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!!!

[rst95eclipse]

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

[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.

[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.

[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.

[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

[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...

[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.

[cudvig]

I love how people blame the president for everything....

When you know damn well that congress controls this.

-Colin

[ABV]

Average Tax Rate (% of AGI paid in income taxes) 2003
Top 1% - 24.31%
Top 5% - 20.74%
Top 10% - 18.49%
Top 25% - 15.38%
Top 50% - 13.35%
Bottom 50% - 2.95%

Any way you look at it, the more money you make, the more taxes you pay.

Here's some more info for reference:
Minimum AGI for tax return to fall into a given percentile (2003).
Top 1% - $295,495
Top 5% - $130,080
Top 10% - $94,891
Top 25% - $57,343
Top 50% - $29,019

[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.....

[Steeltwo]

Originally Posted by cudvig

I love how people blame the president for everything....

When you know damn well that congress controls this.

-Colin

bush has veto power

which he apparently isn't going to use.



this is a horrible idea. he is basically dropping the GNP of the county by doing this. I guess the war isn't sucking enough money from the united states, he needs to give people tax breaks aswell.

[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!!!

[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.

[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.

[CVD]

What the F#CK is the difference? Taxes here, taxes there, everyone pays period. Do you really think that taxing the rich more is going to take away from their bottom line? Or are they just going to pull in more money from everywhere else?
If you think that not taxing the lower class will lead to a better quality of life for them then you're dillusional. The same goes for those who think everything that happens in Washington is Bush's doing.
Our basic tax system is pretty close to being fair. Yes, the middle class gets the shaft, but that's going to happen under any political leadership in this country unless MASSIVE reforms occur.

[howslowcanyougo]

Look, my wife won't even take any overtime anymore because it bumps her in the next tax bracket and she makes LESS than not working at all!

The more you work, the less % of your own money you get to keep? That's anti productive and anti-american, period.

The motivation to work is getting less and less? Why work 60 hours a week to buy your first house when section 8 will give you one for free? Yes our welfare system is now BUYING houses for "the poor"...makes me sick!

Also by giving "the poor" a pass on there flat % and fare share of paying for the services they receive you give them the more motivation to keep their victum/entitlement mentality that is already to pervasive in our soceity today.

"The poor" in the USA are largely a by product of substance abuse, neglectful one parent households, haven been taught no standards, self respect or moral work ethic.

Barring few exceptions, there is virtual no reason to be "poor" in america besides ones own self destuctive actions. Time has proven my point, after 40 years of the "new deal" giving more money to the poor, are things today any better for the "poor"? Has giving money to them REALLY helped them? No it hasn't the situation is worse than ever. The CORE issue with most of the "poor" today is rampent moral decay, not loss of oppurtunity.

Once one realizes that the MAIN reason that ones life is so screwed up, is staring them in the mirror, and not "the man", their parents, the system or whatever else, and you can admit the main fault is with yourself, you can change!

You don't have power over "the man", your parents, the system or most whatever else in this, BUT YOU SHOULD BE ABLE TO REGAIN POWER OVER YOURSELF, RIGHT?

I know, I was "poor", but after years of blaming everyone else and it not facing my own demons and changing I finally realized IF I DON"T CHANGE NOTHING EVER WILL GET BETTER FOR ME!

With God's grace I did change, I cleaned up my act, went back to school, and busted my ass and just and very soon my WHOLE world got 1000% better, and now I'm "rich" in much more than just $ as well! <Solid faith, Wife, Kids, good Job, nice toys, etc>

Bottomline of the American Ideal is: YOU make your own Life what it is!

<It's not ANYONE Else's job in this world to build your life and make you happy besides YOU!>


The country needs to get back to it's roots of Loving Freedom, Country, Duty, and God <as you define him> first before we will see any real change in this downward sprial we are in now.

Historicaly that means either all out cival war and or revolution.

<Rant,Rant,Rant.......>


IMHO...