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I have posted a few threads about how the rich are NOT paying their fair share and some of the responses here have been amazing! People seem to think that taxes on the rich are a bad idea. In my view this line of thinking is absolutely absurd.
There is so much CLARITY that the rich in this country are paying virtually NO taxes because of loopholes in the tax code. Mitt Romney earned $45 million dollars yet paid 14% tax yet the common bloke making $100,000 is paying a marginal rate of close to 50% (in California with payroll taxes included). This is the biggest injustice there is and it needs to stop. Obama has proposed a 30% minimum tax on $1 million+ earnings and that is an EXTREMELY good start.
I believe most on this forum are part of the 99%, so please explain to me why their heart is bleeding for the likes of Mitt Romney who is getting away scott free without paying his fair share?
Subsidizing the rich has become a cottage industry in this country and it needs to STOP
1st. what do you consider his fair share?
2nd. remember when you make and are taxed on 10-20 million, then 15% is still paying alot more in taxes than you or I make in a lifetime.
3rd. even if the rich do pay more in taxes, i do not see the federal goverment paying down the debt not balancing the budget.
so have i, and you are right it doesnt sink in, but we must keep trying to educate those who dont understand economics.
There are those who don't understand, and those who won't understand. Most in this forum who blindly adhere to the school of Keynesian economics are among those who won't rather than don't. The use of the word don't indicates the willingness or ability to learn.
"The masses do not like anyone who surpasses them in any regard. The average man envies and hates those who are different."
"What pushes the masses into the camp of Socialism is, even more than the illusion that more Socialism will make them richer, the expectation that it will curb all those who are better off than they themselves are...There will no longer be any more room for innovators or reformers."
- Ludwig Von Mises, The Ultimate Foundation of Economic Science, p 123.
Last edited by lifelongMOgal; 02-06-2012 at 01:10 AM..
Would you like to see a prosperous America, just like the one we had in the 50's and 60's? I sure would. But after doing plenty of research, I have to say the Republican ideology is simply NOT going to achieve this. Ever.
The policies of FDR and his New Deal was what made the U.S. the envy of the world. His policies actually led to a true widespread middle class society, with some poor and rich households here and there. How did he achieve this? He sharply increased taxes on the wealthy. In fact, at one time, the highest tax rate was 91% for the wealthiest earners. Trickle down economics don't work as well as Republicans want you to believe.
I think Obama needs to be more aggressive at taxing the rich, otherwise we are doomed as a nation. I just don't see how we are going to have the tax revenue to pay off the debt and move forward with other projects. Something's gotta give. I mean, even with a 91% tax rate, someone who earns $1 billion a year, such as Warren Buffet, would be left with a whopping $90 million AFTER taxes. Who seriously needs or wants more than that to live happily?
If a Republican is elected, god help us. We can't afford to have anymore tax breaks for the wealthy.
actually, we need to lower the cost of goverment by firing more federal employees, lowering taxes so that they are non existant and repeal the 16tn Amendment. now that would be real change and good for the USA.
I am not saying that Mitt Romney is doing anything illegal. What I am saying is that the tax code is such that someone who EARNS $45 million is paying 14% in taxes which in my opinion is WRONG because income no matter how it is earned is INCOME.
No caps on the amounts that can be taxed at the capital gains rate is a system to make sure the rich are subsidized, nothing more!
BTW, it's CAPITAL not CAPITOL... your lack of english language skills is what is embarrasing!
Okay, so let's change things to your proposal here and throw capital gains in as standard taxable income, and we just ignore risk vs reward.
Now, Mr Rich says to you "Well, I was going to invest $5 million in my company to buy new equipment and hire new people, but I could lose that money and if I don't you're going to take half of whatever profits I earn anyway. So instead I'm going to not hire anybody and I'm going to take my money and put it in a bank in the Bahamas where you can't tax any of it."
FDR's policies turned a recessing into theGreat Depression, Mon Ami. When tax rates are high, income is sheltered, not invested, and we all pay the price - especially those of us on the lower rungs such as yourself.
Study JFK who erased those high taxes and created economic boom.
One can only suppose that homeless camps were called Hoovervilles in honor of the great job Hoover did.
So anyone that doesn't want to be super wealthy is a loser? What about people that strive to be wealthy but not super wealthy? If you consider someone who is the top 5% but not 0.1% a loser, I can imagine what you think the average American.
I didn't see "super wealthy" anywhere in the post you responded to.
nuff said............. If you would like to be taken a bit more seriously, read a little more , perhaps , something by Milton Freidman, Art Laffer or Stephen Moore.
There ya go!
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