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How many times is it going to take for it to sink into the liberal mind? People who make 250x your incomeDO NOT EARN INCOME AND THUS ARE NOT SUBJECT TO INCOME TAX, if any tax at all. You can tax Warren Buffet at 100% income and you still WOULDN'T touch his billions! The Buffet rule was designed to crush aspiring wealthy people from climbing the ladder further, leaving the ultra rich elite an exclusive club. People seriously need to pull their heads out of the sand, and stop reading so much tripe that doesn't make sense
Income:
"Money received, esp. on a regular basis, for work or through investments."
So I guess that the money just magically appears for them then?
This year, we hit the 33% marginal tax bracket - alternative minimum tax and all of that. We don't own a home or have kids, so we don't really get to deduct anything.
I'm grateful for our income, and I'm not fundamentally complaining about having to work hard for it and pay my fair share. I know that we're very fortunate.
But why is it fair for my personal share to be up to TWICE the rate of the fair share of people with gargantuan incomes like Romney and Buffett who will never have real financial worries again in their lives? We're doing well, but unlike those guys, we do depend heavily on our cash flow to generate our critical savings for future needs as well as to cover our day-to-day expenses. We get hurt by the loss of that marginal dollar A LOT more than the multi-millionaires and billionaires ever would be.
And why is it "class warfare" whenever I point this out? How is it not "class warfare" for me to be reamed porportionally so much more than the super rich - many of whose enterprises I also have to pay to bail out of their bad business decisions?
I'm not saying that the Buffett rule is the way to go, but why can't we have a tax system that institutes some sense of consistent fairness relative to income all the way across the income spectrum? Why is this concept so fundamentally controversial and anti-American for conservatives?
You are not being taxed at 2 times the rate of people who earn more than you. You do understand the difference between. Capital gains and ordinary income, don't you?
By the way, it becomes class warfare when you describe them as set for life. That is and should be irrelevant to the tax code.
Its a system whereby the more you make the less of a Percentage you pay in Taxes, Consider people like Romney who at $250 Million is paying 13% on his income and the likes of this factory worker paying over 30%, and those on the very bottom get vilified for collecting food stamps and labeled as the cause of all Americas financial woes. Nice system if you happen to be at the top.not so much if you are closer to the bottom.
This year, we hit the 33% marginal tax bracket - alternative minimum tax and all of that. We don't own a home or have kids, so we don't really get to deduct anything.
I'm grateful for our income, and I'm not fundamentally complaining about having to work hard for it and pay my fair share. I know that we're very fortunate.
But why is it fair for my personal share to be up to TWICE the rate of the fair share of people with gargantuan incomes like Romney and Buffett who will never have real financial worries again in their lives? We're doing well, but unlike those guys, we do depend heavily on our cash flow to generate our critical savings for future needs as well as to cover our day-to-day expenses. We get hurt by the loss of that marginal dollar A LOT more than the multi-millionaires and billionaires ever would be.
And why is it "class warfare" whenever I point this out? How is it not "class warfare" for me to be reamed porportionally so much more than the super rich - many of whose enterprises I also have to pay to bail out of their bad business decisions?
I'm not saying that the Buffett rule is the way to go, but why can't we have a tax system that institutes some sense of consistent fairness relative to income all the way across the income spectrum? Why is this concept so fundamentally controversial and anti-American for conservatives?
Since you obviously have a decent income, no kids and don't have the homeowners concerns about repairs, why aren't you investing in something that will offer some tax shelter??
Add to a 401k, invest in property, and more importantly, GET A GOOD ACCOUNTANT!
You should be pissed at the 54% who pay nothing, not the ones who pay the most.
ambient - the primary reason our tax code subsidizes Capital Gains is to support the privilege and exclusivity of the very top 1%. Another reason is they own the country and the government and can have you and I pay for it. The system is NOT set up to be FAIR. It is set up to prevent fairness of any form or function.
As I have said elsewhere I think all income from all sources from tag sales to drug profits to capital gains should be subject to income tax after a deductable set at the 90th percentile. That would make the owners of the country pay for their privilege.
This year, we hit the 33% marginal tax bracket - alternative minimum tax and all of that. We don't own a home or have kids, so we don't really get to deduct anything.
I'm grateful for our income, and I'm not fundamentally complaining about having to work hard for it and pay my fair share. I know that we're very fortunate.
But why is it fair for my personal share to be up to TWICE the rate of the fair share of people with gargantuan incomes like Romney and Buffett who will never have real financial worries again in their lives? We're doing well, but unlike those guys, we do depend heavily on our cash flow to generate our critical savings for future needs as well as to cover our day-to-day expenses. We get hurt by the loss of that marginal dollar A LOT more than the multi-millionaires and billionaires ever would be.
And why is it "class warfare" whenever I point this out? How is it not "class warfare" for me to be reamed porportionally so much more than the super rich - many of whose enterprises I also have to pay to bail out of their bad business decisions?
I'm not saying that the Buffett rule is the way to go, but why can't we have a tax system that institutes some sense of consistent fairness relative to income all the way across the income spectrum? Why is this concept so fundamentally controversial and anti-American for conservatives?
ambient - the primary reason our tax code subsidizes Capital Gains is to support the privilege and exclusivity of the very top 1%. Another reason is they own the country and the government and can have you and I pay for it. The system is NOT set up to be FAIR. It is set up to prevent fairness of any form or function.
As I have said elsewhere I think all income from all sources from tag sales to drug profits to capital gains should be subject to income tax after a deductable set at the 90th percentile. That would make the owners of the country pay for their privilege.
And they'll do what other ultra rich people do. They'll use their trump card and move their money off-shore, or relocate out of the US entirely and live in a tax haven like Singapore, Monaco, etc. No matter how you slice it, you're not getting their money. Might as well keep the rates at a reasonable rate and keep the money here rather than offshore it read my links, by the way
AFAIAC - All increases in wealth are INCOME and should be taxed as INCOME! The entire idea of Capital Gains is just a way rich people avoid paying their fair share.
If people move their accounts "offshore" they would still be taxed on the profits. If they moved off shore they would lose their citizenship and have all their US assets confiscated. Try and cheat by hiding their money offshore and I would hunt down their money. Move themselves away and I would hunt them down. Either would cost them more than staying here and paying their fair share.
That'll just fly over the liberals' heads. They don't understand simple facts like that. It's all emotion for them
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read my links, by the way
