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"Personally, I think they should the rich have a very high share of dividens and capital gains which are taxed at 15%."
Im a lower middle class investor who happens to be glad the rate is low enough to make it worthwhile. Also, imagine the economy without incentive to invest in it. raise the cap gains tax and the rich are just going to go where the returns are higher pretty simple.
It doesn't really matter to me...it's just a strange and lopsided picture.
Maybe the south pacific island example wasn't perfect, but I don't think the restaurant example examines all the time, effort, energy and expense that goes into paying taxes.
There's something strange about most people (the 1,990 people out of 2,000) that have to deal with a 10,000 page tax code, credits, small business taxes, etc.
They go to H&R Block. They worry ...."is ebay going to tax me". Is this a write off? Is this a credit?
That can't be good for the island. It's a huge drag on productivity and the general welfare of the island.
Then a couple of guys (with a net worth a million times higher than the average person), sit back with stock certificates and they don't do any of that.
I wouldn't distribute it to the general population. It'd go for infrastructure, medicine and everything else.
Most of these people have worked longer and/or harder than many of us ever have or ever will. They deserve the fruits of their labor whether or not they continue to create jobs and wealth for others, as most do. Taking their assets for the things you listed is the same as distributing it to the GP. It's Robin Hood and his Merry Gang of Thieves.
“Taxing the People” Explaining Taxation When explained like this, it is much easier to understand our current tax code. Sometimes politicians, journalists and the liberal left exclaim; "It's just a tax cut for the rich!" and it is just accepted to be fact. But what does that really mean? Just in case you are not completely clear on this issue, I hope the following will help. Please read it carefully. Let's put tax cuts in terms everyone can understand: Suppose that every day, ten men go out for dinner and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: * The first four men (the poorest) would pay nothing. * The fifth would pay $1 * The sixth would pay $3 * The seventh would pay $7 * The eighth would pay $12 * The ninth would pay $18 * The tenth man (the richest) would pay $59 So, that's what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. "Since you are all such good customers," he said, "I'm going to reduce the cost of your daily meal by $20." Dinner for the ten now cost just $80. The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still eat for free. But what about the other six men - the paying customers? How could they divide the $20 windfall so that everyone would get his "fair share?" They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to eat their meal. So, the restaurant owner suggested: * The fifth man, like the first four, now paid nothing (100% savings) * The sixth now paid $2 instead of $3 (33% savings) * The seventh now paid $5 instead of $7 (28% savings) * The eighth now paid $9 instead of $12 (25% savings) * The ninth now paid $14 instead of $18 (22% savings) * The tenth now paid $49 instead of $59 (16% savings... the least proportionate savings) Each of the six paying customers was better off than before. And the first four continued to eat for free. But once outside the restaurant, the men began to compare their savings: "I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man, "but he got $10!" "Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got ten times more than me!" "That's true!!" shouted the seventh man. "Why should he get $10 back when I got only two? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!" As a consequence, the first nine men surrounded the tenth and beat him up. The next night the tenth man didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill! And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start eating overseas where the atmosphere is somewhat friendlier. David R. Kamerschen, Ph.D Professor of Economics University of Georgia
I was wondering what your opinions are on the rich and if you think they should pay more taxes?
Personally, I think they should the rich have a very high share of dividens and capital gains which are taxed at 15%.
On the other hand the poor the income tax is 10% and the middle-class are in the 25% tax brackets and most of the middle-class dont have as heavily amount of dollars from dividens and capital gains like the rich so the middle-class are being taxed at a higher rate then the rich in alot of cases.
Another thing is since interest on housing payments, charity (churches) and property taxes are tax-deductible these generally benefit the rich much more then the poor and middle-class.
I think that they raise the income tax rate on the wealthy to 40% like during the Clinton years and go from 15% to 20ish% on capital gains and dividens taxes.
I am against any group paying more than their fair percentage, the same percentage everyone pays, no loopholes no deductions for anyone.
Casper
I gather that those people on here who don't really have what it takes financially will say that the rich should be taxed more. Envy is a Deadly Sin, ya know!
I, however will not tolerate the rich being taxed more.
With 55% of Americans not paying a single dime in taxes at all it is about time every single person 18 and older to retirement age pay their FAIR SHARE.
I pay large taxes myself for schools, roads, bridges, etc etc and some people are using those same items paid for by taxpayers and of course getting free rides on using our items.
No more freebies, everyone should pay the SAME tax, no matter if you make a million or 10,000, the same.
Why penalize the smart successful people and reward the losers and welfare types for not learning a trade or attempting to become something other then a loser.
Just like the kids free lunch programs, the parents should be forced to come into school in the evening to work out the free lunches their kids just ate. Why should I pay for their kids lunch? I do not want them to go hungry but the lazy butted parents should give back to the school and EARN that free lunch.
I gather that those people on here who don't really have what it takes financially will say that the rich should be taxed more. Envy is a Deadly Sin, ya know!
I, however will not tolerate the rich being taxed more.
I'm pretty far north of $100,000 and I'm ok with my rate being higher than someone at $50,000.
Maybe I'm not rich, but I'm not struggling.
Shouldn't assume that only those not having higher taxes are for a graduated rate.
I gather that those people on here who don't really have what it takes financially will say that the rich should be taxed more.
That's not an assumption?
Ok...
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