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This year, we hit the 33% marginal tax bracket - alternative minimum tax and all of that. We don't own a home or have kids, so we don't really get to deduct anything.
I'm grateful for our income, and I'm not fundamentally complaining about having to work hard for it and pay my fair share. I know that we're very fortunate.
But why is it fair for my personal share to be up to TWICE the rate of the fair share of people with gargantuan incomes like Romney and Buffett who will never have real financial worries again in their lives? We're doing well, but unlike those guys, we do depend heavily on our cash flow to generate our critical savings for future needs as well as to cover our day-to-day expenses. We get hurt by the loss of that marginal dollar A LOT more than the multi-millionaires and billionaires ever would be.
And why is it "class warfare" whenever I point this out? How is it not "class warfare" for me to be reamed porportionally so much more than the super rich - many of whose enterprises I also have to pay to bail out of their bad business decisions?
I'm not saying that the Buffett rule is the way to go, but why can't we have a tax system that institutes some sense of consistent fairness relative to income all the way across the income spectrum? Why is this concept so fundamentally controversial and anti-American for conservatives?
Can someone explain to me again why it's fair for me to be taxed at 2x the rate of ppl earning 20-150x my annual income?
It's because you're confused about what the word "earn" means.
Their overall rates are lower because they make most of their money from investments, not wages.
You WANT wealthy people investing their money. That job you "aren't fundamentally complaining" about would likely disappear without those evil rich people pumping their cash into the economy.
It's because you're confused about what the word "earn" means.
Their overall rates are lower because they make most of their money from investments, not wages.
You WANT wealthy people investing their money. That job you "aren't fundamentally complaining" about would likely disappear without those evil rich people pumping their cash into the economy.
I find it backwards that someone pushing $ around should get taxed less than someone who does real work. Both contribute to the economy, 1 actually produces real goods.
The incentive to invest should be sitting on your ass making money and getting taxed at the same rate.
Ambient congrats, you're in the netherworld like me. Not rich enough to afford an army of tax lawyers like Buffett, and not poor enough to be in the 47% that get to reap without sowing.
In essence we are the slave class of the 21st century. I doubt that the solution is to further fine-tune & add complexity to the tax system.
I find it backwards that someone pushing $ around should get taxed less than someone who does real work.
Both contribute to the economy, 1 actually produces real goods.
You've neatly summed up the 'physical fallacy.' Of what use is an Einstein? After all, all he did was push a pencil, moving greek letters from one side of an equation to the other. No real goods there, right?
You've neatly summed up the 'physical fallacy.' Of what use is an Einstein? After all, all he did was push a pencil, moving greek letters from one side of an equation to the other. No real goods there, right?
Difference being a scientist would pay their fair share of taxes.
I believe investing is "work" and should be taxed at the same rate as Steve who runs a landscaping business or Juan who works IT or Einstein developing the theory of relativity.
Difference being a scientist would pay their fair share of taxes.
I believe investing is "work" and should be taxed at the same rate as Steve who runs a landscaping business or Juan who works IT or Einstein developing the theory of relativity.
nice switch. First it was about who produces 'real goods' now it's about 'fair share of taxes.' Which is it?
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