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HowTF do you think tax legislation gets passed? Prop 13 was definitely a homeowner initiative. Michigan's nonhomestead tax is certainly an example of homeowners taxing landlords.
When the nonhomestead tax was created, a transitional temporary (three-year sunset) 'enhancement' tax (up to 3 mills) on all property was also created, requiring voter approval.
So how did the two taxes play out?
1) Most school districts, fearing homeowner backlash, didn't even bother asking voters for the three-year, three-mill tax on THEIR homes.
2) In the minority of school districts which DID ask voters to approve the three-year, three-mill tax on all taxable real property, the majority of tax proposals were soundly defeated by voters, including one proposal for ONE-HALF MILL.
3) All school districts were happy to ask voters for the 18-mill (up to 20-year) nonhomestead tax on Other People's Property, and the homeowner majority responded by delivering staggering margins (up to 12-1) in favor of the tax.
Everyone thinks the wealthy have too much? Everyone?
I'll try again. When asked in surveys what they think income/wealth distributions looks like in this country AND and what they think those distributions ought to look like instead, both answers are FAR FAR less concentrated than what the actual distributions are. Similarly, surveys have shown that people believe CEO's make 30 times what their average workers make and think it should be more like 20 times. Actually, it's more like 300 times. Does that help?
Quote:
Originally Posted by hoffdano
Where is this real world you speak of?
It exists in IRS and other financial data centers and sources.
People who complain about the whole mobility really don't understand the alternatives. There is no where else in the world with better mobility.
Yeah, but no, eh? The US and the UK tend to be at or near the bottom of the pile when it comes to intergenerational income mobility among developed/westernized countries. We talk the talk here, but do not walk the walk. And the most recent data suggest that things are getting worse, not better.
Democrat and Liberal version of Tax the rich means tax high income (not wealth).
Whether deliberately or not, recent distributions of income tax burden have rather closely matched the patterns of WEALTH distribution. We'll need to keep increasng taxes on high incomes for that to continue to be true, however.
Just as an FYI, the phase-outs of deductions and exemptions for higher-income taxpayers are not new. They are simply back in a watered-down form. These limits were first passed at the urging of Rep, Donald Pease (D-Ohio) in 1990 as temporary deficit-reduction measures. They were made permanent in 1993, but Bush's tax cuts for the rich phased out the phase-outs, and they went off the books completely as of 2010, which was extended to 2012 in settling one of many budget hostage-taking crises. The Pease limits were restored after that but kicked in at AGI levels nearly double those that had existed in the earlier versions. The phase-outs now occur over AGI ranging from $310K to $432K. They do not apply to deductions for medical expenses, investment interest, casualty and theft losses, or gambling losses, and they are not taken into account at all in calculating taxes owed under the AMT.
Punish? I would like the 1% to pay into Social Security at the same rate as the rest of us. NO CAP!!!!!!!! Are you kidding me??? They get to pay less as a percentage than people earning $20K, $80K, $100K and more? It is disgusting!
Maybe speeding tickets or DUI stuff should be based on income like in Finland. That way the pain hurts the billionaires at the same rate as the poor! Why shouldn't it?
I am not asking for much from the top 1%. I think they should be punished if they just ship all their work overseas and I also have to question how they got so wealthy and their employees are not? Why shouldn't they pay their workers at a percentage of the earnings of their companies? The employees must do a good job if the top is making tens of millions a year. Why are CEO's in the US making over a million a month? Is anyone worth that? The companies don't pay downstream very well and the top make all the money. Trickle down? Ha, ha, ha, what a joke that Reagan played on the American people. Sadly, people still believe in it. Just look at any graph of today compared to back in the 50s. It is sickening!
Just as an FYI, the phase-outs of deductions and exemptions for higher-income taxpayers are not new. They are simply back in a watered-down form. These limits were first passed at the urging of Rep, Donald Pease (D-Ohio) in 1990 as temporary deficit-reduction measures. They were made permanent in 1993, but Bush's tax cuts for the rich phased out the phase-outs, and they went off the books completely as of 2010, which was extended to 2012 in settling one of many budget hostage-taking crises.
The Pease limits were restored after that but kicked in at AGI levels nearly double those that had existed in the earlier versions. The phase-outs now occur over AGI ranging from $310K to $432K. They do not apply to deductions for medical expenses, investment interest, casualty and theft losses, or gambling losses, and they are not taken into account at all in calculating taxes owed under the AMT.
Ah so that's why I didn't realize that I would not get the personal exemption while others did until 2012. Meaning that the middle class doesn't pay taxes on $4000.00 for each person in the household while high income earners pays taxes on the $4000 income others get tax free. Then pay AMT and higher percentage at the top.
Punish? I would like the 1% to pay into Social Security at the same rate as the rest of us. NO CAP!!!!!!!! Are you kidding me??? They get to pay less as a percentage than people earning $20K, $80K, $100K and more? It is disgusting!
Maybe speeding tickets or DUI stuff should be based on income like in Finland. That way the pain hurts the billionaires at the same rate as the poor! Why shouldn't it?
I am not asking for much from the top 1%. I think they should be punished if they just ship all their work overseas and I also have to question how they got so wealthy and their employees are not? Why shouldn't they pay their workers at a percentage of the earnings of their companies? The employees must do a good job if the top is making tens of millions a year. Why are CEO's in the US making over a million a month? Is anyone worth that? The companies don't pay downstream very well and the top make all the money. Trickle down? Ha, ha, ha, what a joke that Reagan played on the American people. Sadly, people still believe in it. Just look at any graph of today compared to back in the 50s. It is sickening!
LOL, uh, did the employees put money in to start the business, risking loss of that money or do they just want a piece of the pie after it became successful?
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