Thread: Tax the Rich

BTW

The highest quintile of earners pays a majority of all federal taxes (67.9%). They pay a vast majority of individual income taxes (94.1%). They also pay the majority of corporate income taxes (77.2%). The highest quintile pays the plurality of social insurance taxes (45.3%) and excise taxes (32.1%), but in neither case do they reach the majority. However, the top two quintiles taken together pay the vast majority of all types of taxes.

For some context, CBO also provided the average before-tax income for each quintile in 2009:
•Lowest: $30,500
•Second: $45,000
•Middle: $64,600
•Fourth: $93,500
•Highest: $224,800


Source (http://www.quora.com/Economics/Which...l-tax-revenues)

Originally Posted by gssixgun

The Law didn't change, the Tax Code didn't change, that is what I am saying, it is a totally even playing field, there is not one thing that prevents anyone from doing the exact same thing... There are many people that went from nothing to something... Do I need to point out the most obvious ????

Ummmm No, you need to understand the most obvious!!! It has nothing to with the ability/opportunity to become/make yourself wealthy. As enjoyable and entertaining as this has been as far as these kinds of discussions go about the only thing we are likely to agree on is to agree to disagree. Ah well it is a good way to kill time.

Bob

Originally Posted by gugi

I don't know about this as long as it's legal it's all good argument.

Yes, I agree.

Originally Posted by BobH

far as these kinds of discussions go about the only thing we are likely to agree on is to agree to disagree.

Your are correct I do not begrudge the rich...

Originally Posted by gugi

I don't know about this as long as it's legal it's all good argument. ?

Why Not???

Originally Posted by gssixgun

Your are correct I do not begrudge the rich...

Nor do I but what has that got to with it.

BTW

I guess it is who you choose read as to what spin can be applied to who pays what for taxes John R. Talbott: Do the Rich Pay Their Fair Share of Taxes? .

Bob

I agree, I chose to read the CBO and you chose the Huff Post you made yer own point there...

You can find the same numbers at Wikipedia too supplied again by the CBO

I think the issue of legality does and should play a part in it. Maybe I failed to explain my point of view properly. I think that the current allocation of funds by government is flawed. Instead of throwing trillions at war abroad, perhaps curbing some of the illegal practises, drugs, tax evasion, white collar crime, implementing reasonable salary caps that are directly related to profit, providing affordable health care to a broader spectrum of people might put our countries and population in a more advantageous financial situation.

The problem is that certain rich people, companies, banks have their vested interests to protect and spend enough money to squash any change, through lobbyists and other venues, proposed while still making it profitible for themselves.

Companies are making record amounts of money. Capitalism allows us to persue our financial dream through entrepeneurship and other methods of business to an endless degree. CAP capitalism, still make it lucrative to bring business to North America but share profits among a broader spectrum of people.

I am not trying to pretend like I have all the answers but I think that, while they might not be popular, I have good ideas that would benefit our countries.

Originally Posted by brooksie967

I think the issue of legality does and should play a part in it. Maybe I failed to explain my point of view properly. I think that the current allocation of funds by government is flawed.

Yep I agree

Instead of throwing trillions at war abroad,

They attacked us, and granted we should have actually fought a WAR and it would have been over faster but we didn't and probably never will again, so we have to deal with this..


perhaps curbing some of the illegal practises, drugs, tax evasion, white collar crime,

Yep I am good with that other then the war on drugs costs more, and has been lost long ago

implementing reasonable salary caps that are directly related to profit, providing affordable health care to a broader spectrum of people might put our countries and population in a more advantageous financial situation.

Nope the internal working of any company is NOT the business of the Government, not in a free society anyway, I am not ready to turn Socialist

The problem is that certain rich people, companies, banks have their vested interests to protect and spend enough money to squash any change, through lobbyists and other venues, proposed while still making it profitible for themselves.


Wow really ??? of course they do, that is Capitalism

Companies are making record amounts of money. Capitalism allows us to persue our financial dream through entrepeneurship and other methods of business to an endless degree. CAP capitalism, still make it lucrative to bring business to North America but share profits among a broader spectrum of people.

Again this smacks of Socialism, and being jealous of the rich..


I am not trying to pretend like I have all the answers but I think that, while they might not be popular, I have good ideas that would benefit our countries.

I just don't get it, if you think that "Spreading the Wealth" is so great then show me one country where it works...

The system here is set up so that everyone has the exact same chance to make it some chose to others don't

Now let's see how far you go,,,

We have a Ghetto Gangster that happens to bounce a basketball better then anyone else, he makes Millions doing this and uses all the exact same tricks of finance to hide and diversify his money and income, I guess he needs to "Share the Wealth" too right ???

Seems that vilifying the nameless faceless CEO of a corporation is much easier then becoming one you can sit there crying in yer Wheaties and complaining that the world ain't fair, or you can take the opportunity's that are available in a free society and make your own path...

Now proceed to tell me why the Rich have all the chances and are keeping the common man down

Originally Posted by gssixgun

The Law didn't change, the Tax Code didn't change, that is what I am saying, it is a totally even playing field, there is not one thing that prevents anyone from doing the exact same thing... There are many people that went from nothing to something... Do I need to point out the most obvious ????


Just to be clear I believe in a either a Flat Tax rate period on all income regardless if you make 1o,ooo or 10,ooo,ooo no deductions no anything..

Or zero Income Tax and only a Sales Tax for everything, the more you make the more you spend the more you spend the more you pay in taxes

Sales taxes only - are punitive to not only the poor, but the young, the old, the... well everyone but the rich. Why should I pay an extra 1% on sales taxes to support education when I have no kids? It's called very regressive in school, because of its disproportional effects on the poor compared to the rich. The "poor" will end up paying way more taxes proportionally than the rich.

Not having a progressive federal tax is also very regressive. Very regressive and something only a person who's making a ton oh cash should be advocating for. Taxing a dude 10K on a 20K income is so very wrong - just as taxing a dude 10K when he's making 100K can be wrong. The poor guy is paying a 50% tax rate and the rich guy is paying a 10% rate. Bad, bad, bad... revolution bad.

The only way to even be somewhat fair is to have a progressive fed tax and a nominal sales tax.

Just FYI - THE US IS THE ONLY WESTERN COUNTRY THAT DOESN'T HAVE A FED SALES TAX! I would advocate for it... if it wasn't for the fact that on this morning... I am sick of paying taxes to institutions that aren't efficient!! ARG!