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Tue Jun 19, 2012, 03:24 PM

mitch mcConnell: Tax code already "extraordinarily progressive" and needs to be changed

do republicans live in the same universe?

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(CBS News) The United States tax code is already "extraordinarily progressive" and should be restructured, Senate Republican Leader Mitch McConnell said, noting that more than two-thirds of the money the government collects already comes from the wealthiest ten percent of taxpayers.

In an interview that aired on "CBS This Morning" Tuesday, the Kentucky Republican said he is ready to sit down with "this president or the next president" and have an animated discussion about the tax code to "reach a conclusion" that would bring down the ballooning U.S. deficit.

"Almost 70 percent of the federal revenue is provided by the top 10 percent of taxpayers now. Between 45 percent and 50 percent of Americans pay no income tax at all. We have an extraordinarily progressive tax code already. It is a mess and needs to be revisited again," McConnell said in the interview, taped Monday.

A "progressive" code increase tax rates as income increases.

http://www.cbsnews.com/8301-505267_162-57455873/mitch-mcconnell-tax-code-favors-lower-income-too-much-already/

6 replies, 836 views

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Response to spanone (Original post)

Tue Jun 19, 2012, 03:27 PM

1. The simple solution is to raise salaries for the bottom 90% and they will pay more taxes....

 

There's always an answer to such problems.

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Response to rfranklin (Reply #1)

Tue Jun 19, 2012, 03:29 PM

3. i'm amazed that mitch and junior* didn't solve this problem during their eight year reign of terror

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Response to spanone (Original post)

Tue Jun 19, 2012, 03:29 PM

2. What percentage of those 45% to 50% have no income

and what other taxes do they pay?

What percentage of overall U.S. income is earned by those top 10%?

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Response to spanone (Original post)

Tue Jun 19, 2012, 03:32 PM

4. The same reich-wing talking points.......

 

He famously forgets to acknowledge that those that don't pay INCOME TAXES pay Social Security and Medicare payroll taxes. They pay these on their entire income whereas the top wage earners pay Social Security on income only to around $106,000.

Plus he fails to recognize that state and local taxes, especially sales taxes are often extremely regressive in that they tax most if not all purchases. That means that the entire take home pay of the lower income workers is subject to additional taxes collected at time of purchase. But higher income wage earners don't typically spend their entire incomes. They invest some of them and they pay a much lower tax rate on capital gains than on ordinary income.

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Response to spanone (Original post)

Tue Jun 19, 2012, 03:58 PM

5. the CBO says maybe ten percent of american households do not pay federal income taxes.

i guess for conman such as yourself 50 sounds better than maybe 10. cold stone liar mitch, do you pray to your god with that mouth?

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Response to spanone (Original post)

Tue Jun 19, 2012, 04:30 PM

6. Tax the wealthy, tax windfall profits, tax religious organizations and cut military spending by 2/3. Budget balanced.

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