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The more accumulated wealth one has, the more likely a substantial portion of their income is derived from Capital Gains. The more wealth someone has, the more opportunities the tax code presents to avoid paying taxes.
I have no issue with extreme wealth so long as income is taxed at a rate minimually equal to what I pay.
Is Romney going to fire his landscaper and mow his own grass cause he has to pay his fair share?
There are those that saved so they could fund their retirement.
Not everyone gets a pension. SS is to supplement your retirement, not be the primary funding of it.
So some have to save and invest so they can spend down that money over the course of the next 30+ years.
Tax the hell out of them as well ?
Provide proof that these people are getting their money from capital gains ?
We're talking $225K per year..middle management. You know, those that pay 100% for their kids to go to college. Those that don't qualify for any government handouts.
A married couple, jobs as police officers, in Long Island NY make that much combined.
And you lump them with millionaires the likes of Bill Gates ?
There are those that saved so they could fund their retirement.
Not everyone gets a pension. SS is to supplement your retirement, not be the primary funding of it.
The more accumulated wealth one has, the more likely a substantial portion of their income is derived from Capital Gains. The more wealth someone has, the more opportunities the tax code presents to avoid paying taxes. I have no issue with extreme wealth so long as income is taxed at a rate minimually equal to what I pay. Is Romney going to fire his landscaper and mow his own grass cause he has to pay his fair share?
Yes, in principle I think you're right. But as the more fervid contributors to this thread will no doubt scream at you, quite a few people in that category - earning 200-250K and net wealth hovering over a million - aren't "extremely" wealthy, probably don't derive a really large portion of their income from capital appreciation, and can't take advantage of the really clever tax dodges.
I don't know anything about Romney's gardeners, but I'd suggest he move to Oregon - good public health programs to make him feel at home and he wouldn't have to pump his own gas!
So some have to save and invest so they can spend down that money over the course of the next 30+ years.
Tax the hell out of them as well ?
You're surely not suggesting that a couple who retire with a million in assets, even if all income including dividends and cap gains were taxed at 40%, would be reduced to eating cat food in their golden years. Of course, a million in assets isn't vast wealth - but it is wealth, for pete's sake, and anyone who doesn't fall victim to a con man is going to live comfortably for the rest of their life, even at Clinton tax rates.
The rich used to be defined as millionaires.
But now that we've lowered the bar to $200K we can't call them millionaires anymore, can we ?
So, let's just call them "rich" or "wealthy". Don't you notice the MSM isn't using millionaires any more ?
Oh they will get to the people that make 100K per year because their current scheme will only get them $82 billion.
And, as recent history has shown, the next year will get them even less as people shelter their money and move it around.
AMT, that tax on the "rich", will hit people making $30K next year.
Being a millionaire has zip to do with your salary--it has to do with the wealth you've accumulated (property ownership, business ownership, and other financial investments). I don't know how they came up with the cutoff figures for who gets an increase and who doesn't, but the goal is to not add additional taxes to the group that has to spend a majority of their income paying for things vs. investing, because it WILL impact the economy if you raise taxes on that group. The $250K cutoff is also based on your ADJUSTED gross income--your personal, taxable income after all of your deductions--vs. your salary. That means that the actual personal income or salary of most people being taxed at the $250K level will actually be much higher than $250K.
Yes, in principle I think you're right. But as the more fervid contributors to this thread will no doubt scream at you, quite a few people in that category - earning 200-250K and net wealth hovering over a million - aren't "extremely" wealthy, probably don't derive a really large portion of their income from capital appreciation, and can't take advantage of the really clever tax dodges.
I don't know anything about Romney's gardeners, but I'd suggest he move to Oregon - good public health programs to make him feel at home and he wouldn't have to pump his own gas!
Why are you comparing Romney to those who make $225K per year ?
They are leagues apart yet the left have them all stinking rich, eating bonbons and waiting on UPS to deliver their cap gains checks.
Fine, it's purely semantics. But by the conventional definition, a "millionaire" is "an individual whose net worth or wealth is equal to or exceeds one million". By that usual understanding of the term, a great many people who have earned $200K or more for a period of years are millionaires.
What about the kids coming up? They go to school and eventually get to this income level. So you saying screw them?
If you are not there yet, with Obama and the liberals in office it just got harder to make it rich.
Why are you comparing Romney to those who make $225K per year ?
If you will re-read the my post and the post I am replying to, you'll see I'm not. The post I'm replying to made a somewhat non sequitur remark about Romney, and I replied to it, tongue obviously in cheek and indicating the separateness of the topic with a carriage-return and new paragraph. I'd suggest you either get new glasses or get a new grip.
On incomes above $250K, that is. They pay the same rates as everybody else, under $250K.
BUT, allow me to suggest that I'm for letting ALL tax cuts expire. Heck, most Americans are completely unaware that they are actually getting a tax cut. But, I'm not in a position to propose and make that decision. Letting it expire for higher incomes now and for everybody else with employment rate dropping below 7% isn't something I would abhor either. In fact, it sounds like a reasonable compromise.
It could cause another recession if you do that. Because of inflation, most people--the middle class and below--aren't able to save much these days. If you raise taxes on them, it will reduce their consumption and purchases, sending businesses, especially small businesses, into another spiral downward. That's why the suggestion is increase taxes only on higher income people at this point--it will raise revenues, but it won't impact their spending patterns.
There are those that saved so they could fund their retirement.
Not everyone gets a pension. SS is to supplement your retirement, not be the primary funding of it.
So some have to save and invest so they can spend down that money over the course of the next 30+ years.
Tax the hell out of them as well ?
Provide proof that these people are getting their money from capital gains ?
We're talking $225K per year..middle management. You know, those that pay 100% for their kids to go to college. Those that don't qualify for any government handouts.
A married couple, jobs as police officers, in Long Island NY make that much combined.
And you lump them with millionaires the likes of Bill Gates ?
HappyTexan... it's a losing argument even you, I and so many others agree. It's a losing battle because no matter what proof they are given ... if Obama says it, then it must be and they will stand behind him even when it hurts them. They don't have a clue that they are next because
Obama can't stop spending.
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