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You make a valid point. But isn't it interesting how people who claim to be poor, surely can afford the latest $600 smart phones, designer clothes, watches, shoes and purses?
It is called class envy. They lost hope, don't know how or refuse to do what it takes then begrudge those who made it.
Class envy and jealousy. It is a basic human emotion.
Yes, loopholes and deductions that take your tax rate down to zero(or even negative) need to be addressed.
billionaires and multibillion dollar corporations should not be getting money back from the government.
neither side has really told which deductions they would get rid of, nor do i know specific ones that would to get rid of(im still puzzled on how they do it ), so i cant really speak on it other than saying it needs to change.
Obama is wants higher rates. The ultra rich know how to bring their rate way down, that's part of how they keep their money. The rich are able to take deductions that are unavailable to the middle class. Obama really does not want to tax the rich or he would go after deductions / loopholes instead of rates. He knows it is easier to first raise taxes on 200K and above and then say he has to raise taxes on people making $150K or $100K later than it is to go after closing more loopholes.
Everyone knows that raising taxes on the rich is not going to do much so why is Obama doing it? When he finally admits that it did not help what do you think his next move will be? Call making $100K rich? Why do you think he doesn't care if everyone pays higher taxes?
You make a valid point. But isn't it interesting how people who claim to be poor, surely can afford the latest $600 smart phones, designer clothes, watches, shoes and purses?
I really don't know who these poor people are, unless you are making assumptions based upon race or where they live. Most of the "poor" people that I come into contact with are incredibly frugal shoppers. Right now I am looking at a Samsung Galaxy for $80.00, you can find designer close at TJMax, Marshalls for next to nothing and god knows there are enough counterfeit D&G, Louis Vitton bags and accessories that you can find at inner city boutiques, not to mention out of the back of the van sales.
Now I'm not denying that in inner city neighborhoods where street corner entrepreneurs ply their trade members of their family sport the real deal in the latest fashions but believe it or not such individuals have too much pride to have their babymama or their kids wearing knockoffs or even in many cases receiving any kind of government largess. It would be considered a knock on their game and loss of face and respect. Things that can result in a serious diminishment in one's market share.
Obama is wants higher rates. The ultra rich know how to bring their rate way down, that's part of how they keep their money. The rich are able to take deductions that are unavailable to the middle class. Obama really does not want to tax the rich or he would go after deductions / loopholes instead of rates. He knows it is easier to first raise taxes on 200K and above and then say he has to raise taxes on people making $150K or $100K later than it is to go after closing more loopholes.
Everyone knows that raising taxes on the rich is not going to do much so why is Obama doing it? When he finally admits that it did not help what do you think his next move will be? Call making $100K rich? Why do you think he doesn't care if everyone pays higher taxes?
The problem here is that Obama never said he wouldnt go after loopholes, He said that loopholes would be a longer solution that would take time to negotiate, which is true(BOTH sides agree there), where as a rise in the tax rate is an immediate solution. not the perfect solution, but it does raise more revenue.
Lately, there is this idea that people who can pay more taxes is the moral thing to do over people who don't pay any taxes or can't afford to pay taxes at all. If I am not mistaken a recent survey says that about 60% of Americans feel that it's okay to tax the rich and wealthy more because they can afford it, and somehow it's the right thing to do while most of the people in that 60% earn less that $100,000.
First all, I am a school teacher who is no where rich or wealthy, but I used to think like the 60% of Americans who think that it is okay to tax the rich more. When the rich only make up about 3% of the nation, I don't see how taxing them would generate enough revenue to help reduce our deficit as well as increase the revenue that our government needs to run the country. So again, we need the revenue to keep our medicare going, social security, military, schools, and government opened.
I am starting to lean towards eliminating deductions for tax filers and just use a flat tax on all income tax filers so that no one could get away with paying less taxes. This whole tax debate has become a moral issue too rather than an issue about the US government fairly taxing ALL Americans for the services that Americans obviously feel entitled to have (social security, home mortgage deductions, child credit, rental property deductions, job expenses etc). What do you think?
I think if Americans feel they are entitled to services they can't pay for they need to adjust their expectations.
I feel entitled to a ferrari but I don't have enough money to pay for it. So I don't buy one. Wow, I know, what a strange solution to this thorny problem.
You make a valid point. But isn't it interesting how people who claim to be poor, surely can afford the latest $600 smart phones, designer clothes, watches, shoes and purses?
That's completely anecdotal and in my experience, rarely true. If you actually go to a proper, dump of a 'hood, no: no one is talking into an iPhone, no one is wearing slick duds or a swank watch or purse. If it looks like they are,guarantee you it's counterfiet and they got it at the swap meet or at Krazy Habib's Korner Liquor and Loan.
The people who buy stuff like that and then complain about being broke are people who would likely be working-middle class if they had any financial sense about them, which is a whole 'nother discussion.
Lately, there is this idea that people who can pay more taxes is the moral thing to do over people who don't pay any taxes or can't afford to pay taxes at all.
Lately, as in 18th century as well. Adam Smith talked about it via his argument on house rents, and the need to be disproportionate.
I disagree with taxing anyone at a 36-39% income tax rate. Sorry, but it's not right to extort that much of anyone's income for the privlage of living in this country, especially those that get the least from the federal government. However...the vast majority of "the rich" don't pay anywhere near that amount, nor do any other income levels pay anywhere near the marginal tax rate their gross income would indicate they pay. The whole system is a frickin' game, set up to try to encourage behavior the government wants to see...or to appease the largest number of voters.
I would like to see the whole system streamlined. Eliminate all deductions, exemptions and tax credits and shelters. Then reduce rates to a level that matches ~ what is currently paid. Get rid of an entire industry aimed at avoiding taxes.
In our case our combined income is ~90k....after deductions and exemptions our federal income tax burden is a bit under 10%. I suspect that ~10% is common for many middle income families. Seems like Romney stated that he paid ~13%, Obama about 16%.
Make things simple, no taxes on the first $10k of income, 5% from $10k-40k, 15% to 200k and 20% on anything above that...zero deductions. Lump capital gains in the same as ordinary income. The actual amount collected in taxes probably won't change much, but the amount that is forced into various tax shelters can be put to more productive use.
Not that something that simple will ever happen...it takes away a lot of chances for the government to drive social engineering. And lots if industries that benefit from the various artifical shelters that exist will scream.
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), so i cant really speak on it other than saying it needs to change.
