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Yes, we are all aware how it works. However, if you calculated the average tax rates of both, you would soon enlighten yourself by discovering that Gates pay a much higher average tax rate.
Your point is "valid", but de minimus. As a matter of practical realities, Gates pays a much higher rate (obviously because more of it fall in the higher rate brackets).
I'm glad you do, but I'm not so sure about some other posters here.
Of course Gates pays a higher rate than Mary Churchmouse. Just like smokers pay more ciggarette taxes than non smokers. That's not "unfair" or a violation of any one's rights to equal treatment under the law. Smokers have the right to not pay that tax. They just need to not buy cigs.
We tax income in high brackets differently because we treat income in high brackets as a "luxury"; whereas, income in lower brackets is taxed at a lower rate because it goes toward securing life's necessities.
Makes sense to me. If it doesn't make sense to you, fine. But please don't pretend like rich people are being unfairly singled out. They're not.
Luxury income -- income that is made above and beyond what is spent on life's necessities -- gets taxed at a higher rate than lower income. Every single Americans pays the higher rate on whatever luxury income they make. Every single American also pays the same rate on income they make in lower tax brackets, which is presumably spent on life's necessities.
This is what was always intended by the income tax. You can go back and read for yourself American politicians assuring the American people that they would never tax income that goes toward securing life's basic necessities in the 1910s.
Call it what you like, but it is wealth. Those who earn wealth are called wealthy, the wealthy are taxed at a higher rate. You simply cant deny it. It isn't a luxury tax it is an income tax and as such, a progressive income tax is unequal. Now you wish to make the conversation about something else after being educated that the wealthy are taxed at a higher rate than the poor.
Call it what you like, but it is wealth. Those who earn wealth are called wealthy, the wealthy are taxed at a higher rate. You simply cant deny it. It isn't a luxury tax it is an income tax and as such, a progressive income tax is unequal. Now you wish to make the conversation about something else after being educated that the wealthy are taxed at a higher rate than the poor.
Shore, please don't take offense, but I'm beginning to wonder if you have the reading comprehension necessary to carry on this conversation. I never denied that the wealthy pay more money in income taxes than non wealthy.
What my point has been was to point that they pay the exact same percentage on their income in lower income brackets -- they pay the same rate as everyone else on the first $80,000 they make.
This is not some minor detail. This fact basically upends the entire "moral argument" the Right tries to make against income taxes.
Shore, please don't take offense, but I'm beginning to wonder if you have the reading comprehension necessary to carry on this conversation. I never denied that the wealthy pay more money in income taxes than non wealthy.
What my point has been was to point that they pay the exact same percentage on their income in lower income brackets -- they pay the same rate as everyone else on the first $80,000 they make.
This is not some minor detail. This fact basically upends the entire "moral argument" the Right tries to make against income taxes.
I hope you don't take offense but you may have a dementia issue.
Quote:
Originally Posted by WestCobb
That's not what I said at all, shore. I said that for tax purposes, the first $10,000 a person makes is treated differently than the third million one makes. The reason for this is simple. It is presumed that the first $10,000 is going to go toward necessities. The third million is going to go toward luxuries.
Again, every single American is taxed the exact same rate. They all get taxed the same percentage on the first $10,000, and they all get taxed the same percentage of the third million. Can we acknowledge this and drop the stupid talk about the "rich" being taxed unfairly now? They pay the same rates everyone else pays.
And again your point is ridiculous because the wealthy pay higher rates that everyone else. You are trying, very clumsily, to defend a progressive tax rate while claiming everyone is taxed at the same rate, when they are not. You seem to think that is fair I do not.
I hope you don't take offense but you may have a dementia issue.
And again your point is ridiculous because the wealthy pay higher rates that everyone else. You afe trying, very clumsily, to defend a progressive tax rate while claiming everyone is taxed at the same rate, when they are not. You seem to think that is fair I do not.
I see my hunch was right. Have a good rest of the holiday weekend, shore.
Funny... You know.... A lot of the "poor" i know are homeless and have $0.00 for income. What would you have them pay taxes on? Or what would the GOP have them pay taxes on? 30% of $0.00 is still $0.00 the last time I heard.
Call it what you like, but it is wealth. Those who earn wealth are called wealthy, the wealthy are taxed at a higher rate. You simply cant deny it. It isn't a luxury tax it is an income tax and as such, a progressive income tax is unequal. Now you wish to make the conversation about something else after being educated that the wealthy are taxed at a higher rate than the poor.
The wealthy are NOT taxed at a higher rate, because wealth is not taxed. Income is taxed, and there are many ways for the wealthy to shelter income from taxation.
For example, landlords often pay little income tax because of favorable tax rules on rental property. Landlords also can defer capital gains indefinitely by exchanging one property for another one.; When the wealthy die holding wealth, their heirs get a "step up" in tax basis which completely eliminates tax on the capital gain. So if someone buys a rental property for $50K, holds it for 50 yearsl before dying, any capital gain is untaxed. So if the property is worth $500K at time of death, the heirs never pay any capital gains tax on the property unless they sell it for more than $500K.
I used to gripe about having to work two jobs so that my landlord could live like a king without working one job. Wealth means not having to toil for a living.
I'm glad you do, but I'm not so sure about some other posters here.
Of course Gates pays a higher rate than Mary Churchmouse. Just like smokers pay more ciggarette taxes than non smokers. That's not "unfair" or a violation of any one's rights to equal treatment under the law. Smokers have the right to not pay that tax. They just need to not buy cigs.
We tax income in high brackets differently because we treat income in high brackets as a "luxury"; whereas, income in lower brackets is taxed at a lower rate because it goes toward securing life's necessities.
Makes sense to me. If it doesn't make sense to you, fine. But please don't pretend like rich people are being unfairly singled out. They're not.
So Bill Gates just needs to make less money?
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