U.S. tax structure needs an overhaul
I am a part of the 99 percent but I don't envy the rich. What I do envy is the fact that the rich can hire high-powered accountants that can find all imaginable loopholes to help them lower their income to the lowest level possible and on top of this pay 15 percent on this income. This in turn helps the high-income earners to pay the least amount they owe for taxes. The people in the middle do not have this advantage because every penny they owe the government on their taxes must be paid because it shows up as income and there is nowhere to hide money. Besides this, the middle tax payers pay a higher rate than the rich, which is unfair in itself.
The wealth of the top U.S. 400 is as much as the bottom 150 million citizens. (Politics Nation Jan. 25, 2012.) According to Wikipedia, from 1992-2007 the top 400 income earners in the U.S. saw their income increase 392 percent. It is also stated by the Republican Party that 48 percent pay no income taxes. I will argue that this 48 percent need all their money to live on and this is why this is happening. The rich don't need to live on a small budget and use every penny just to "get by."
Besides this, the super rich can put their money off shore to also help to "hide" transactions. I feel that these super rich should move to these islands and not live under the protection of our government if they do not want to help our economy by paying their fair share of taxes when our government needs money to help the U.S. get out of debt.
I don't entirely blame the rich because our tax structure needs overhauling. It seems this is legal, but very unfair to the middle class. We as a nation can deal with entitlements in the future. Right now we need to raise taxes on the top earners so they can pay their fair share and help get our national debt in check. -- Carol Strache, Frazee