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It's better to be high net worth than it is to be high income.
"Make them pay their fair share, raise taxes on the rich!" <and the crowd goes wild>
Think about it... NYT's just showed us one of the ways the rich are able to reduce taxable income resulting in their moving into a lower tax bracket. I don't think it's a bad thing, after all if people didn't take risks, we'd still be riding horse and buggy. The point is ..
Raising taxes on income means nothing to the rich, the rich already have money and they can do things that keep their taxable income down. ... Both Obama and Hillary know this, if they don't know this, they have no business being a president.
It's the tax code and is available to everyone but as we know the system keeps the poor stuck in poverty and the middle class who depend on income don't have seed money to take risk like the rich do. Climb the income ladder the government takes more of your income which could have instead been used to invest, instead, the tax code keeps the middle class down.
Trumps been telling us the tax code is unfair and NYT helped to expose it.
How does the Internal Revenue Code prevent the poor and middle class from moving up? They hardly pay any Federal income tax (hence Romney's 47% comment). In other words, the tax code don't take away their seed capital, per your post; if anything, they would get unearned free money from tax credits.
It's better to be high net worth than it is to be high income.
Correct, and that's why the US needs a wealth tax which would be only on the 1%-ers and corporate cash, much like the estate tax. Index the wealth tax against wealth inequality, phase it out when wealth is not so concentrated at the top.
For whatever reason the U.S. taxes labor and salaries at the highest rates, which puts the most burden for taxes on the middle class and especially on well-paid professionals. I don't know why Americans put up with it.
How does the Internal Revenue Code prevent the poor and middle class from moving up? They hardly pay any Federal income tax (hence Romney's 47% comment). In other words, the tax code don't take away their seed capital, per your post; if anything, they would get unearned free money from tax credits.
Mick
You should be asking why they can't move out of poverty instead of supporting the system that keeps them there.
Correct, and that's why the US needs a wealth tax which would be only on the 1%-ers and corporate cash, much like the estate tax. Index the wealth tax against wealth inequality, phase it out when wealth is not so concentrated at the top.
For whatever reason the U.S. taxes labor and salaries at the highest rates, which puts the most burden for taxes on the middle class and especially on well-paid professionals. I don't know why Americans put up with it.
Right, when Obama raised taxes the rich, the rich didn't even blink because they knew raising taxes on "income" wouldn't affect them but the masses bought the lie. If you truly want to raise taxes on the rich, tax wealth and you'll see Hillary supporters scream like a bunch of wet cats.
Why focus on raising taxes? How about focusing on more jobs for people who don't have the inclination or smarts to start a business.
Correct, and that's why the US needs a wealth tax which would be only on the 1%-ers and corporate cash, much like the estate tax. Index the wealth tax against wealth inequality, phase it out when wealth is not so concentrated at the top.
In theory, it sounds good. There is too much loopholes. Both Trump & Clintons will continue to use it until its closed. Warren Buffet & Bill Gates will donate all their wealth and avoid taxes too.
Right, when Obama raised taxes the rich, the rich didn't even blink because they knew raising taxes on "income" wouldn't affect them but the masses bought the lie.
Really? Since when is POTUS able to raise income taxes on his own? Yup, that'd be never.
I want to be clear, I don't blame anyone for using the tax law to their benefit, everyone does, if they don't they are fools.
I do blame the politicians and the media for misleading the people who don't know any better to gain their support to raise taxes on hard working Americans who depend on income.
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