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Sounds like they made good choices with their money. And when they sell something they will be taxed on that. If the wealth increases they are taxed on the gains.
Government picks winners and losers by allowing the wealthy certain choices not available to the middle class and the poor (government restricts certain investments to "accredited" wealthy investors) and also by not allowing the poor certain choices available to the rich and middle class (for example, poor people are not allowed to buy small properties they can afford, which prevents them from buying a starter home, which means they must continue to pay inflated rent, which makes it even harder to build wealth).
And they often are NEVER taxed on the gains: When a person dies, their heirs receive a "basis step-up" which bundles the gain into the heir's tax basis without taxing it.
e.g. buy something for $100K, it's worth $500K when you die, your heir inherits a $500K asset which is not taxed, and when you sell it you are taxed only on YOUR gain (value over $500K).
The poor don't pay any federal income taxes and many actually receive a check via EIC. They don't pay for their medical care, schools, police, fire and at best only pay a sales tax or gas tax. The poor really need to start paying up , at least a ten percent income tax and eliminate the EIC.
The poor don't pay any federal income taxes and many actually receive a check via EIC. They don't pay for their medical care, schools, police, fire and at best only pay a sales tax or gas tax. The poor really need to start paying up , at least a ten percent income tax and eliminate the EIC.
The working poor pay plenty of taxes already. After that they spend all of their cash on basic needs. Where do you expect them to "find" this extra money to pay more taxes? Should they give up good once a week? Live under a bridge? Walk to work?
Tell me, have you ever been poor? Have you been homeless?
I have, if YOU haven't you have no idea what it is like.
The working poor pay plenty of taxes already. After that they spend all of their cash on basic needs. Where do you expect them to "find" this extra money to pay more taxes? Should they give up good once a week? Live under a bridge? Walk to work?
Tell me, have you ever been poor? Have you been homeless?
I have, if YOU haven't you have no idea what it is like.
Yes, I have poor, for years, but I keep working 2 or 3 jobs and worked my way out of being poor. We have gone from a nation of producers to a nation of takers. The free ride is over.
They pay all the taxes because they make all the money. This country is run by a handful of greedy scum who have nothing on their brains other than getting even more money. Most Americans have not seen a raise in years while income for the top percentiles has soared. It's disgusting that the rich not only wish to have all the money, they wish to pay no taxes on it.
Instead of rich vs poor the real (and never discussed) tax battle is parents vs non-parents. because of generous child tax credits a middle class family with several children is likely to be in the 47% who pay no income tax. A single mother, even if she has a good job, is almost certainly a non-tax payer. While a childless worker is very likely to be a tax payer even if they earn a low income.
This is despite the fact that ppl with children use up more resources such as education and healthcare on the taxpayers' dime.
The tax system favors the rich. It's a fact. For instance, my wife makes around 106k in about 2-3 months. At that point she doesnt have to pay social security taxes for the rest of the year....awesome for us...not for the less fortunate who pay all year...understand?...
But your Social Security max benefit is limited to $2,400/month. You will earn less rate of return on your $$ while the poor can contribute less, but apply for SSI (supplemental security income) to bring them up to a sustenance level. Too many immigrants qualify for this benefit. Studies have shown that poor receive more from the SS program than the well off.
Yes, I have poor, for years, but I keep working 2 or 3 jobs and worked my way out of being poor. We have gone from a nation of producers to a nation of takers. The free ride is over.
Do you have a homestead exemption and preferential property tax rates? (e.g. in Michigan, the school property tax rate on rental property is four times the rate on owner-occupied homes)
But your Social Security max benefit is limited to $2,400/month. You will earn less rate of return on your $$ while the poor can contribute less, but apply for SSI (supplemental security income) to bring them up to a sustenance level. Too many immigrants qualify for this benefit. Studies have shown that poor receive more from the SS program than the well off.
SSI is not social security. And the typical SSI check for an individual is $450 a month, max is about $675. And most immigrants do NOT qualify for SSI.
Are you folks talking immigrants or illegal immigrants?
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