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....and why shouldn't they? For the love of god, how much money does one person need? Why shouldn't they pay a higher proportion of taxes, being as their "wealth" was enabled by the infrastructure and education that their country provided them in the first place?
....and why shouldn't they? For the love of god, how much money does one person need? Why shouldn't they pay a higher proportion of taxes, being as their "wealth" was enabled by the infrastructure and education that their country provided them in the first place?
The issue is the division by zero error that occurs when comparing the upper 50% to the lowest 30%.
For those who keep claiming that high income earners are not paying their fair share
Data for calendar year 2003 released in October 2005 by the Internal Revenue Service. The share of total income taxes paid by the top 1% of wage earners rose to 34.27% from 33.71% in 2002. Their income share (not just wages) rose from 16.12% to 16.77%. However, their average tax rate actually dropped from 27.25% down to 24.31%
*Data covers calendar year 2003, not fiscal year 2003
- and includes all income, not just wages, excluding Social Security
And they're still not paying their fair share! Lol.
Financial centers with bank secrecy laws are blamed by the Organization for Economic Cooperation and Development, which represents 30 developed economies, for hiding some 5 to 7 trillion dollars offshore so the profits they produce evade taxes. This costs the U.S. 100 billion dollars in taxes annually, says Michigan Senator Carl Levin, who has introduced legislation to combat offshore tax evasion. The numbers are guesses, as bank secrecy masks the figures.
The issue is dramatized by the case of UBS. The bank, to settle a charge that it promoted tax fraud, agreed to turn over the names of some 300 clients to the U.S. Treasury. But it has balked at turning over another 47,000 names of U.S. account holders suspected of tax evasion.
People paying more in taxes are not sacraficing or having trouble making ends meet with their basic bills. Did they give up vacations to pay that tax bill? Did they give up other luxuries?
The average american family makes $56K a year. Savings has dwindled among the middle income brackets? Why.. because they are treading water to pay for the roof over their head and their other neccesities. They are slowly slipping into the "poor" category.
ONce you hit a certain income level you have expendable income that allows your money to grow and your wealth to grow... and that is awesome. So you can meet your tax obligation, put the food on the table and still have expendable income.
Middle income families are treading water.
Again.. it's NOT about the dollar amount.. it's about the burden.
I don't hear anyone in the top brackets willing to lower their bracket simly because they are paying more in taxes? I would gladly be in the top brackets even if that means I'm paying more money to the government.. because in the end, I'd be living much better than the middle and of course the poor, I'd have expendable income for other investment options, I would also be able to use that expendable income to shelter some of my income.. and again.. I could have money making me money because all of it wouldn't be coming in one hand and going immediately out the other just to get by.
I'm not trying to say what you are saying is not true.. BUT.. I would gladly trade being in the middle tax bracket to being in the upper tax brackets any day. I would be happy to be paying that tax because it would mean I'd have much more than I did when i was barely scraping by at the lower bracket.. do you know what I mean?
Everyone has equal right to live here. Should be a flat tax percentage and get rid of the social security cap as well. Why should the rich be penalized for making money? I even have to watch how much I make because I tend to sit on the edge of tax brackets and the difference of $500 can mean $6000 in more taxes. How is that equitable?
Certain people, yes. None of the people who got the lion's share of the Bushie tax cuts had any actual need for that money. The people whom it was taken from did.
who was that money taken from?
The poor already get welfare from the IRS in the form of EIC. They get a refund on money they never paid into the gov't.
Maybe capital gains should be taxed at the same rate as income, but then again a flat tax across the board would fix the problem.
Everyone has equal right to live here. Should be a flat tax percentage and get rid of the social security cap as well. Why should the rich be penalized for making money? I even have to watch how much I make because I tend to sit on the edge of tax brackets and the difference of $500 can mean $6000 in more taxes. How is that equitable?
Maybe you should shell out for a financial advisor who will help you hide your money from the mean old government.
"Get rid of the Social Security cap" - lol. How greedy are you, anyway?
get rid of the cap and make a real flat tax for all income.
I don't mind paying for military defense, medicare, etc, but if you are just going to give the money to my next door neighbor, I could just walk it over myself and cut out the middleman.
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