S... earnings that are growing businesses and employing people over there, not here, due to high taxes.
By now, you understand my point. This world competes for investment capital and the U.S. is losing that competition BADLY... because of high taxes.
There is a limit to what we can tax... and there should be a limit on this country's massive entitlement spending... but nobody in their tents down on wall street understands that... heck, 95% of Americans don't look deeply enough to understand that America is bankrupting itself, not just by running up a huge national debt...
... but by also running all of our investment capital out of the country... as a result of the high taxes that Obama and the democrats love so much... and would love to push higher.