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Old 10-16-2008, 07:14 PM
 
27,903 posts, read 33,424,573 times
Reputation: 4016

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Quote:
Originally Posted by ParkTwain View Post
Pssst. Here's a tip: Don't believe everything you read coming out of the Dubya Administration, the folks who brought you news of WMDs in Iraq, the Valerie Plame leak, and "the economy is fundamentally sound."
Last year, Congress began the process of reauthorizing the historic, bipartisan 1996 welfare reform law. Who was in office in 96'?

Without getting into ethics it would be a good idea to read articles before responding. This is not the dubya destroyed the world forums that here.
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Old 10-16-2008, 07:29 PM
 
Location: Santa Monica
4,708 posts, read 7,561,996 times
Reputation: 1023
Uh, the date of the law is not the part I recommend that you receive with skepticism!
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Old 10-16-2008, 07:30 PM
 
4,089 posts, read 4,597,840 times
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Quote:
Originally Posted by donsabi View Post
In an interview Warren Buffet stated he was upset because of the unfair tax system. He went on to say that he was paying 17% tax rate while his receptionist, earning much, much, less, was paying 33%.
Recently a software CEO took a ride in a spacecraft to the tune of $30mil. When one reaches an income that he can blow off $30mil on a joy ride then I think he can pay more taxes.
The only fair solution is to pay a flat tax. However, most of the people that oppose a flat tax are the people from the highest income brackets.
Don

No, its the poor the oppose the flat tax, as it is regressive.
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Old 10-16-2008, 11:49 PM
 
2,180 posts, read 3,187,506 times
Reputation: 838
Quote:
Originally Posted by MikeJaquish View Post
As a disincentive to personal improvement, it is effective and unfair to those who are deterred from trying to improve themselves.
I don't believe our graduated tax system has prompted anybody to decide not to "improve themselves," though I find that manner of describing a person's making more money pretty wry.

There is a disincentive near the bottom caused by penalties at the transitional level. But at the high ends of income, that for each additional $10k you earn, $5k of it is take home has not prompted anybody I know or know of to turn down the $10k raise or reject the next commission on a house. The business owners remain willing to extend the amounts they receive even though the flow is slowed by taxes.

As we, as a country, have had top end interest rates in excess of 70% without seeing a drop off in ambition by the top earners, I suspect that the far more modest changes that have been suggested are not likely to deter any folks who want to "improve" themselves.
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Old 10-16-2008, 11:51 PM
 
27,903 posts, read 33,424,573 times
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Quote:
Originally Posted by jps-teacher View Post
I don't believe our graduated tax system has prompted anybody to decide not to "improve themselves," though I find that manner of describing a person's making more money pretty wry.

There is a disincentive near the bottom caused by penalties at the transitional level. But at the high ends of income, that for each additional $10k you earn, $5k of it is take home has not prompted anybody I know or know of to turn down the $10k raise or reject the next commission on a house. The business owners remain willing to extend the amounts they receive even though the flow is slowed by taxes.

As we, as a country, have had top end interest rates in excess of 70% without seeing a drop off in ambition by the top earners, I suspect that the far more modest changes that have been suggested are not likely to deter any folks who want to "improve" themselves.
Only 14% of small business makes $250k or more..... What does that mean to all those making less than that but having to pay more in capital, corporate and health taxes.

Checking facts: Will Obama raise small biz taxes? - Oct. 16, 2008
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Old 10-17-2008, 12:08 AM
 
Location: Santa Monica
4,708 posts, read 7,561,996 times
Reputation: 1023
Quote:
Originally Posted by BigJon3475 View Post
Only 14% of small business makes $250k or more..... What does that mean to all those making less than that but having to pay more in capital, corporate and health taxes.

Unbelievable! Well, I guess that all depends--OBVIOUSLY--on how you define the term SMALL BUSINESS! STOP THE PRESSES!

The cogency and acuity of the ANTI-SOCIALISTS is stunning, at this point in the campaign!
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Old 10-17-2008, 04:54 AM
 
Location: Bradenton, Florida
27,236 posts, read 40,273,555 times
Reputation: 10915
Quote:
Originally Posted by NewMexicanRepublican View Post
No, its the poor the oppose the flat tax, as it is regressive.

It's not regressive, if EVERYONE pays the same percentage. But even the flat tax isn't fair...if it's only based on EARNED income. It should also take in UNEARNED income.
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Old 10-17-2008, 05:24 AM
 
Location: Cary, NC
31,604 posts, read 55,320,924 times
Reputation: 30155
Quote:
Originally Posted by jps-teacher View Post
I don't believe our graduated tax system has prompted anybody to decide not to "improve themselves," though I find that manner of describing a person's making more money pretty wry.

There is a disincentive near the bottom caused by penalties at the transitional level. But at the high ends of income, that for each additional $10k you earn, $5k of it is take home has not prompted anybody I know or know of to turn down the $10k raise or reject the next commission on a house. The business owners remain willing to extend the amounts they receive even though the flow is slowed by taxes.

As we, as a country, have had top end interest rates in excess of 70% without seeing a drop off in ambition by the top earners, I suspect that the far more modest changes that have been suggested are not likely to deter any folks who want to "improve" themselves.
So, increased income is not a path to self-improvement?
Then what is the big deal about stealing from some to give to others?
Since there is no value in other people's money, why the lust for it to spread it around?

I fully recognize that some judgemental and comfortable folks among the limousine socialist crowd think people should read the classics for self-improvement, do a little yoga, take an eco-tour, learn a foreign language, or join Toastmasters, but when Mom is schlepping two kids and 4 baskets of laundry to a laundromat in a ten year old car with a leaky transmission, self-improvement might just be enhanced with improved standard of living driven by improved personal finances.

And anyone who lives in the real world and has ever seen a bonus check or overtime-pay-premium-increased paycheck decimated by an artificially recognized higher income tax bracket can easily observe how progressive disincentives and deterrents to financial self-improvement are significant.

Last edited by MikeJaquish; 10-17-2008 at 05:42 AM..
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Old 10-17-2008, 06:22 AM
 
Location: Pennsylvania, USA
5,217 posts, read 4,112,847 times
Reputation: 908
As someone NOT in the top tax brackets.. the fact that I'd pay a higher percentage of taxes when I reach the top tax bracket by NO MEANS will stop me from trying to reach that top bracket? WHY?

Well because in that top bracket, while I may be paying a higher percentage in taxes, that higher percentage of taxes will not be felt as much as the tax I pay now is? WHY?

Because when I'm in those top brackets I'll have more than enough to comfortably afford my bills without worrying about every dollar or putting off paying one bill to pay another etc etc etc.

I will be able to go to the grocery store without coupons or without worrying how much food I have in my cart because I only have xx amount of dollars in my hand.

I won't have to NOT see my family at the holidays because the plane flight is too expensive .. since being in that top bracket will mean that I have , even with the taxes, discretinary income to spend.

NOPE>. I will happily pay more, because I've earned more and would trade paying a lower percentage of taxes at my current income level for paying a higher percentage at that higher earning level ANY DAY!

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Old 10-17-2008, 06:35 AM
 
27,903 posts, read 33,424,573 times
Reputation: 4016
If it were a race you will have effectively made the race 20% longer and removed the "slow" for the folks that are not already in that tax bracket. The people already in that tax bracket are smart enough to shelter most of it. Revenues will decrease however a larger % of those revenues will be collected for whatever it's worth.

The governors are proving that tax cuts can be a highly effective economic stimulant. Our research indicates that over the past decade, the 10 states that cut taxes the most created about twice as many new jobs and enjoyed about 27% more income growth than the 10 states that raised taxes the most.

Do Tax Cuts Work? Cato.org
http://www.taxpolicycenter.org/publi....cfm?ID=901141
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