I almost spit out my coffee.... (Chicago, Bush: taxi, income, income tax)

[lenniel]

..when I saw this article headline from the Trib.
Illinois voters tend to agree with Obama's mix of higher taxes, spending cuts

Illinois voters tend to agree with Obama's mix of higher taxes, spending cuts - chicagotribune.com

I know this is a sore subject for many and divides people among idealogical, political, and socioeconomic stances, but this whole thing about 'fairness' and 'wealthy paying their fair share' is really starting to ruffle my feathers.

IMHO, what it really demonstrates is the general public's lack of understanding of taxation and the consumption of whatever the mainstream media is spoonfeeding.

[MannheimMadman]

I agree that the general public is fairly ignorant on tax issues. It's also pretty sad that a lot of people don't understand tax brackets, progressive tax structures, etc. It is my opinion that you should be halfway cognizant of issues concerning your (presumably) hard-earned money.

MOD CUT



I'm not endorsing nor deriding any political party in this post. As a matter of fact, I'm not even trying to make it political.

[jdiddy]

Originally Posted by lenniel

..when I saw this article headline from the Trib.
Illinois voters tend to agree with Obama's mix of higher taxes, spending cuts

Illinois voters tend to agree with Obama's mix of higher taxes, spending cuts - chicagotribune.com

I know this is a sore subject for many and divides people among idealogical, political, and socioeconomic stances, but this whole thing about 'fairness' and 'wealthy paying their fair share' is really starting to ruffle my feathers.

IMHO, what it really demonstrates is the general public's lack of understanding of taxation and the consumption of whatever the mainstream media is spoonfeeding.

IMHO, I have a problem paying a higher tax rate than someone like Mitt Romney. However, Illinois voters are no different than national voters per the polls, and this is a national issue, so it really belongs in the politics thread where the mouthbreathers can rub one out.

[MannheimMadman]

Originally Posted by jdiddy

IMHO, I have a problem paying a higher tax rate than someone like Mitt Romney. However, Illinois voters are no different than national voters per the polls, and this is a national issue, so it really belongs in the politics thread where the mouthbreathers can rub one out.

Agreed. So long thread; I hardly knew ye.

[aragx6]

Agree with jdiddy (as per usual).

[jdiddy]

Originally Posted by aragx6

Agree with jdiddy (as per usual).

You have a beautiful mind.

[Chicago60614]

I honestly don't have a problem taxing people making more than $1M by a fair share and then cutting spending. Should we cut taxes to the rich? They're paying a lower share now than they have been since income taxes came about 100 years ago.

The top tax brackets use to be around 90%. They were cut by Regan down to the 50's, and then with Bush they went to the mid 30's. That's also when you saw the rich becoming richer at a much quicker pace. Rich people make money out of money. Also corporations got crazy with their hundreds of millions in compensation packages trying to one-up one another once the tax issue was gone. Basically the money is piling up amoung a few who have the ability and means to make vast amounts of it.

No one likes taxes, but if you're making $50 million a year, I really don't feel bad if you pay a few million more.

[aragx6]

Originally Posted by Chicago60614

I honestly don't have a problem taxing people making more than $1M by a fair share and then cutting spending. Should we cut taxes to the rich? They're paying a lower share now than they have been since income taxes came about 100 years ago.

The top tax brackets use to be around 90%. They were cut by Regan down to the 50's, and then with Bush they went to the mid 30's. That's also when you saw the rich becoming richer at a much quicker pace. Rich people make money out of money. Also corporations got crazy with their hundreds of millions in compensation packages trying to one-up one another once the tax issue was gone. Basically the money is piling up amoung a few who have the ability and means to make vast amounts of it.

No one likes taxes, but if you're making $50 million a year, I really don't feel bad if you pay a few million more.

Ditto. And if that makes me a "socialist" in the eyes of the right (I think they might need a refresher on what a socialist actually is FTR), well I can live with that.

[andrew61]

Originally Posted by lenniel

..when I saw this article headline from the Trib.
Illinois voters tend to agree with Obama's mix of higher taxes, spending cuts

Illinois voters tend to agree with Obama's mix of higher taxes, spending cuts - chicagotribune.com

I know this is a sore subject for many and divides people among idealogical, political, and socioeconomic stances, but this whole thing about 'fairness' and 'wealthy paying their fair share' is really starting to ruffle my feathers.

IMHO, what it really demonstrates is the general public's lack of understanding of taxation and the consumption of whatever the mainstream media is spoonfeeding.

Not this Illinois voter. I'm with you, lenniel.

There's too much "wealth envy" in this country, and I can't stand politicians who pander to it.

[cubssoxfan]

I have no issue with Capitol Gains taxed at 15%; heck I would abolish income tax on ANY savings and have it be a salary tax not an Income Tax. I feel that I get penalized by saving my money so I won't have to suck the Government teat when I'm older. Maybe a GST tax, a flat salary tax and more limited write offs.