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Old 12-04-2010, 09:40 PM
 
Location: SARASOTA, FLORIDA
11,486 posts, read 15,268,678 times
Reputation: 4894

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Quote:
Originally Posted by kevcrawford View Post
Ah the old "loophole" argument. Don't know what you're talking about? Use the word "loophole" and you'll win the argument.

The rich pay a tremendous amount in taxes. But they also pour a tremendous amount into their businesses to continue to create jobs and run a successful business.

I am self employed and pay myself a salary, which is taxed. I also put a ton of money back into my business to continue to grow it, and in turn, give other people opportunities. That money is a write off, as it doesn't end up in my pocket.

The rich get wealthy by not being stupid. I, personally, don't want to listen to a bunch of unsuccessful, poor people tell me how to make our country financially sound.



Awesome post!

The rich are getting screwed when the poor and lazy are getting away with stealing from the rest of us and not paying their fair share of taxes.

Can you imagine allowing a min wage worker with no skills make decisions on things like this?

Coming from the same stupid people who believe min wage should be 10.00 per hour when most of these people are not worth 3.00 per hour.
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Old 12-05-2010, 02:05 PM
 
33,387 posts, read 34,703,593 times
Reputation: 20028
Quote:
Originally Posted by RandyWatson13 View Post
This is a comment just to argue

What you fail to realize is if you are wealthy you can hire the best accountants who will figure out a way to lessen your tax load through the tremendous loopholes available.

The rich don't get wealthy paying taxes.
Quote:
Originally Posted by pghquest View Post
And what you fail to realize is that with higher tax rates, they have an incnetive to find ways to lessen their tax load and move investments far off into the future until tax rates drop again. This is why capital gains tax revenues DOUBLED after the Bush tax cuts were passed. At some point its beneficial to just pay the tax if the tax is low enough and if its high enough, its beneficial to pay nothing and move the profits down the road.

Math quiz.. Which is better, when the rich pay taxes, or when they dont?
Quote:
Originally Posted by kevcrawford View Post
Ah the old "loophole" argument. Don't know what you're talking about? Use the word "loophole" and you'll win the argument.

The rich pay a tremendous amount in taxes. But they also pour a tremendous amount into their businesses to continue to create jobs and run a successful business.

I am self employed and pay myself a salary, which is taxed. I also put a ton of money back into my business to continue to grow it, and in turn, give other people opportunities. That money is a write off, as it doesn't end up in my pocket.

The rich get wealthy by not being stupid. I, personally, don't want to listen to a bunch of unsuccessful, poor people tell me how to make our country financially sound.
pghquest and kevcrawford are right. if i were rich, you can bet that if my taxes were raised i would be looking for ways to reduce my tax bills, and put money away where it would be good for me, and unavailable to the government, where as if my taxes remained the same or were lowered, i would put that money to work to build my business, and put people to work. and it isnt just the taxes that would cause me to find ways to cut back, it is expensive regulations as well. maintain or reduce those, and again you can bet i will put my money to work, otherwise it again gets put away until the business environment gets better.
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Old 12-05-2010, 08:29 PM
 
Location: Oakland, CA
28,226 posts, read 36,757,203 times
Reputation: 28561
Quote:
Originally Posted by kevcrawford View Post
Ah the old "loophole" argument. Don't know what you're talking about? Use the word "loophole" and you'll win the argument.

The rich pay a tremendous amount in taxes. But they also pour a tremendous amount into their businesses to continue to create jobs and run a successful business.
oh, so EVERY rich person is a business owner? Doesn't make a whole lot more sense to separate business income, salary income and investment income and have different tax rules for each?

Personally, since the main employment driver in the US is small business, and the bulk of lobbying comes from corporations, we should incentivize job creation for small businesses.
Quote:

I am self employed and pay myself a salary, which is taxed. I also put a ton of money back into my business to continue to grow it, and in turn, give other people opportunities. That money is a write off, as it doesn't end up in my pocket.

The rich get wealthy by not being stupid. I, personally, don't want to listen to a bunch of unsuccessful, poor people tell me how to make our country financially sound.
Not all "rich" people look the same. Personally I think the threshold for household income should be higher, at about $500k. And if Fortune 500 CEOs need to pay more taxes, so be it. They aren't the differentiator in making our country work. We are mislead intom believing corporations will save the day. Large corporations have one goal: increase the stock price. Increasing the stock price typically does not benefit the US economy, or average workers.
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Old 12-05-2010, 08:32 PM
 
29,939 posts, read 39,379,267 times
Reputation: 4798
Retirement funds are directly linked to higher priced stock markets. You might remember all the people complaining about massive losses in retirements when the stock market crashed in the wake of the credit crisis.
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Old 12-06-2010, 07:43 AM
 
Location: Wisconsin
37,912 posts, read 21,993,637 times
Reputation: 13740
Quote:
Originally Posted by HappyTexan View Post
Why "the rich". They have endless amounts of money.
The rich will solve all of America's debt problems.

The government just needs to GET that money so they can make everything "right".

Utopia is right around the corner.
Let's that the federal government took all the wealth from every American that makes $5 million a year or more, what would that to for me? Would i suddenly get a rage, with the unemployed friend of mine get that phone call for a new job, will my mortgage payments go down, would the prices at the stores drop, or would we see businesses expanding and hiring new employees?

I know what happens when you reduce tax rates, we all have more money to pay our expenses and business owners have more money to to invest, hire, build, expand and purchase goods and services. When you increase taxes there is less wealth in the hands of the people, not more.
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Old 12-06-2010, 08:02 AM
 
Location: Wisconsin
37,912 posts, read 21,993,637 times
Reputation: 13740
Quote:
Originally Posted by rbohm View Post
pghquest and kevcrawford are right. if i were rich, you can bet that if my taxes were raised i would be looking for ways to reduce my tax bills, and put money away where it would be good for me, and unavailable to the government, where as if my taxes remained the same or were lowered, i would put that money to work to build my business, and put people to work. and it isnt just the taxes that would cause me to find ways to cut back, it is expensive regulations as well. maintain or reduce those, and again you can bet i will put my money to work, otherwise it again gets put away until the business environment gets better.
you are corrcet, people have taken money out of the market to hide it from the taxman. This congress has refused to deal with the Bush tax rates for the past two years. With no clue what tax rates will be, people assume that democrats will stay true to form and increase taxes on the rich. So they have been squirreling away their wealth, to hide if from the coming tax increases promised by democrats.

It burns me up that we are even talking about this now. After all the talk about focusing like a laser beam on jobs, here we are at zero hour, still waiting on government to do their freaking job.

The damage to our economy and employment situation has already been done. Anyone who had wealth at risk from 0bama's tax increases has already take it out of the economy, canceled proposed business expansions, scaled back their risks by laying off employees, closing distribution centers, and canceling contracts, all in an attempt to wait out and survive the 0bama storm.
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