Charles Gasparino: The middle class doesn't pay a lot of tax, so we should cut taxes for the rich
Gasparino: "It sounds good to say let's do a middle class tax cut" but "they don't pay a lot of the taxes"
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From the September 22 edition of Fox News' Your World with Neil Cavuto:
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CHARLES GASPARINO: Here's what I would say. What Kevin Brady said there is absolutely right. If you look at any statistical study of who pays the most taxes, even if you take state, local, everything together, probably the top 20 percent of all taxpayers, the richest top 20 percent pays 50 percent of all taxes. As you know the top 10 percent of on income tax pays the vast majority of taxes. So if you really want to stimulate the economy, you gotta give people that make money a tax cut because they spend the most or they save the most meaning they invest the most after you give them that tax cut. Those are the people that do the most stimulative economy activity for the markets. It sounds good to say let's do a middle class tax cut, give people that make 60, 70 grand a year less taxes but the problem is they don't pay a lot of the taxes.