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Really? Huh so I guess according to you Obama is NOT going to raise my taxes? Is that correct?
The only taxes that will be raised will be for those who make in excess of $250,000. However, even for those who make in excess of $250,000, it will only be the portion of their income that is over the $250,000 that will be taxed at the higher rate. So someone at $250,000 will see no increase at all. And it would actually be a slight decrease. The reason it would be a decrease is the 28% bracket would be extended even higher. The 28% bracket goes up to $208,850 for 2009, however in 2011 when the tax increases start for the top two brackets , the income levels for the 28% bracket will increase to $250,000.
1st off, if you had actually read the post I linked to it demonstrates rich guys like Buffet who (he himself admits) pays a lower percentage on the taxable portion of his vast wealth than someone who makes 30-60K range.
Secondly, the top 1% should give back something to the nation and society that enabled them to build and retain their wealth and prosperity in the 1st place.
Would they have been able to do the same in Cuba, Venezuela places where they have real socialist revolutions in action.
Thirdly, this kind of scenario (where taxes on the wealthy are not increased & services cut instead) are the worst kind to have in a Great Recession. Now here is the volatile mix that could actually lead to class warfare.
"More than a third of the streetlights in Colorado Springs will go dark Monday. The police helicopters are for sale on the Internet. The city is dumping firefighting jobs, a vice team, burglary investigators, beat cops — dozens of police and fire positions will go unfilled."
And where's that conservative willingness on discipline, responsibility and patriotism.
Look - I don't know why you're having such a hard time understanding that the top 1% ALREADY PAYS nearly TWICE the percentage of their earnings in Federal income tax. They earn 22.83% of the income, butPAY 40.42% of the Federal income tax revenue. Notice the VERY LARGE discrepancy between their share of the earnings and their share of the taxes.
How is ALREADY paying FAR MORE than one's equitable share of taxes not patriotic? The top 1% is ALREADY the group that gives the most back - more than any other group, by FAR.
The top 1% pays 40.42% of the Federal income tax revenue, while the bottom 50%, HALF of all taxpayers, pays only 2.89%. Do you understand that? 1% pays 40.42%, while 50% gets away with paying only 2.89%.
If we were to be fair and equitable about who pays what in taxes, the top 1% would have their income tax obligation reduced to match their share of the income. They would pay 22.83% of the taxes instead of the 40.42% they pay now. The bottom 50% would have their income tax obligation raised to match their share of the income. They would then pay 12.26% of the taxes instead of the 2.89% they pay now. The top 1% would reduce their taxes by almost one half, and the bottom 50% would have to pay 4 times what they're paying now. After all, "discipline, responsibility and patriotism" are at stake.
i agree and i cant image why he would complain about those AIG bonuses. those are good honest men trying to earn a living. why i was just listening to rush the other day and he say so.
yep and can you imagine wanting to tax the banks after they were so kind to relieve a million plus americans of their homes? its ideas like that that cause rabid communism in the land of the free and the home of the brave. next thing you know they will want to form unions and militia to expel our 21 million uninvited " guest workers".
i agree and i cant image why he would complain about those AIG bonuses. those are good honest men trying to earn a living. why i was just listening to rush the other day and he say so.
yep and can you imagine wanting to tax the banks after they were so kind to relieve a million plus americans of their homes? its ideas like that that cause rabid communism in the land of the free and the home of the brave. next thing you know they will want to form unions and militia to expel our 21 million uninvited " guest workers".
Did the banks just take the homes? Or did the borrowers default on their mortgages, forcing the banks to foreclose on them? What were the terms of the loan contract that the home buyers signed? Who lived up to the contract, and who did not?
1st off, if you had actually read the post I linked to it demonstrates rich guys like Buffet who (he himself admits) pays a lower percentage on the taxable portion of his vast wealth than someone who makes 30-60K range.
1st off, if you had actually read the post I linked to it demonstrates rich guys like Buffet who (he himself admits) pays a lower percentage on the taxable portion of his vast wealth than someone who makes 30-60K range.
Secondly, the top 1% should give back something to the nation and society that enabled them to build and retain their wealth and prosperity in the 1st place.
Who BUILT this country? Who employs people?
That's funny. Go to school, go on to college, get a job, work your way up - even start your own business- and your PRIZE, for all your hard work and sacrifice, is to take care of those who didn't!
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Would they have been able to do the same in Cuba, Venezuela places where they have real socialist revolutions in action.
And if weren't for the top 1% America would BE one of those pathetic countries you mentioned.
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Thirdly, this kind of scenario (where taxes on the wealthy are not increased & services cut instead) are the worst kind to have in a Great Recession. Now here is the volatile mix that could actually lead to class warfare.
"More than a third of the streetlights in Colorado Springs will go dark Monday. The police helicopters are for sale on the Internet. The city is dumping firefighting jobs, a vice team, burglary investigators, beat cops — dozens of police and fire positions will go unfilled."
Colorado Springs: the next Detroit? I don't know how Colorado Springs raises its funds to support services, but I'd guess it's not through federal income taxes.
Don't be ridiculous. One of the separators between those who succeed and those who don't is love of work. If you love your work, your immeresed in it 24/7. You're always in touch, always learning more, always ready to make that next move before the next guy does. If you only tolerate your work, you aren't invested in it to nearly the same degree, and typically you don't reap as big a reward from whatever investment you do make. People who love their work keep on at it long after they have succeeded. They aren't in it for the money. The money isn't how they define themselves.
Adam Smith would disagree with you. Alfred Marshall would disagree with you. A lot of other people would as well.
It is NOT fair to tax the wealthy more than their fair share. I don't understand why a flat tax would not be perfect. 10% of 20,000 is way less than 10% of 250,000, but it would be fair. I am tired of people expecting everyone else to pay their way. Yes, there would be people below the poverty line that wouldn't pay, but everyone else should pay their fair share.
It is NOT fair to tax the wealthy more than their fair share.
Right. The problem is in figuring out what's a fair share. Most tax policy people think in terms of equalizing the burden imposed by taking a dollar in taxes from one person versus another. Because of diminishing marginal utility, a dollar is worth less and less to you the more of them you have. This is why only rich people light cigars with $20 bills. So if you had a guy making $20K and a guy making $250K and you needed to raise another $2,000 in taxes, how would you divide it up so that each guy was "hurt" equally by the additional taxes he had to pay? It might turn out to be taking $100 from the poor guy and $1900 from the rich guy. And that's how you end up with progressive tax rate structures.
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