High-income Californians may pay nation's highest tax rate of 52%

[WeakandDizzy]

Originally Posted by Leonard64

The Rich will split off a part of the business to their kids, for enough to drop the total tax. The kids give the money to the parents, etc. The truly rich have ways.

It is the upper middle class, those who make $250,000 to $500,000 who are the real target. Small business owners and professionals are the target, not the truly RICH/Extremely wealthy who have so much money taxes on income are minimal. They buy tax free bonds. Figure how much you would make on a hundred million already taxed and in your possession when in tax free bonds. The "Rich" don't care, they are not really the target.

You are absolutely correct. I am in the group you describe. Essentially all of my income is earned. My accountant told me all I can do is buy a bigger house for the mortgage interest deduction. Now they ( pols) are talking about taking that away. I don't know what to do. Do I cut back on work? Do I keep working as hard as I do and just bend over and take it like a man? Or do I try and find someway to keep the taxman out of my pocket? I am all for paying my fair share. The problem is I see those on the bottom and those on the top not paying their fair share and it leaves me just a bit ruffled. At least I eat everyday. Maybe I should just be grateful for the many blessings that have been bestowed on me, but underneath it all I have this feeling that something is " rotten in Denmark".

[Leonard64]

Originally Posted by WeakandDizzy

You are absolutely correct. I am in the group you describe. Essentially all of my income is earned. My accountant told me all I can do is buy a bigger house for the mortgage interest deduction. Now they ( pols) are talking about taking that away. I don't know what to do. Do I cut back on work? Do I keep working as hard as I do and just bend over and take it like a man? Or do I try and find someway to keep the taxman out of my pocket? I am all for paying my fair share. The problem is I see those on the bottom and those on the top not paying their fair share and it leaves me just a bit ruffled. At least I eat everyday. Maybe I should just be grateful for the many blessings that have been bestowed on me, but underneath it all I have this feeling that something is " rotten in Denmark".

It is that word "fair". Who says it is fair????

What is fair about taking more of someones money, when they already pay higher taxes than most people????? What is "fair" about that?

I could see asking those making 1 million or more in a year to pay more, but $250,000.00 (especially in CA)??? That is nuts, they aren't rich at all.

[WeakandDizzy]

Originally Posted by Leonard64

It is that word "fair". Who says it is fair????

What is fair about taking more of someones money, when they already pay higher taxes than most people????? What is "fair" about that?

I could see asking those making 1 million or more in a year to pay more, but $250,000.00 (especially in CA)??? That is nuts, they aren't rich at all.

No argument here. What I meant by fair is that everyone pays an essentially equal percentage of their income to fund schools, roads, public safety, etc. The problem is we have a progressive tax code where the more you make the more of your income you get to forfeit. I really believe a flat tax would be the fairest way to go. I don't know the exact rate but I would guess if everyone paid 15% there would be plenty of money to go around for the common good.

[Leonard64]

Originally Posted by WeakandDizzy

No argument here. What I meant by fair is that everyone pays an essentially equal percentage of their income to fund schools, roads, public safety, etc. The problem is we have a progressive tax code where the more you make the more of your income you get to forfeit. I really believe a flat tax would be the fairest way to go. I don't know the exact rate but I would guess if everyone paid 15% there would be plenty of money to go around for the common good.

The best figure I have seen is 20% plus SSI, etc