How much more you want to shave off? The top 10% of income earners (100K or more) in this country already pay roughly 70% of the taxes and 40% of the nation doesn't pay any taxes. (date from non-partisan Tax Foundation examination of IRS tax data)
The top individual tax rate is 35%
Capital gains is 15%
Stock dividend tax rate is 15%
40% pay no taxes
Subchaper S corporations (small businesss) pay at top rate of 35% to 50.3%
Number of household earning $100K or more annually has almost doubled over past 20 yrs.
Number of households earning $35K or less has changed only marginally over the past 20 yrs.
Many of those who left the $35K bracket moved into higher income brackets and were replaced by illegals.
Reagan reduced the tax rate on top earners from 70% to 28% and the US went into an impressive rate of growth and wealth creation. We did it ourselves. The government didn't. The government cannot create wealth, but it can allow us to create our own.
Spending has also GOT to be cut...and it evidence so far is that Barack isn't very good at that. In his 4 years as Sen, he got $1B in earmarks for his state. Nice for the state, sucks for the rest of us. McCain has never taken an earmark. Obama is getting 6.3M from taxpayers for his transition, he's got campaign money let over, yet he is STILL asking for more money from donor to fund the transition.
He claimed that he'd balance the budget within his first term, but he wants billions more in entitlements.
We'll see. As a small business owner for 25 years, we are watching carefully. We've already had some wealthy clients back down on projects, waiting until after the election...and we've had a number of calls for things people want done before the end of the year.