Income and Taxes

Reader comment on: More on Tax Cuts for the 'Rich'

Submitted by J.Johnson (United States), Oct 26, 2010 12:40

Two observations:

1) You referenced 'gross income' several times. I assume you meant 'adjusted gross income.' There is, for many taxpayers (especially many small businesses and farms) a significant difference between these two lines on the 1040 and it is essential, when discussing taxes on individuals and couples, to use the correct term.

2) We are now in the position where 48% of the U.S. population lives in a household that pays NO federal income taxes, and where 21% of national income goes to the top 1% of households who already pay 38% of personal income taxes. This is a recipe for exactly the political polarization driving the current debate on who is going to pay even more taxes and it doesn't look good for the upper income brackets.

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