How much in taxes do the rich really pay..? (small business, wealthiest, mortgage)
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Almost 40% of my gross goes in taxes. And I don't pay property taxes or state income tax. It's all federal. This does not include car/road taxes or sales tax, of course.
Stop mailing random checks to the government then for taxes you don't need to pay, that's my advice.
I own rental property and get a lot of tax breaks because the gov't doesn't want to be in the landlord business. Private business can better compete and everyone benefits. This is available to anyone who wants to work hard and become a landlord.
I own a business and get tax breaks. The gov't wants to encourage free enterprise and tax breaks are an incentive to operate a business.
Anyone who owns a house gets to itemize deductions, property tax and mortgage interest being the most common. Uncle Sam wants you to buy a house. It makes our society stable, causing less need for gov't funded social programs/housing vouchers, etc.
Tax rates on dividend income is lower than wage income because the gov't wants to incentivize capitalism. Retirement plans like 401k's/IRA's are tax deferred/exempt. These are available to anyone who wants to open an investment account.
What's wrong with the gov't rewarding risk takers and ambitious people who want to participate in capitalism? Does it make sense to re-write the tax laws because of the 1%?
The 1% presumably have their wealth working in the economy in the form of stock ownership, bank accounts, private busness/property etc. Our economy benefits from the use of those assets. Would the rest of us be better off if the 1% took their wealth out of the economy and buried it in coffee cans in a dirt lot?
If you think your tax bill is too high, get some write offs. You don't have to be declared "rich" by anyone to do these things.
Fred Harrison, research director at the UKs Land Research published a book the "Ricardo's Law - The Great Tax Clawback Scam". The scam works as follows. Someone in the bottom 20% of the income spectrum pays about £250,000 in taxes in their lifetime. Someone in the top 20% pays £1.2m in taxes. But those at the top will own expensive property and see their total tax liability wiped out in just a couple of years by rising property values. This does not happen to the bottom 20%, since they are renters.
Mr Harrison points out that ex UK prime minister Tony Blairs' London house rose by nearly £1m in value in one year alone, accounting for a huge chunk of his total lifetime tax payments. Thus the rich get a free ride on the backs of the poor.
This is the fundamental reason, Mr Harrison says, why the welfare state of the past 60 years has not worked effectively. The welfare state effectively keeps the rich, rich. So what is to be done? Mr Harrison and other economists say the burden of taxation needs to be shifted off income and profits and on to those untaxed gains in property values. In short, we need a land value tax, taxing the values of land.
Land has the unique quality of absorbing the economic growth of a community. The commonly wealth soaks into the land and crystalizes as land values. The land values are common property, common wealth, as we collectively created them. Reclaim this commonly created wealth to pay for common services and eliminate production harming Income and Sales taxes. Income Tax penalizes production while Sales taxes penalize trade - exactly what we should not be doing.
The 1% presumably have their wealth working in the economy in the form of stock ownership, bank accounts, private busness/property etc. Our economy benefits from the use of those assets. Would the rest of us be better off if the 1% took their wealth out of the economy and buried it in coffee cans in a dirt lot?
yes, we would. prices for real property and financial assets would fall, allowing "the 99%" to buy ownership of firms and real property at a lower cost.
Far too many people don't understand withholding amount, tax brackets or effective income tax rates. I understand if you don't know all the ins and outs of the tax code but these things are basic and the masses are ignorant. No one pays 40% in federal income tax, you don't pay more taxes on a bonus than you do regular wages, you shouldn't turn down a raise because it puts you in a higher tax bracket. There are others but some of this stuff drives me nuts
Agree... Why is this so hard to understand for some people? I also own a business, real estate, employ people and I make sure to get the maximum deductions and business expenses that are allowed. I risked my life savings and took no income for years, and the reward of business tax breaks certainly provided incentive.
Here's the big secret - any one here is also free to pursue this path and take advantage of tax incentives... Educate yourself.
yes, we would. prices for real property and financial assets would fall, allowing "the 99%" to buy ownership of firms and real property at a lower cost.
You really think the majority of the 99% would invest astutely?
Far too many people think the way things should be is that everything revolves around how much tax can be squeezed from those producing and given to those taking.
Those that have not always want what other have yet most are unwilling to do anything to get it other than work to the bone trying to figure out ways to force those that have to give it away.
Get off the couch, put down that hank magazine, get out and do something.
Far too many people think the way things should be is that everything revolves around how much tax can be squeezed from those producing and given to those taking.
Those that have not always want what other have yet most are unwilling to do anything to get it other than work to the bone trying to figure out ways to force those that have to give it away.
Get off the couch, put down that hank magazine, get out and do something.
I was always in the top 12% of wage earners in the US when I worked. We have the lowest tax rates in the industrialized world. It sickens me when someone with political ideals that create welfare states says somebody else should get off the couch. I'm sick of my money being spent on welfare states like Alabama, Mississippi, and so on. When these get off the couch ideals can support themselves then they may be able too, but until that time comes you better thank my tax dollars I pay every quarter. Maybe it is your ideal that needs to get off the couch and quit sponging off me! Wealth redistribution is a new word for stealing wealth from the middle class and getting fools to believe it. You can thank Ronald Reagan for shifting the tax burden to the middle class.
Far too many people think the way things should be is that everything revolves around how much tax can be squeezed from those producing and given to those taking.
for me , it's not about the people producing vs. the people taking
it's more about the people producing vs. the people who own the output
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