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Old 08-02-2012, 07:48 PM
 
Location: Southeast, where else?
3,914 posts, read 4,221,608 times
Reputation: 5802

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I've watched this melee for quite some time and I just wanted to weigh in. It seems that there are some who believe that some citizens believe personal taxation rates could, and should exceed 50%.....think about that, 50%.....amazing. And that is NOT including state, social security, ad valorems, sales taxes, fuel taxes, FICA etc......

Not for nothing but, imagine a man or woman earn 1 million in a given year. While that is no longer amazing, it's a pretty good amount wouldn't you agree? And according to some these folks should pay;

$500,000 in federal
$60,000 in state, give or take depending on the state and yes, some have zero income tax
$8,0000 in property taxes
$35,000 in other taxes mentioned above

Now, this is a swag but, that's roughly 67% of their gross. God help them if they have a divorce in there: )

Roughly 2 out of 3 dollars earned. Now say they are able to cut that by 25% of the 67% somehow through deductions and gray areas, they would still be hovering around 50 to 52% of their income. And before you cast judgement, think about it. For every dollar you earn, consider YOU giving up one half....50 cents......brutal

To be sure, I don't believe these folks have or receive their own police, fire, roads just for them? No, they use the same level of services as you and I typically receive. The MAIN rationale by most for this taxation? "because they can afford it". That's the reason and justification all too often used......

Now, I ask you, by websters very definition....is that "fair"

Your thoughts? And please, keep it on subject. Don't bring up the president or Romney, keep it to the subject. Is this fair???
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Old 08-02-2012, 07:52 PM
 
5,190 posts, read 4,125,881 times
Reputation: 1095
but most taxes only click in over a certain amount - ie: the 50% would not be on the whole income.

anyway, I support a super-tax, of say, around 70% for earnings over 10million.
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Old 08-02-2012, 07:54 PM
 
Location: NC
10,005 posts, read 9,016,510 times
Reputation: 3073
I think the ordinary income tax is about right maybe it could go up slightly but 50% is massively unfair if you are not going to go after other types of income. Then again ordinary income is not where the problem is. The problem is with the lower capital gains rates, lower dividend rates, and the loopholes that allow certain people to convert what should be earned income into capital gains through carried interest and stock options.
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Old 08-02-2012, 07:56 PM
 
Location: Lost in Texas
9,832 posts, read 5,845,105 times
Reputation: 3404
For now and for the forseeable future, I am structuring my income so that I pay no taxes. When the governent starts living within it's means, I will start paying taxes again.
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Old 08-02-2012, 07:56 PM
 
8,399 posts, read 5,304,343 times
Reputation: 2314
Quote:
Originally Posted by Caleb Longstreet View Post
I've watched this melee for quite some time and I just wanted to weigh in. It seems that there are some who believe that some citizens believe personal taxation rates could, and should exceed 50%.....think about that, 50%.....amazing. And that is NOT including state, social security, ad valorems, sales taxes, fuel taxes, FICA etc......

Not for nothing but, imagine a man or woman earn 1 million in a given year. While that is no longer amazing, it's a pretty good amount wouldn't you agree? And according to some these folks should pay;

$500,000 in federal
$60,000 in state, give or take depending on the state and yes, some have zero income tax
$8,0000 in property taxes
$35,000 in other taxes mentioned above

Now, this is a swag but, that's roughly 67% of their gross. God help them if they have a divorce in there: )

Roughly 2 out of 3 dollars earned. Now say they are able to cut that by 25% of the 67% somehow through deductions and gray areas, they would still be hovering around 50 to 52% of their income. And before you cast judgement, think about it. For every dollar you earn, consider YOU giving up one half....50 cents......brutal

To be sure, I don't believe these folks have or receive their own police, fire, roads just for them? No, they use the same level of services as you and I typically receive. The MAIN rationale by most for this taxation? "because they can afford it". That's the reason and justification all too often used......

Now, I ask you, by websters very definition....is that "fair"

Your thoughts? And please, keep it on subject. Don't bring up the president or Romney, keep it to the subject. Is this fair???

We can't have a discussion of what is fair based on your fantasy projections about someone's taxes.

Here is a suggestion why don't you actually attempt to find out what those who earn $1milion a year or more are paying right now for taxes.

You could present real numbers and ask do you think this is fair then a discussion based on reality can occur.
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Old 08-02-2012, 07:57 PM
 
5,190 posts, read 4,125,881 times
Reputation: 1095
all income should be taxed, even those on low salaries.

about 15% would be right , but no claiming back , tax credits etc..

so anyone working would have to contribute.
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Old 08-02-2012, 07:58 PM
 
Location: Fort Worth, TX
9,397 posts, read 13,684,340 times
Reputation: 6233
I agree with having a hard cap of not having total effective tax rate exceed 50%. There's something disgusting to me about more of your money going to the government than to oneself.
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Old 08-02-2012, 07:59 PM
 
Location: Southeast, where else?
3,914 posts, read 4,221,608 times
Reputation: 5802
Quote:
Originally Posted by Randomstudent View Post
I think the ordinary income tax is about right maybe it could go up slightly but 50% is massively unfair if you are not going to go after other types of income. Then again ordinary income is not where the problem is. The problem is with the lower capital gains rates, lower dividend rates, and the loopholes that allow certain people to convert what should be earned income into capital gains through carried interest and stock options.
But that is tentativeLy going away 1/1/2013?
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Old 08-02-2012, 08:00 PM
 
Location: Southeast, where else?
3,914 posts, read 4,221,608 times
Reputation: 5802
Quote:
Originally Posted by Kenneth-Kaunda View Post
all income should be taxed, even those on low salaries.

about 15% would be right , but no claiming back , tax credits etc..

so anyone working would have to contribute.
Agreed, everyone has to kick in. Just like healthcare with few exceptions
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Old 08-02-2012, 08:02 PM
 
36,850 posts, read 16,083,784 times
Reputation: 8368
Quote:
Originally Posted by Kenneth-Kaunda View Post
but most taxes only click in over a certain amount - ie: the 50% would not be on the whole income.

anyway, I support a super-tax, of say, around 70% for earnings over 10million.
Let me guess, you don't earn 10 million.
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