http://www.arktimes.com/ArkansasBlog/archives/2012/11/20/taxes-republicans-and-and-obedience-to-norquist Comments On: Taxes, Republicans and and obedience to Norquist by Max Brantley en-us Copyright 2013 Arkansas Times. All rights reserved. This RSS file is offered to individuals, Arkansas Times readers, and non-commercial organizations only. Any commercial websites wishing to use this RSS file, please contact Arkansas Times. robert@arktimes.com (Arkansas Times Webmaster) Fri, 24 May 2013 00:00:01 -0500 Fri, 24 May 2013 01:00:00 -0500 Foundation http://blogs.law.harvard.edu/tech/rss Posted by couldn't be better]]> Tue, 20 Nov 2012 18:16:22 -0600 Arkansas Times
1. Only THREE PERCENT of the very rich are entrepreneurs.

According to both Market watch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were classified as entrepreneurs based on 2004 tax returns. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds.
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6. Tax deductions for the rich could pay off 100 PERCENT of the deficit.

Another stat that required a double-check. Based on research by the Tax Policy Center, tax deferrals and deductions and other forms of tax expenditures (tax subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes), which largely benefit the rich, are worth about 7.4% of the GDP, or about $1.1 trillion.

Other sources have estimated that about two-thirds of the annual $850 billion in tax expenditures goes to the top quintile of taxpayers.

http://www.nationofchange.org/ten-numbers-…
Posted by eLwood]]> Tue, 20 Nov 2012 10:46:16 -0600 Arkansas Times Posted by mrprincipal07]]> Tue, 20 Nov 2012 10:33:04 -0600 Arkansas Times Posted by YossarianMinderbinder]]> Tue, 20 Nov 2012 07:29:00 -0600 Arkansas Times