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I don't care if taxing the rich eliminates the deficit. I would like taxes to eliminate the rich. I have always been annoyed by the realization that so many people can live off their assets without being economically coerced to work for their living. The way I figure it if I have to work for some other sob's fortune so do you and that includes the sob.
I don't care if taxing the rich eliminates the deficit. I would like taxes to eliminate the rich. I have always been annoyed by the realization that so many people can live off their assets without being economically coerced to work for their living. The way I figure it if I have to work for some other sob's fortune so do you and that includes the sob.
Wow. So you dont like the fact that you can be innovative, riskful, and take sacrifices to set yourself up for an early retirement? So it upsets you that a Man saves and invest his money to acquire rental properties and decides he wants to live off his rental income?
Would you be happy if everyone does hard manual labor until they are 75?
The only trouble with so-called tax the rich ideas is that the government's idea of rich will change to become lower and lower and lower (ad infinitum) over time. The current income tax started out as a tax only on the wealthier income earners! Think about how it is now. THAT IS THE FUTURE of any tax the government imposes.
Also, if the government were to impose higher limits on the income tax it might not be a bad idea on the surface. But (1) most of the truly wealthy do not get their money from what is considered income under the current system, and (2) there would be definite unplanned and unforseen consequences as there alway are. Whether these would prove beneficial or not, I don't know but unfortunately they always seem to prove to be negative more often than positive.
Should things be done. Absolutely! (1) Stop giving illegals the same privileges as citizens and legal immigrants (no other country does so why should we? (2) Cut off foreign aid to developed countries and to most undeveloped and developing countries (except for aid during severe emergencies). You can't buy friends and most of the time the money doesn't go to help the people anyway. (3) Reform social security so that Congress can't get their greedy little hands on it. And, take it back to what it originally was intended for -- a retirement account that people pay into and which should be there when they retire. Give younger workers a choice of whether or not to participate. (4) Get rid of Obamacare, which is going to cost us BILLIONS. Instead do what he SAID prior to his first election and give citizens (and legal non-citizens) the same healthcare plan Congress has. (5) DO NOT allow Congress to exempt themselves from laws they impose on the rest of us. And make them actually READ the bills they vote on! (nothing to do with the deficit but a good idea anyway LOL). (6) Cut out at least 20% of the WASTE from all parts of the budget. Do it gradually over say 5 years starting at 5%. Should be doable without causing undue hardships for any one.
And definitely cut out corporate bailouts and corporate welfare.
Also, if the government were to impose higher limits on the income tax it might not be a bad idea on the surface. But (1) most of the truly wealthy do not get their money from what is considered income under the current system, and (2) there would be definite unplanned and unforseen consequences as there alway are. Whether these would prove beneficial or not, I don't know but unfortunately they always seem to prove to be negative more often than positive...
Which is why the capital gains and dividend rate is the primary concern.
It is becoming increasingly clear that Alturia has failed and the migration from is in process and many of the affluent are searching for Randville. Hmmm Belize may be a country destination and Republican controlled legislatures with Red Gov's are trying to create state sanctuaries. Go south young man go south is often heard. So is Illinois Alturia?
Taxing the rich is one small step in right direction. Reducing bloated Defense budget with billions being spent for Defense contractors at bases around the world will be next step. Reducing Social Security and Medicare should also be next step. Then reduce the Food Stamps, Section 8, Medicaid welfare programs. Last but not the least, fix the illegal immigration program.
Great idea, but sadly too many defense contractor lobbyists will not let that happen. Reducing the free gravy train aka food stamps, welfare etc will start riots like the Rodney King trial did, after all they are entitled to it!
Greg....taxing the rich idea is crazytalk, I could careless if some old couple lives on unearned income for 50 years, they got better DNA than you did, get over it! Also remember that rich people buy yachts, cars, homes that all need care from blue collar guys trying to earn a paycheck. Any idea how many yacht captains were making 75k+ a year in 2005 and now are sitting on the couch? If the captain is not working, neither are 2-3 other boat workers, then the boatyard is slow (lose a couple more guys), now owner didn't buy another yacht so the salesman that sold the guy 5 boats in the last 20 years is starving......this story isn't hypothetical, I have seen it happen quite a few times. Now look at cars/homes/etc and the rich guy is still having a good life but several former employees are not......so who really gets hurt? The blue collar guys....
I don't care if taxing the rich eliminates the deficit. I would like taxes to eliminate the rich. I have always been annoyed by the realization that so many people can live off their assets without being economically coerced to work for their living. The way I figure it if I have to work for some other sob's fortune so do you and that includes the sob.
There will always be rich people. But if you make their taxes offensive - they will move their money or move completely to a more hospitable place. It is happening in France right now, and will happen in the US if the US raises tax rates substantially higher.
I don't know what you do for a living, but if it is so offensive to you that your labor contributes to someone rich perhaps you should find a different job. Perhaps you should work for the government in some way.
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