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It shoots down the fraudulent arguments of the Republicans and right-wing that taxes on the wealthy need to be lowered - more Bushanomics... as if we haven't suffered enough economic devastation from that already...
The top 1% are paying very low tax rates - Obama needs to make it a high priority to address this disparity...
I am POSITIVE that he will - but maybe not for a year or 2...
You do realize that the top 1% which by the article you mentioned makes on average. 1.7 M in 2006.. that job IMMEDIATELY precludes most doctors, lawyers, other professional jobs.... those who have to WORK to earn their success... yet Obama wants to punish those who make more than 250k a year and LEAVE OUT those who make more than 1 million.... cause those making more than 1 million have a HUGE number of loopholes that Obama will do NOTHING to... so he punishes those who earn their success... who makes more than 1.7 M a year? CEOs, atheletes, celebrities, singers, etc. etc. Do you see us imposing more taxes on them? No, they got their loopholes and cash stashed abroad... now that they have that, they want to eliminate the competition by eliminating those who are trying to succeed... everytime I see a celebrity talk about Obama, I see a hypocrite who is hiding all their net value abroad...
I paid WAY more than 10% when I made less than 35K. Right now, a flax tax of 10% would ease the tax burden for everyone except those who do not currently pay.
What "tax burden"? Paying taxes is a civic duty. How else do you think the country runs?
This notion that somehow paying taxes is a "burden" is obnoxious.
I clearly stated that the Bush tax cuts would be allowed to expire for individuals making over 200k, and couples making over 250k... and that is exactly what is happening - even according to the article you referenced...
Of course they are therefore being extended for those making less - by process of elimination - as anyone would clearly understand from my post...
The timing of the original sunset provision can be hard to understand - were they originally scheduled to expire in calendar 2011, or tax returns for the year 2010... THis is the best link I can find to explain it: Victor A. Canto on George W. Bush, Tax Cuts, and Sunset Provisions on NRO Financial (http://www.nationalreview.com/nrof_canto/canto200411050748.asp - broken link)
I'd like someone versed in taxes to explain when the Bush tax cuts were originally set to expire - the above article says they expired piecemeal between 2009 and 2011 - but I assume that to mean tax years 2009 and 2011 - translating to calendar years 2010 and 2012...
So I am right that they are NOT being extended for high income earners...
You are right that they are being partially extended for others...
At best we are at a draw...
In any event, taxes on high-income earners is increasing.. which to me is a good thing...
Obama ONLY raised the "ordinary Income" tax rate for those over $250,000, the rest of the rates on "the rich" were not returned to the previous rate, and extended.
o Capital Gains: Families with incomes below $250,000 will continue to pay the capital gains rates that they pay today. For those in the top two income taxbrackets – likewise adjusted to affect only families over $250,000 – Obama will create a new top capital gains rate of 20 percent. Obama’s 20% rate is equal is the lowest rate that existed in the 1990s and the rate that President Bush proposed in 2001. It is almost a third lower than the rate that President Reagan signed into law in 1986.
o Dividends: The top dividends rate for people making over $250,000 would be set at 20 percent.
Dividends will not return to being taxed at ordinary income tax rates. Obama’s 20 percent rate on dividends will be 39 percent lower than the rate President Bush proposed in 2001, and would be lower than all but 5 of the last 92 years we have been taxing dividends.
o Average Tax Rates Below the 1990s: Overall, the top 1 percent of households – people with an average income of $1.6 million per year – would see their average federal income and payroll tax rate increase from 21 percent today to 24 percent, less than the 25 percent these households would have paid under the tax laws of the late 1990s.
A compromise, absolutely but to claim that the tax cuts were not extended is false, especially considering the cost is over $100 Billion a year..
Location: The Chatterdome in La La Land, CaliFUNia
39,031 posts, read 23,012,380 times
Reputation: 36027
Quote:
Originally Posted by mrbob
My wife and I are solidly in the top 5% - own several homes - and have no debts...and live very very comfortably...
So stop the class-envy BS - it is a red-herring and always has been...
I think that people like me, and even more so those who make more, should be paying more in taxes than we do. Our rates should go back to where they were when Clinton left office...
I believe Hubble is a professional - so I am sure he makes a decent living too...
Then why are you waiting for the government to force you to pay more. If you feel that you are not paying enough in taxes, just send the IRS more money and stop complaining about "others" not paying their fair share.
Location: The Chatterdome in La La Land, CaliFUNia
39,031 posts, read 23,012,380 times
Reputation: 36027
Quote:
Originally Posted by MovingForward
What makes you think that paying taxes is an "abuse"? Anybody who is going to pay an increase in taxes of 3% on income over $250,000/year needs to shut up the whining. If they want to "take their ball to someone else's yard to play," they're selfish cowards.
There's no such thing as a "fair flat tax."
Nothing worse than people with money crying about having to pay taxes. In fact, it's classless. Simply put, it's gross.
Oh--and I have a plenty comfortable income, thanks. I just have no problem paying more taxes since what I have doesn't ONLY come from hard work. It also comes from being given opportunities that many other people don't have.
Then why don't you send the IRS a check for the remaining amount that you feel you should be paying in taxes?
What are you complaining for??? You seem to be very affluent and successful...
By the way, working 320 days last year is a personal decision you made - or did someone put a gun to your head and force you to work that hard???
So putting in all those hours, at the expense of your family relations, is your decision - so stop complaining...
I know several people like you - they focused on building a financial empire - put their families a distant 2nd - and now that they are ready to retire and want to be with their family - are either divorced or facing divorce, and their kids could care less about them...
Not exactly my definition of success - but they ended up with the type of life that they worked their entire life to achieve - so it is impossible to have sympathy for them...
My family isn't a distant second, but its like you people think we should all aspire to mediocrity. How in the hell will you have rich people to tax to death, to fund your social programs, and provide your tax rebate checks with out us? Its funny that you even have the balls to ridicule me for my hard work. Ide rather you just said thank you and went on you way.
I provide a great life for my family, I am also a man. That is what a man does. He provides the best he can in all aspects. It is tough however when you are lobbying for me to pay more and more because as it was put, "I can EASILY afford it."
You begrudge me for my choices in life then try and reap the benefits of the very lifestyle you seem to loath by saying I should have higher taxes??? Funny you act like hard work is an awful thing and shouldn't be commended.
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