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While most of these board seem to think that's a lot of money, in high cost living areas (SF, NY, LA, DC etc), that's really upper middle class at best.
The Dems know they need the tax revenue from the HENRYs because otherwise, they can't make their social entitlement programs work. The henry's can't hide most of their income like the super affluent. They also get stuck in the AMT trap designed originally designed for the super wealthy. AMT means no property tax deduction. No state income tax deduction. Plus you lose your personal exemption (IE not kiddie deduction).
Yes, I realize most won't have a lot of sympathy for those making more than $200K a year and up. But the issue at hand is the high taxes Obama or any future President/Congress wants to propose will hardly ever touch the super wealthy. The super wealthy's "effective tax" rate is usually 10% or less (See John Kerry's (D)'s wife tax returns). She the multi-million Ketchup lady and she pays very little in terms of taxes because most of her a shielded, probably in tax exempt municipal bonds.
Taxes are hardly ever indexed for inflation. The only tax I know that is index for inflation and it's for the worse is social security tax. The limit keeps on going on to pay for that program. Obviously to pay for social entitlement programs, they purposely never index taxes for inflation. Just remember the average Federal worker (with a college degree) makes around $80K in 2010. With a two income family in the DC area, that's around $160K. Dont' you think by 2020, your income will be over $250K once you factor in inflation? So while you won't care know, you will eventually get hit with these higher taxes.
Someone has to pay for all this and it certainly won't be the real rich.
They shelter their money and have it invested in such a way they won't get taxed.
So the next best thing is upper middle. They have money but not enough to shelter it like the rich.
Someone has to pay for all this and it certainly won't be the real rich.
They shelter their money and have it invested in such a way they won't get taxed.
So the next best thing is upper middle. They have money but not enough to shelter it like the rich.
This argument really chaps my hide. How is it that we can literally have 1 out of every 100 Americans in jail right now, yet we refuse to enforce existing tax law, and remove legal loopholes for the 1 in a thousand who are the uber-rich in this country?
We had a "War on Crime" that put nearly every black crackhead in prison, but we don't have the political will to make the wealthiest people in the country pay the taxes they owe? How come the "War" didn't include these people (rhetorical question)?
This argument really chaps my hide. How is it that we can literally have 1 out of every 100 Americans in jail right now, yet we refuse to enforce existing tax law, and remove legal loopholes for the 1 in a thousand who are the uber-rich in this country?
We had a "War on Crime" that put nearly every black crackhead in prison, but we don't have the political will to make the wealthiest people in the country pay the taxes they owe? How come the "War" didn't include these people (rhetorical question)?
The people with money have power to influence.
Sad as it may be..our government is very easily influenced by those with power and money.
The people with money have power to influence.
Sad as it may be..our government is very easily influenced by those with power and money.
No $hit.
However, as this health care debate has shown, great inroads can be made against the wealthy and powerful - and Democrats are the ones to deliver that type of action.
However, as this health care debate has shown, great inroads can be made against the wealthy and powerful - and Democrats are the ones to deliver that type of action.
Do you honestly think the Dems aren't as bought out as the Republicans with money and power and lobbying ?
Do you honestly think the Dems aren't as bought out as the Republicans with money and power and lobbying ?
Yes. Look at their records. It's clear as day.
From civil rights to the environment, from minimum wage laws to health and safety standards, the Democrats have repeatedly sided with regular folk over the wealthy.
And the tax code is a prime example of this. Which party is for a progressive tax, and who prefers a flat tax? Which does each system favor, the wealthy or the regular Joe?
The real elite in this country make their bucks by capital gains and not income. That's the tax that should be elevated.
Labor's income should should not be taxed as highly as passive income.
Agreed. Capital gains taxation is at a much lower level than the federal income tax rates. It's ridiculous.
Quote:
Originally Posted by Art123
This argument really chaps my hide. How is it that we can literally have 1 out of every 100 Americans in jail right now, yet we refuse to enforce existing tax law, and remove legal loopholes for the 1 in a thousand who are the uber-rich in this country?
We had a "War on Crime" that put nearly every black crackhead in prison, but we don't have the political will to make the wealthiest people in the country pay the taxes they owe? How come the "War" didn't include these people (rhetorical question)?
Well just take a look at all the tax crooks and evaders in Washington alone (on BOTH sides). This is exactly why we need to move to a consumption tax. Wealthy people buy more crap, so they will pay more tax. All illegals and tax evaders (drug dealers, etc.) will be brought into the tax paying loop by default. You can't live here and not buy stuff. Get rid of all tax loopholes and embrace the consumption tax!
This argument really chaps my hide. How is it that we can literally have 1 out of every 100 Americans in jail right now, yet we refuse to enforce existing tax law, and remove legal loopholes for the 1 in a thousand who are the uber-rich in this country?
We had a "War on Crime" that put nearly every black crackhead in prison, but we don't have the political will to make the wealthiest people in the country pay the taxes they owe? How come the "War" didn't include these people (rhetorical question)?
You didn't read the link, did you. THE RICH AREN'T THE ONES GETTING BANKRUPT BY TAXES, IT'S THE MIDDLE CLASS. If you're poor now, it's YOUR CHILDREN the tax system will be robbing blind. If you're a working professional family, it's you, now.
Lumping working professionals in the same class as those with inherited wealth is a great winner for government: they get to rob the middle class of their retirement, small businesses and future, and the moron masses continue to think the "rich" are the ones getting screwed. If your kids go to college on scholarship and get decent jobs someday, will you be all for redistributing their income to their lazy classmates who never worked a day in their lives, did drugs until their minds were fried, and broke into people's houses instead of going to school?
And the Drug War is lunacy. But it is a perfect example of a federal government with WAY too much power and money. If we gave them 100% of the income of every person in the world, they'd spend that and borrow twice as much more. And don't think that's not where we're headed.
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