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You know that is not true. 47% pay no federal income tax. These same people pay plenty of other taxes. Also, you are including many members of the military, many retirees, and lots of college students in your disdain.
Not true.
Why am I responsible for paying for infrastructure but you aren't?
We're talking the federal government here. Do try to keep up.
It's not distain. It's practical. The problem isn't that the top 2% don't pay enough. It's that the bottom 47% of wage earners don't pay enough (last time I looked most seniors were not wage earners. I see no reason for SS to be taxed at all as it's a payout on taxes previously paid).
SS, capital gains.....what's the difference? SS should be taxed at the same rate as capital gains....since they are both earnings which have already been taxed.
The rich just need to pay their fair share. Capital gains tax, which is where they make most of their money,needs to be taxed the same rate as income tax.
Ok so now that they do and it will have absolutley no impact on our deficit what do you propose next that will get us out of the mess Obama has us in. He's had 4 years and regardless of what the liberal media tells you the economy still sucks.
It's like being really drunk, having a good time and then you sober up and realize that there is pain that comes with the drunk and usually a hefty payment afterward.
Why am I responsible for paying for infrastructure but you aren't?
Losers.
I know right, don't you just hate the retired, handicap, and military that haven't been paying their fair share and paying no taxes, the Cons really need to go after those tax dodgers.
Surely, even you must realize that the bottom 47% are most certainly paying income taxes. IF you believe that they are paying "NOTHING!!!' - then you are sadly mistaken.
47% of Americans pay zero federal income taxes. Some of these 47% have negative federal income taxes.
These people MAY pay state income taxes, but I bet they don't pay much, even in states like California, because of the progressive rate structure.
These people pay payroll taxes, sales taxes, and if they own property pay property taxes at the state level.
I think all but the bottom 20% should pay at least some federal income taxes. Maybe just $100. They benefit from federal programs. They should contribute.
We're talking the federal government here. Do try to keep up.
It's not distain. It's practical. The problem isn't that the top 2% don't pay enough. It's that the bottom 47% of wage earners don't pay enough (last time I looked most seniors were not wage earners. I see no reason for SS to be taxed at all as it's a payout on taxes previously paid).
Oh, you. It is disdain. I see you didn't address the military. What about students who make so little they owe nothing? What about these minimum wage earners that the right so disdains b/c they have no skills? Many of them owe no income tax either.
Quote:
Originally Posted by alphamale
Not true.
Why am I responsible for paying for infrastructure but you aren't?
Losers.
Watch your step pal! I probably pay more in income tax than you do!
The rich just need to pay their fair share. Capital gains tax, which is where they make most of their money,needs to be taxed the same rate as income tax.
Warren Buffet had $17M in income last year, almost all of it capital gains. If they had taxed it at 50%, the federal government would have put a few million more in the treasury. It would do nothing for the deficit.
The formula to eliminate the deficit is to have more people working, so more people can pay taxes. Oh - and lets reduce spending a bit.
I want to see the entire tax code thrown in the trash. Radically simplify it. Over ten years, phase out all deductions. All of them. Deductions should not be used for behavior modification.
SS, capital gains.....what's the difference? SS should be taxed at the same rate as capital gains....since they are both earnings which have already been taxed.
For the umpteenth time, with capital gains comes risk. There are people who are paying capital gains taxes this year who have yet to recoup what they lost in 2008. Their losses are not recognized because they happened too long ago. SS doesn't have losses some years and gains the next. However given that SS is a return on investment, I see no reason to pay taxes on it. It's not income. It's a pay out based on taxes previously paid. It is, in essence, a tax return.
I have no issue with taxing capital gains just like income PROVIDED the government allows someone to write off their losses against future gains for as long as it takes to cover the loss.
The way it works now, I can gain for 10 years, pay taxes all 10 years, have one year of catastrophic losses, followed by 10 years of gains just to recoup my losses and I'll be paying taxes on "gains" that are really just recouping previous losses. That's double taxation. That doesn't happen with SS (which is written off so it's not double taxation) but SS isn't income either. It's a pay out on taxes previously paid so it shouldn't be taxed at all.
I'll ask the question again (that keeps getting ignored), how much tax should someone pay this year on capital gains if they lost 1 million in 2008 and have made $100K in capital gains since then given it will take them 10 years just to recoup their losses? Answer that question and you'll have your answer as to what rate capital gains should be taxed. What is fair given that the losses taken in 2008 have not yet been recouped?
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Do try to keep up.
