Bush: Making the Rich richer

[AJ]

http://money.cnn.com/2006/04/05/news...ex.htm?cnn=yes

Interesting read.


On a kinda side note, this makes me also wonder why people like Oprah and other VERY weathly are done paying taxes on the first day of the year due to paying a set limit.. What's with this bullshit as well? Is it true that people can only pay so much in taxes?

[Jana]

It's not that they can only pay so much, it's that only so much of your income is taxable. Their are limits on you taxable income. So yes, once you hit those limits, you are done.

[LaunchHard]

That's absolute bull shit. There is no reason why anyone earning more than $10 million needs any sort of tax break. We study this kind of stuff in my econ class at school. Someone who has that type of cash flow has no need to for a tax brek, nor will they be too thrilled. Whats 500,000 when your annual income is 10,000,000.

I would just like to add that this year, we are supposed to set a new world record for national deficit breaking last years record of 400+ billion and actually breaking into the 500+ billion category.

Our President is an Idiot!!!

[CDeutsch]

On the other hand a lot of those guys pay more taxes a year then some people will pay in their life. Is that "fair"? What is the definition of "fair" when it comes to taxes?

It would be insteresting to see all the numbers on the tax break. Like how much they are already paying. How much this actually costs the US, etc. The article seemed pretty slanted.

I'm guessing this is a drop in the bucket compared to the amount of money that's pissed away on stupid crap (like banning gay mariage, etc).

I do agree though that "Our President is an Idiot!!!". I may not have agreed in the past but it's quite obvious that at best he's not doing much good, and at worst he's doing an awful lot of bad.

[ABV]

Originally Posted by CDeutsch

On the other hand a lot of those guys pay more taxes a year then some people will pay in their life. Is that "fair"? What is the definition of "fair" when it comes to taxes?

I read something a while ago with a figure on that. I think it was something like the top 5% pay 90% of the taxes. I can't remember the actual numbers, but I know it was pretty lopsided. I'll see if I can find it.

[LaunchHard]

Originally Posted by CDeutsch

On the other hand a lot of those guys pay more taxes a year then some people will pay in their life. Is that "fair"? What is the definition of "fair" when it comes to taxes?

This is the question of the ages. How do you determine who should pay what percentage, who should get a break, who should pay more, who should pay less? These are the questions that everyone asks. In my econ class we discussed what would be an equal hitfor different tax groups. Is 18% of $20,000 as eqaully painfull 30% of a $100,000, or whatever the differnet tax brackets are. I'm not talking literal numbers, but does that hit hurt the person earning $100,000 as much as the person earning $20,000. It's a rhetorical question, but it's damn near impossible to determine what an equal hit is to the rich and the poor.

And even though these people pay more annually than others ever pay, do they actually need a tax break, are taxes breaking these peopes' backs, i honestly do not thinks so...

[howslowcanyougo]

Originally Posted by CDeutsch

On the other hand a lot of those guys pay more taxes a year then some people will pay in their life. Is that "fair"? What is the definition of "fair" when it comes to taxes?

It would be insteresting to see all the numbers on the tax break. Like how much they are already paying. How much this actually costs the US, etc. The article seemed pretty slanted.

I'm guessing this is a drop in the bucket compared to the amount of money that's pissed away on stupid crap (like banning gay mariage, etc).

I do agree though that "Our President is an Idiot!!!". I may not have agreed in the past but it's quite obvious that at best he's not doing much good, and at worst he's doing an awful lot of bad.

I'm with you, the Top 1% of Taxpayers pay way more than their FLAT share of Taxes!

What if you have a good idea, work harder, and be sucessfull you should pay a higher PERCENT of taxes?

Be lame, drop out, don't think, don't work hard and you get REWARDED by get a LOWER PERCENT TAX?

That's what is taking the motivation away in America, it just doesn't pay to do what's right and work hard anymore!

Is that "Fair"?

But who realy gets the shaft is the middle to "upper middle", they have all the higher Taxes with none of the lower or higher income level breaks!

Too "Rich" to get student loans for your kids, AFDC, Section 8 and Food Stamps, but too poor to BUY yourself a tax shelter, we are the middle and we are screwed, just "pulling the wagon" for the bottom and the top!


IMHO.....

[TurboDomestics]

Originally Posted by howslowcanyougo

I'm with you, the Top 1% of Taxpayers pay way more than their FLAT share of Taxes!

What if you have a good idea, work harder, and be sucessfull you should pay a higher PERCENT of taxes?

Be lame, drop out, don't think, don't work hard and you get REWARDED by get a LOWER PERCENT TAX?

That's what is taking the motivation away in America, it just doesn't pay to do what's right and work hard anymore!

Is that "Fair"?

But who realy gets the shaft is the middle to "upper middle", they have all the higher Taxes with none of the lower or higher income level breaks!

Too "Rich" to get student loans for your kids, AFDC, Section 8 and Food Stamps, but too poor to BUY yourself a tax shelter, we are the middle and we are screwed, just "pulling the wagon" for the bottom and the top!


IMHO.....

Are you saying that it is worth droping out of high school and being a bum, just to save a few pennies on taxes. Of course not. People are still motivated to make work hard and make money, because they will still make a lot more money by doing so, even if they get taxed more.

I feel that the "poor" people shouldnt be taxed at all, look at the #'s above. The amount of taxes they pay, doesnt make that big of a difference to the government, but it sure would make one hell of a difference to them.

They could tax me (upper middle class) more, because I know that my parents and I wouldnt be affected that much by it.


I dunno, just my opinions.

[iceminion]

Originally Posted by LaunchHard

I would just like to add that this year, we are supposed to set a new world record for national deficit breaking last years record of 400+ billion and actually breaking into the 500+ billion category.

Our President is an Idiot!!!

YES! i shouldnt be too excited because if i remain a resident here I AM gonna be paying that off.

[rst95eclipse]

And I thought that he was going to pay for his own war............

[1QUICK4]

Originally Posted by rst95eclipse

And I thought that he was going to pay for his own war............

LOL, That's some insightful imput dumbass.

[rst95eclipse]

Originally Posted by 1QUICK4

LOL, That's some insightful imput dumbass.

Unfortunately this ignorant man doesn't have a sense of humor. Post something about the title of this thread toolbox.

[AJ]

We need to get away from these political dipshits and get someone in the office that knows numbers. I'd take the Enron accounting department at this point.

[AJ]

I don't see why it's so unfair though. Considering you could probably take what the top 5 people earn on this site for one whole year and not even come close to what Oprah makes in an hour. Let her pay more of the taxes, she's making more of the money.

This is probably why I think a flat tax is a good idea though.

[ABV]

Based on the 2003 IRS tax data, the same year referenced in the article in the first post:

The top 1 percent of taxpayers, ranked by adjusted gross income, paid 34.3 percent of all federal income taxes.
The top 5 percent of taxpayers paid 54.4 percent
The top 10 percent of taxpayers paid 65.8 percent
The top 25 percent of taxpayers paid 83.9 percent.

http://www.taxfoundation.org/news/show/250.html

[JET]

Originally Posted by Mark

Based on the 2003 IRS tax data, the same year referenced in the article in the first post:

The top 1 percent of taxpayers, ranked by adjusted gross income, paid 34.3 percent of all federal income taxes.
The top 5 percent of taxpayers paid 54.4 percent
The top 10 percent of taxpayers paid 65.8 percent
The top 25 percent of taxpayers paid 83.9 percent.

http://www.taxfoundation.org/news/show/250.html

Wow! Stop and think about those numbers for a minute. We have 1% of the population paying 34.3% of ALL taxes. The top 25% of the population are paying 84% of the taxes. How many of the people bitching are in the top 25% ? We aren't a socialism, we shouldn't have people taking home similar amounts of money no matter how much they make.

[howslowcanyougo]

Originally Posted by JET

We aren't a socialism, we shouldn't have people taking home similar amounts of money no matter how much they make.

Here here!

I couldn't have said it better myself!!!

[LaunchHard]

Originally Posted by JET

Wow! Stop and think about those numbers for a minute. We have 1% of the population paying 34.3% of ALL taxes. The top 25% of the population are paying 84% of the taxes. How many of the people bitching are in the top 25% ? We aren't a socialism, we shouldn't have people taking home similar amounts of money no matter how much they make.

OK, if that's the case, either the poor would be unable to live, or the rich would be paying 10, 12, or 15 thousand on their MILLIONS!!. That top 1% have annual incomes ranging from $300,000 to well, the Billionaires. If we all payed the same amount the United States would be in an unfathomable amount of debt, even though we already are.

[ABV]

Originally Posted by LaunchHard

That top 1% have annual incomes of over 10 million dollars.

Actually the cutoff to be in the top 1% is $295,495. You would be right to say that if you make $10m per year you are in the top 1%, but you cannot say that the top 1% have annual incomes over $10m. Take a look at the link I posted. Here it is again: http://www.taxfoundation.org/news/show/250.html Take some time to read through and understand the tables that are listed. There's some revealing information there.

[1ViciousGSX]

Originally Posted by Mark

Based on the 2003 IRS tax data, the same year referenced in the article in the first post:

The top 1 percent of taxpayers, ranked by adjusted gross income, paid 34.3 percent of all federal income taxes.
The top 5 percent of taxpayers paid 54.4 percent
The top 10 percent of taxpayers paid 65.8 percent
The top 25 percent of taxpayers paid 83.9 percent.

http://www.taxfoundation.org/news/show/250.html

This is a great example of Washington D.C. math at it's finest. You have to go to Yale or M.I.T. to get these figures to work out. 100% is 100%.

Combined by the above AGI % brackets, the top 25% paid 238.40% of the Federal Income Taxes?!?!?!?!?!? Not including the lower 75% of tax payers who probably add another 400-600% of the total Federal Income Taxes.