Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even more

[TruthSeeker]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

Warren Buffet is quite clear. There is no reasonable reason why his secretary's tax burden should be greater than his.

I absolutely agree with Buffett. That's why this country needs a FLAT TAX or the Fair Tax Plan.

It also depends on what Buffett means by "tax burden". Is he talking about actual DOLLARS paid in taxes, or is he talking about the PERCENTAGE paid in taxes. I have to assume Buffett is talking about percentage. In that case, I AGREE with him.

I believe there should be ZERO tax loopholes, for private individuals and for businesses. A flat percentage is the ONLY "fair" way to levy taxes. No minimum or maximum income levels. If "Joe Average" make 50K a year, he pays (for the sake of argument) 10% in income taxes. If Warren Buffet makes $2 billion year, he pays 10% in income taxes. No deductions, no tax credits. NOTHING.

 

[Openmind]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

I absolutely agree with Buffett. That's why this country needs a FLAT TAX or the Fair Tax Plan.

It also depends on what Buffett means by "tax burden". Is he talking about actual DOLLARS paid in taxes, or is he talking about the PERCENTAGE paid in taxes. I have to assume Buffett is talking about percentage. In that case, I AGREE with him.

I believe there should be ZERO tax loopholes, for private individuals and for businesses. A flat percentage is the ONLY "fair" way to levy taxes. No minimum or maximum income levels. If "Joe Average" make 50K a year, he pays (for the sake of argument) 10% in income taxes. If Warren Buffet makes $2 billion year, he pays 10% in income taxes. No deductions, no tax credits. NOTHING.

Flat tax is an interesting concept. .. if loopholes and subsidies are not built into it.

And there should be a "bumper" for basic expenses that is not taxed (like maybe, the first $18,000 or $24,000 a year, since this is really the minimum people need to survive, and they obviously pay sales taxes.

This would make a huge difference for the lower 5% of the population, but would be only a drop in the water for the wealthiest 2%.

 

[Mr. Shaman]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

Xavier Becerra (D-CA), Chairman of the House Democrat Caucus, repeated on Fox News Sunday today the leftist mantra that Americans don't pay enough taxes, and need to pay more. In particular, he tried to demonize even further the highest 2% of income earners and job creators. Though this 2% already pay almost 50% of the country's Federal income taxes already, he insisted that they pay even more.

Things like this are what got so many of these Democrats kicked out of office in Nov. 2010. Strangely, those who remain are still clinging to their vision of eternally expanding government, expanding taxes, and expanding spending.

A "little"-more expanded-participation (from the 1%ers) isn't gonna (exactly) KILL them.

*

It's not like their kids were the ones making a sacrifice, FOR the 1%ers.

 

[Mr. Shaman]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

Flat tax is an interesting concept. .. if loopholes and subsidies are not built into it.

....Or, the Stevie Forbes request....that Capital Gain$ wouldn't be included....only direct-income.​

 

[Openmind]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

....Or, the Stevie Forbes request....that Capital Gain$ wouldn't be included....only direct-income.​

Yep, that's the kind of major loop-CRATER that I'm suspicious might be "built in!"

 

[BigRob]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

Yep, that's the kind of major loop-CRATER that I'm suspicious might be "built in!"

Why do you want to tax seniors with no real income who are living on their capital gains even more?

 

[Openmind]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

Why do you want to tax seniors with no real income who are living on their capital gains even more?

If seniors have no real income and are living off their capital gains, they either have very small capital gains (therefore, they would not show a great income anyway, and wouldn't pay much tax anyway), or they have millions in investments, receive huge dividends, and therefore should pay tax.

Basically, if someone makes $50,000 a year, whether it is from work or from investment or from an inherited annuity, he/she should pay the "flat tax" (let's say 10% or 20%) on that $50,000.

If someone makes $5 millions a year, whether it is from work or from investment, or from an inherited annuity, he/she should pay the same "flat tax" on that $5 millions.

By the way, my husband and I are seniors, we do have "investments," and this is why I can tell you that the tax code is FULL of forced tax loopholes that in general are very advantageous to people with investments, but the same loopholes are negative if one is looking at obtaining a new loan or anything like that.

If you want more details, I'll be glad to give them to you in a private message.

 

[BigRob]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

If seniors have no real income and are living off their capital gains, they either have very small capital gains (therefore, they would not show a great income anyway, and wouldn't pay much tax anyway), or they have millions in investments, receive huge dividends, and therefore should pay tax.

Basically, if someone makes $50,000 a year, whether it is from work or from investment or from an inherited annuity, he/she should pay the "flat tax" (let's say 10% or 20%) on that $50,000.

If someone makes $5 millions a year, whether it is from work or from investment, or from an inherited annuity, he/she should pay the same "flat tax" on that $5 millions.

By the way, my husband and I are seniors, we do have "investments," and this is why I can tell you that the tax code is FULL of forced tax loopholes that in general are very advantageous to people with investments, but the same loopholes are negative if one is looking at obtaining a new loan or anything like that.

If you want more details, I'll be glad to give them to you in a private message.

Hey, I am all for a flat tax, but we both know that will never happen.

 

[Openmind]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

Hey, I am all for a flat tax, but we both know that will never happen.

I guess, this is a bad time to even seriously consider it. . .the boat is already too close to sinking. . .and it doesn't matter if it sinks from the stern or the bow. . .if it sinks, we're all struggling for our lives!

But, maybe when things calm down, AND if, only if, the "power that be" does not use this kind of proposal to screw the masses even further!

 

[BigRob]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

I guess, this is a bad time to even seriously consider it. . .the boat is already too close to sinking. . .and it doesn't matter if it sinks from the stern or the bow. . .if it sinks, we're all struggling for our lives!

But, maybe when things calm down, AND if, only if, the "power that be" does not use this kind of proposal to screw the masses even further!

The problem I see with trying to implement such a plan is that the people who already pay nothing in taxes, at least federal income taxes, (already almost the majority of the country), will cry foul and kill the proposal.

 

[Openmind]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

The problem I see with trying to implement such a plan is that the people who already pay nothing in taxes, at least federal income taxes, (already almost the majority of the country), will cry foul and kill the proposal.

Once again, Big Rob. . .EVERYONE pays taxes. Maybe you mean "Federal taxes." And even that, it is NOT the majority.

By the way, you do realize that NO ONE pays tax on the first few thousand dollars, right? And people in the "top tax bracket" only pay that "top tax bracket" on NET income over $200,000.

Too many people believe that the lower tax brackets do not apply for the "big incomes!"

 

[BigRob]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

Once again, Big Rob. . .EVERYONE pays taxes. Maybe you mean "Federal taxes." And even that, it is NOT the majority.

By the way, you do realize that NO ONE pays tax on the first few thousand dollars, right? And people in the "top tax bracket" only pay that "top tax bracket" on NET income over $200,000.

Too many people believe that the lower tax brackets do not apply for the "big incomes!"

I should be more clear, I am talking solely about federal income tax.

That said, in many cases, those who pay taxes up front get it all back and then some through various deductions available to all people...resulting in a tax bill of (federally) of $0.

 

[Openmind]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

I should be more clear, I am talking solely about federal income tax.

That said, in many cases, those who pay taxes up front get it all back and then some through various deductions available to all people...resulting in a tax bill of (federally) of $0.

Yahhhh. . .well, you see, most people do not pay ANY FEDERAL tax on the first $30,000 or $40,000. . .and that includes the wealthy. . . so that is pretty even, right?

One question I always go back to is this:

Would you rather pay $50,000 in tax, and have $250,000 back in your pocket?

Or pay NOT tax, and have $30,000 in your pocket?

And, in both case, you would be working an (official) 40 hours a week job, but actually working 46 or 52 hours a week.

 

[BigRob]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

Yahhhh. . .well, you see, most people do not pay ANY FEDERAL tax on the first $30,000 or $40,000. . .and that includes the wealthy. . . so that is pretty even, right?

One question I always go back to is this:

Would you rather pay $50,000 in tax, and have $250,000 back in your pocket?

Or pay NOT tax, and have $30,000 in your pocket?

And, in both case, you would be working an (official) 40 hours a week job, but actually working 46 or 52 hours a week.

I am sure that anyone would rather pay $50,000 and then get $250,000 back....where are you going with this?

 

[Openmind]

Re: Dems: highest 2% of earners,who already pay 50% of all incm taxes, must pay even

I am sure that anyone would rather pay $50,000 and then get $250,000 back....where are you going with this?

I guess I wasn't clear, sorry.

What I was actually trying to ask is, would you prefer to be a person making $300,000 a year, and paying $50,000 in Federal taxes,

or being a person who makes $40,000 a year, and paying $10,000 in Federal tax?

Basically, EVERYONE doesn't have the ability (intellectual, health wise, access to education, access to family fortune) to make $300,000 a year.

But, anyone who doesn't want to pay the taxes that go with that $300,000 a year, could always stop working and live on $40,000 a year and only pay $10,000 in tax.

So, if it so horrible to pay more tax if you get that much more money. . .why do so many people thrive to reach that point?