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This is nothing new. Millionaires have been finding ways of getting out of paying their fair share of taxes for decades.
As far as working hard, most millionaires don't.
Other people work hard for them. The millionaires just sit back and count the money other people make for them.
If you look at actual IRS stats about who actually pays for what, the high income earners pay most of the income tax burden.
They pay in excess of their "fair share".
I used to work directly for many millionaires and billionaires and with the exception of a few "limo liberal trust fund babies" they all work their ASS off.
OP - say someone earns $300,000. If they reduce the income to $249,999 then what they lose as direct income exceeds the extra taxes they may have to pay. In this case they will lose $50,000 but save the difference in old and new marginal taxes - which will be far less than $50k. It makes no sense to reduce income - the statement is politically motivated and the action lacks common sense.
However, i will agree that the top few percentage of earners pay a completely disproportionate amount of income taxes - Republicans are right on this point.
Where Republicans are worng is in their attempts to reduce corporate taxes. Effecitive (not marginal) rate-wise, corporate taxes are not the highest as claimed. In 1920s (wish I had the link handy), corporations paid 70% and individuals paid 30% of the taxes. Currently, the situation is the opposite. So, individuals - especially the high income ones (not the same as rich) - are carrying most of the tax burden.
This is nothing new. Millionaires have been finding ways of getting out of paying their fair share of taxes for decades.
As far as working hard, most millionaires don't.
Other people work hard for them. The millionaires just sit back and count the money other people make for them.
That is some funny math that 250k now makes you a millionaire
Its kinda like working over time its pointless unless you are going to work so many hours of ot. A couple hours is a waste because the gov is going to take it in taxes
That is some funny math that 250k now makes you a millionaire
...
I think people use the terms wealth and income interchangeably. I could be working in McDonalds and have a great inheritance-I will be wealthy but produce low taxes. Or, I could be earning $300k, have no lotto/inheritance money and may not be wealthy especially if I spend a lot.
The $250,000 IMO was dedided on to hit small businesss owners. That will definely have a negative impact on the economy. Why would they bother taking morwe risk to incease business. its all a matter of risk verus reward. Change the reward and they pull back on risk.The rally big corporation will just spend more on write-offs that the smaller ones can't.
The $250,000 IMO was dedided on to hit small businesss owners. That will definely have a negative impact on the economy. Why would they bother taking morwe risk to incease business. its all a matter of risk verus reward. Change the reward and they pull back on risk.The rally big corporation will just spend more on write-offs that the smaller ones can't.
Small companies create the most new jobs. Unfortunately, they cannot afford lobbyists like their big brothers.
Where Republicans are worng is in their attempts to reduce corporate taxes. Effecitive (not marginal) rate-wise, corporate taxes are not the highest as claimed. In 1920s (wish I had the link handy), corporations paid 70% and individuals paid 30% of the taxes. Currently, the situation is the opposite. So, individuals - especially the high income ones (not the same as rich) - are carrying most of the tax burden.
No what has changed is the tax laws and many of those individual taxes are S corps/LLCs/1099s that pay their business taxes via their individual returns.
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