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I would totally support it if it also included an estate and gift tax at the same rate. Otherwise I would not support it because it would have the same problems of a large portion of the wealth of the very top would evade taxes multiple generations. Of course most on the right would never support this because it would mean the extremely wealthy don't get to avoid taxes in perpetuity on the vast majority of their income.
How, pray tell, are the extremely wealthy avoiding taxes? You don't think they paid taxes on the estates and gifts they leave behind to their children?
I'm in no way rich but here is an example for you. I own my home valued at about 300k. When I made that 300k to purchase said home, I PAID taxes on it before it was ever put into my bank account. Now, factor in that I also PAY taxes to my city, county, school, hospital district, college district, etc, etc, etc every single year just to live in the home that I've purchase even after it's been paid off. HMMMMM, now, I have garbage pick up, electric, gas and water, home security services, etc. Yup, I PAY taxes for that stuff too. Ok so now, my home has aged and needs a new roof, A/C, carpet, whatever. Guess what, every time I purchase anything for my home to keep it maintained, I PAY TAXES on it.
The fact that I've paid all of the above taxes since owning my home and the children will continue to pay for many of the above taxes after I'm gone says to me we've paid enough in taxes.
Luckily, because of the IRS rules, my children won't have to pay estate taxes when I'm gone because I don't have 5.43 million dollars to leave them. You see, the ONLY people paying estate taxes are those who are uber wealthy. Oh and estate tax rate caps out at 40% so there is already an estate tax that exceeds even the highest payroll tax rate.
Both hide dozens of billions in "non-profits", so that everyone else pays the taxes they advocate for, while they keep their empires in the family TAX-FREE forever.
America's most successful hypocrites.
1. I (like some of the people who founded our country) find it unfair to tax that which is needed for life. IE tell you what, add in a exemption to the first 20K in income
2. If someone owns a business and the value of that business goes up by 1 million-would that be income? How about it I inherit a trust?
The devil is always in the details, and when you start looking at it all you end up with something similar to what we have now, with exemptions, and exceptions, etc. etc.
Nice to see you list off a bunch of nonsense at the end.....kinda shows your thought processes.
1. no exceptions, the first 20k would come to people at the market rate of labor with the tax factored into that rate, that is how markets work.
2. a value of a business going up is not income , realizing that value by selling stocks/etc is income (capital gains). The payments to you from the trust are income.
It needn't be complicated, no exceptions means no exceptions.
Don't put that nonsense on me, identity politics and social justice are brought to you by the American left.
So Mister CEO deserves a raise because he got his workers to take a pay cut. I don't think so. If the workers need a pay cut then he does too.
If he closes a factory here and opens it their he deserves as much if a pay cut as the difference in pay of the workers.
But that is just me talking about what I think is fair.
If you can be a better CEO, why wouldn't you start your own company, and beat the evil ones by offering better products and services at lower prices, which you'd be able to achieve by getting a lower compensation?
In the words of Sean Connery, Shattup. While the percentage is lower their total is exponentially higher than you and I. Probably by a factor of 100 or more....please. Dead argument. They tried this on Romney. He paid 2 million or roughly 14% of his Gross. It's still 2 million. You ever pay that? You ever pay that even over the course of a lifetime?
He did, in ONE year. How about you? It's more than just a "percentage". My favorite response of all when someone is asked WHY we should tax the wealthy more. Their pet answer: "Because they can afford it"....wow.....Says YOU? That's the best you can come up with??? "Undesirable tax levels.....undesirable for who? Personally, I think ALL taxes should be clipped at 200K total. Period. The governments need to start living with less. Maybe keep those patrol cars a bit longer, maybe force them to ride a bike in a few areas....more motorcycles......ever seen a government agency that saw an end to your money? Nuff' said.
Question. Does a billionaire get separate streets or other tax payer amenities that you don't get? Extra Fire Protection? Police? Hospital? Sure, they can probably AUGMENT what they get but, that's on their dime. This going after the rich is something the average wage earner (myself included) need to get over. The answer to your problems should never, ever be, someone ELSE's money. Socialists tried that. How did that work out for them? Our President is trying it and the country has never, every seen this much debt....closing in on 19 Trillion.....up almost 10 trillion since Bush!!!
I think you should start asking where the money is all GOING??? Between entitlements, subsidies, and plain old poor spending, we are leaking like a sieve. The answer can't always be, "more taxes". How about more jobs and less spending. 40% of the US workforce is on a government payroll of some sort....4 out of 10 wage earners......think maybe we should find a way to cut that to maybe 3 out of 10? You are used to cuts and layoffs. Why not them?
Look within. The answer isn't your neighbor's wallet.
I disagree here. Your goods, services, and investments are kept safe by a stable government so it is behoove of you to ensure that your investments are looked after.. equally.
So the guy who has $1 of "investment" should pay the same rate of taxation as the guy who has $1,000,000,000 of "investment". The billionaire will pay a billion times more then the former person, but in the end he has a billion times more to lose. (in other words, the rate is 10% so the $1 guy owes $0.10 and the billionaire owes $100M)
What lefties don't understand is that the LACK of cost for investment at the lower levels is what is killing the country. Imagine how many people who actually LEARN about the candidates if the costs were spread equally. If a candidate said "I want universal HC.." or "I want a stronger armed forces.." followed by "... it will cost us another 3/5/10% more in taxes" how many people who stop and really think about if it is needed. How many people who are in the "99%" are going to freely spend their OWN money to support what they think is right? Not many. People have this habit of spending other peoples money easily, but working and spending their own is another story.
Just imagine if they got a paycheck for work from the government instead of a blank check (OK, you get money from the government, the government from the people therefore if you are on the dole then you work for the people. Report to the hiring hall and go mow peoples lawns, clean the streets, wash the dishes, watch their kids. etc) what would the voting patterns look like.
I agree with your points on entitlements, subsidies, etc on ALL levels (minus obvious national security needs).
If you can be a better CEO, why wouldn't you start your own company, and beat the evil ones by offering better products and services at lower prices, which you'd be able to achieve by getting a lower compensation?
Because people who write stuff like that can't. While I am up in arms by the golden parachutes for shoddy work, that's the business of the stock holders or business owners, not the government.
People also don't realize the planning involved in big business: what taxes are going up, what new regulation is going to be placed, how long will you be allowed to hold the patent on a product that took billions to develop. They don't want to hear that streamlining the system will allow for better business for everyone, instead they want a progressive tax system, government "winners and losers" lists, and pet project funding.
Warren Buffet is a raging lefty at this point. If he wanted that person to take home more money then he could simply give them more money. To tell the government to do something that he extols without doing it himself without being forced is immoral and reeks of hypocrisy.
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