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The New DU. Reply #67: "More than half of the nation's tax revenue came from the top 10 percent of earners in 2007"
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hack89
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Mon Apr-18-11 06:39 PM
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| 67. "More than half of the nation's tax revenue came from the top 10 percent of earners in 2007" |
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More than 44 percent came from the top 5 percent.
Inverted pyramids are not very stable. NY City was hammered by the financial crisis because their tax revenue was so dependent on a small group of high earners. When their incomes went away so did the tax base.
Increasing that percentage is a good thing but there is a danger - more and more eggs are being placed in a smaller basket. In a perverse twist, protecting the income of the super wealthy may become a matter of national importance.
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