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No need to make this an us, vs. them thing. Woody Allen said "99% of success is just showing up." Most people make excuses.
Interesting though, the top 1% pay about 20% of all taxes. The top 10% pay 50%. If you would like them to pay more, they can do that by simply raising the prices of what we buy, cut our pay, or even our job.
Both the Federal Reserve and Congressional Business Office report that the top 1% wealth earners account for 33% of the wealth in the U.S. The U.S. Treasury reports that the top 1% underpay their tax burden by $163 billion annually. This is only increasing as the same group has captured close to 60% of new wealth created over the last 2 years, a good portion of which will go untaxed, shielded, or tax evaded. Apparently tax lobbying and loopholes are doing their thing big time and quite more effectively these days.
Pay more? How about the wealthy paying what they should. Of course, everyone knows full well what trickles down and it’s not good.
Meanwhile the bottom 50% earn only 2.6% of the nation’s wealth. I bet by comparison they pay a higher percentage than 2.6% of the total income tax burden.
I could care less what someone else makes. However, when many folks laud over or do not bat an eye towards the current tax status for the rich, but show scrutiny and contempt for others less fortunate as if they don’t deserve to benefit from tax sponsored initiatives, it’s just pitiful.
Like another poster mentioned, the wealthy get tax breaks as well and don’t spend as much of their income on items like working people do. That includes sales tax. So, yes, working people, regardless of income pay income tax and working class people pay a higher rate of income on sales tax. Sales tax by the way is the biggest driver of revenue for government.
A simple question....how many "low income" people start up businesses, which, in turn, provide income opportunities for other citizens? I seem to recall that it takes quite a bit of funding to start a business, money that a poor person doesn't have. So yes, the "rich" person does see a tax break for that, while a low income person doesn't. It's only logical............
A simple question....how many "low income" people start up businesses, which, in turn, provide income opportunities for other citizens? I seem to recall that it takes quite a bit of funding to start a business, money that a poor person doesn't have. So yes, the "rich" person does see a tax break for that, while a low income person doesn't. It's only logical............
Correct.
The whole mindset of any of these "welfare" programs are--you are not good enough to survive without government intervention. It's really quite sad to instill that into someone's head, especially when using the masses for your own political power.
In reality, someone could purchase a used mower for about $25, and instantly start earning an income. It's all about the mindset.
But why bother, especially when successful people are ridiculed, accused of wrongdoing, not paying well, avoiding taxes, etc.
A simple question....how many "low income" people start up businesses, which, in turn, provide income opportunities for other citizens? I seem to recall that it takes quite a bit of funding to start a business, money that a poor person doesn't have. So yes, the "rich" person does see a tax break for that, while a low income person doesn't. It's only logical............
It isn’t just about businesses created, as that isn’t the only way to get “rich”. The fact remains that the richest of the rich have ways to get around paying their “fair share” in relation to income. We’ve had a previous rich president literally brag about it not that long ago.
Also, there are many lower income people with skills that could turn into a business if they can get some funding, which this program could actually help them do so. So, while it may not create jobs initially, the potential for them to do so with the help of this program. That is the irony, as the Hudson example shows that people use the program money to invest in themselves and others in their families versus companies ran by the rich needing tax breaks. Especially when most businesses are small businesses in the US.
Also, this speaks to how the American worker’s income has not kept pace with inflation and how working people may need multiple jobs/extra income to supplement them along with their main job. So, that has to be considered given that many working people do/have qualified for the guaranteed income program elsewhere and it isn’t all about political aspects. If anything, government only comes in where the free market has blind spots, but no one seems to consider that.
It isn’t just about businesses created, as that isn’t the only way to get “rich”. The fact remains that the richest of the rich have ways to get around paying their “fair share” in relation to income. We’ve had a previous rich president literally brag about it not that long ago.
He was talking about perfectly legal use of the tax code to your advantage. Any person and especially a public corporation has a fiduciary responsibility to do that.
He was talking about perfectly legal use of the tax code to your advantage. Any person and especially a public corporation has a fiduciary responsibility to do that.
BTW, what are the other ways to get rich?
Again, this actually proves the point in terms of paying taxes in relation to income and he isn’t the only one.
Hmm, let’s see…Real estate and investments come to mind right away.
"Fair share".....an undefinable term that's frequently used, by people that are not so well off, to complain because wealthy people sometimes pay a smaller PERCENTAGE of their overall income to the tax man.....even though that wealthy person DOES cough up a significant amount of money to the tax man.
Quote:
Originally Posted by JWRocks
Correct.
The whole mindset of any of these "welfare" programs are--you are not good enough to survive without government intervention. It's really quite sad to instill that into someone's head, especially when using the masses for your own political power.
In reality, someone could purchase a used mower for about $25, and instantly start earning an income. It's all about the mindset.
But why bother, especially when successful people are ridiculed, accused of wrongdoing, not paying well, avoiding taxes, etc.
Indeed. Or, in my case, back when I was a teen-ager, and actually DID cut lawns for pocket money, my two customers lived too far from my house, to be able to drag a lawnmower to their houses. Instead, I rode my bike there, and used their mowers. I got paid for my labor, and had zero "overhead"........
Why would I be kidding? The “Free Market” can be impacted from similar factors that impact government, as it still involves people, who aren’t infallible. So, given that reality, that can allow for the government to come in.
Also, there are many lower income people with skills that could turn into a business if they can get some funding, which this program could actually help them do so. So, while it may not create jobs initially, the potential for them to do so with the help of this program. That is the irony, as the Hudson example shows that people use the program money to invest in themselves and others in their families versus companies ran by the rich needing tax breaks. Especially when most businesses are small businesses in the US.
If they have the skills and dedication, they should have no problem raising the needed funding for their business. If no one is willing to invest in you, or loan you the money for your business, then maybe it's not such a great idea, or the financial backer doesn't believe you could pull it off.
So lack of cash is not a deterrent for someone to start a new business.
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