This April's Taxes May Be A Shock

[jrm]

And Culliver, if this country has given you the opportunity to make 400k a year (top income bracket), yes, I do believe you should have to give a little more.  

 

 

 

Person earns 50,000, pays 10% tax, :  5,000 taxes paid

Person earns 100,000, pays 10% tax:  10,000 taxes paid

Person earns 400,000, pays 10% tax:  40,000 taxes paid

 

The higher earner is paying quite a bit more in a flat tax scenario. In our punitive tax rate system, the difference is obscene.

 

Person earns 400,000, pays 40% tax: $160,000 taxes paid

 

That's not taxation, that theft. And that number doesn't include property tax, school tax, sales tax, gasoline tax, capital gains tax, mortgage tax, etc. 

 

Abolish the IRS. Stop the punitive tax system.

 

 

Which makes me think of...

 

Man: Would you sleep with me for $1,000,000?

Woman: Sure!

 

Man: Would you sleep with me for $1

Woman: No! What do you think I am?

 

 

Man: We already determined that. Now we are just negotiating price.

[Sogaard]

Those who want the government to collect more taxes, really want the government to spend even more money!

 

Not necessarily.  I would put it more along the lines of, the people who have the most should be responsible to pay a higher percentage than those who have less.

 

The rich get richer, and the poor get poorer and the country's infrastructure crumbles away.  The middle class is just a lie the rich tell the not-quite-as-poor to keep them voting their way.

Edited December 19, 2014 by Sogaard

[Sogaard]

Person earns 50,000, pays 10% tax, :  5,000 taxes paid

Person earns 100,000, pays 10% tax:  10,000 taxes paid

Person earns 400,000, pays 10% tax:  40,000 taxes paid

 

The higher earner is paying quite a bit more in a flat tax scenario. In our punitive tax rate system, the difference is obscene.

 

Person earns 400,000, pays 40% tax: $160,000 taxes paid

 

That's not taxation, that theft. And that number doesn't include property tax, school tax, sales tax, gasoline tax, capital gains tax, mortgage tax, etc. 

 

Abolish the IRS. Stop the punitive tax system.

 

A true flat tax without a million and one deductions is not a bad idea, but it doesn't happen that way.  Just like no 1%'er is really paying 40% to the government.  There is a reason they pay their accountants and lawyers so much.

Edited December 19, 2014 by Sogaard

[Mr VJP]

When has the government ever taken extra tax revenue to pay down the national debt?  Every tax increase is used to buy more votes for those who give out the freebies.

[steve863]

I don't think anyone can argue the divide between the rich and the middle class is getting way out of hand.  You always had rich people in this country and that's not a bad thing, but at least in the old days the Carnegie's, JP Morgan's, and Rockefeller's contributed to society in one way or another.  When I see sports stars and celebrities being worth millions it makes me downright sick.  What is Lebron James and Beyonce contributing to the world??  Absolutely NOTHING.  Taxing their asses heavily wouldn't lose me a wink of sleep quite honestly.

 

 

[jrm]

A true flat tax without a million and one deductions is not a bad idea, but it doesn't happen that way.  Just like no 1%'er is really paying 40% to the government.  There is a reason they pay their accountants and lawyers so much.

 

The days of insanely lucrative tax shelters are long gone. Sure, no one pays a true 40%, but then no one pays the full percentage in other classes. Want to talk about the middle class getting screwed? Look at the AMT, which is ridiculous. The whole "loophole" argument is quite overstated. The government got wise to the big loopholes many years ago and closed them up.

 

"The rich don't pay their fair share" is sound-byte BS intended to incite class warfare. Remember when Romney was running and the complained how he was paying less in taxes than his secretary? That's more misleading crap. His income was primarily dividend income which is taxed at 15%. His secretary's income tax bracket was higher than 15%. However what Romey's tax bill for one year is probably more than his secretary would earn in 20 years.

 

I live on Long Island. If you live here and aren't on food stamps, you are basically a 2%er, if not a 1%er. Any two-income household making a living wage is in the top tax bracket (not the new 400k+ one). Most of them fall in AMT territory so they lose out on most deductions.

 

The tax accountant/tax lawyer business is out of control because out tax code is out of control. When I reference a flat tax, I mean the fair flat tax system that has been floated for several years... do away with the millions of pages of rules and loopholes and deductions. Have a genuine flat tax. That said, I still don't think it is fair to tax long term investment income at the higher rates (that money has already been taxed multiple times).. Nor do I think it makes sense to tax municipal bonds.

 

 

I don't think anyone can argue the divide between the rich and the middle class is getting way out of hand.  You always had rich people in this country and that's not a bad thing, but at least in the old days the Carnegie's, JP Morgan's, and Rockefeller's contributed to society in one way or another.  When I see sports stars and celebrities being worth millions it makes me downright sick.  What is Lebron James and Beyonce contributing to the world??  Absolutely NOTHING.  Taxing their asses heavily wouldn't lose me a wink of sleep quite honestly.

 

It could be argued that people were much worse off in the JP Morgan days. These guys did some good things, but they were also complete elitists. You certainly didn't want to be working in one of their factories. There are plenty of people today who are doing "good" things... Bill Gates, Steve Jobs, Eric Schmitt (Google) to name a few. These folks are the Morgans and Carnegies of today.

 

I completely agree about celebrities. But that is our own fault. They get that much money and attention because we are willing to pay $250 for a ticket to a baseball game or $1500 for a football with their autograph on it. Why penalize them by taking money that we stand in line to give them? It people think they are so worthless, stop buying their movies, jerseys and tickets to their games. Why ask the government to correct our own bad judgement?

Edited December 19, 2014 by jrm