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No, the way the system currently works is those who MAKE more pay more. When in reality, someone in living in say Indiana who is making 115,000 a year can live the same lifestyle as someone say living in downstate NY making 200,000 and actually have more net worth at the end of the day because they can save more money.
Exactly. We aren't taxed on what we have; we're taxed on what we make.
And we aren't specifically taxed on what we make, but rather, we put the burden on salaried income, not investment income, further screwing average families.
Unless you're an NBA star or hedge fund guru, if you are wealthy you are very likely to be making more in investment income than salaried income. Not too many people are making $1 million a year, but plenty of people have $10 million+ in investments.
The top income tax bracket is 39.6%. The effective top captial gains bracket is 15% (in very rare occasions 20% but most competent tax attorneys can avoid this by spreading long-term gains). So there is a MASSIVE difference in relative taxation between the truly wealthy (those whose income is through capitol gains) and working stiffs.
+1. This is where the wealthy laugh all the way to the bank and stick it to the little guy.
Our tax system is set up to tax salaried people who WORK for a living at higher rates than the wealthy who collect passive income. While no doubt many wealthy do work hard managing businesses or whatever, the truth is many do not. They just kick back at the beach condo doing nothing while collecting dividends and interest. And they pay a lower rate of taxes than Sally Salary who puts in 40+ hours a week.
The government is in deficit. What we should do is RAISE tax rates on passive income so there's parity with tax on salary income. We need to stop punishing people who work.
I think we should have a flat 20% for every single person in nation. I dont care if you make 100 a year or 100 million a year. better cough up that 20 dollars or uncle sams going to get you. By doing this it would cause people to want to improve their lives and get better jobs and successfully rewarded. Not stay broke to avoid paying taxes which is what our nation is becoming.
A whopping 45% of people don't pay federal income tax. If we include those who receive benefits and their net income tax is less than 0, that number would be even higher.
+1. This is where the wealthy laugh all the way to the bank and stick it to the little guy.
Our tax system is set up to tax salaried people who WORK for a living at higher rates than the wealthy who collect passive income. While no doubt many wealthy do work hard managing businesses or whatever, the truth is many do not. They just kick back at the beach condo doing nothing while collecting dividends and interest. And they pay a lower rate of taxes than Sally Salary who puts in 40+ hours a week.
The government is in deficit. What we should do is RAISE tax rates on passive income so there's parity with tax on salary income. We need to stop punishing people who work.
And why not ? Isn't that exactly what retired folks do ?
Save so they can sit on the beach and still get income ?
Isn't that what YOU plan to do when you hit 55-65 ?
And that doesn't make then rich either. And they do have to file taxes.
If you had to pay the same income tax on your retired passive income you'd never be able to retire.
I think we should have a flat 20% for every single person in nation. I dont care if you make 100 a year or 100 million a year. better cough up that 20 dollars or uncle sams going to get you. By doing this it would cause people to want to improve their lives and get better jobs and successfully rewarded. Not stay broke to avoid paying taxes which is what our nation is becoming.
More Limbaughesque garbage.
Nobody doesn't take a promotion from 175 to 225K because they pay an additional 10% on the $25K above 200K. No one. You have to be completely naive of finance to believe anything like what you've said makes any sense.
The "welfare queen" Reagan meme is die hard one in white working and middle class America and it is so blatantly the thinly veiled reason behind so many of the comments on this subject similar to yours about lazy, freeloaders, "the takers", etc.
All of the above is fakenews. Everyone pays taxes.
Yes, not everyone pays federal income taxes, as long as they have the appropriately super-low incomes, but they are still paying state, city, sales, property, and user taxes.
Is the OP arguing that a single mom making 15k needs to pay more taxes, to subsidize tax cuts for billionaire corporate raiders who could not spend all their money even if they tried? LOL.
Those who pay income tax get a tax cut. Those that pay nothing get nothing.
What's their fair share for those who don't pay federal income taxes?
I'd say that if the working poor don't make enough to owe federal taxes, then they HAVE NOTHING TO SHARE!
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