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There isn't anyone who has more than a couple of million dollars of annual income that is unable to structure the income through an entity that does not pay US taxes. Trust me on this. Taxing the rich simply means more highly profitable work for tax lawyers and accountants and lower revenues to the US Treasury.
Rich liberals are always the first to employ these strategies.
There isn't anyone who has more than a couple of million dollars of annual income that is unable to structure the income through an entity that does not pay US taxes. Trust me on this. Taxing the rich simply means more highly profitable work for tax lawyers and accountants and lower revenues to the US Treasury.
Rich liberals are always the first to employ these strategies.
Hmm, how about closing loopholes, then, so these people do have to pay their fair share? There is no reason rich people should get a pass on taxes while everyone else has to pay, or take the burden of service cuts as the government tries to balance the budget.
Hmm, how about closing loopholes, then, so these people do have to pay their fair share? There is no reason rich people should get a pass on taxes while everyone else has to pay, or take the burden of service cuts as the government tries to balance the budget.
There are people in all tax brackets who find ways to get around paying "their fair share." It's a myth that rich people, as a whole, don't pay what they should.
Last year the top 10% of income earners paid 70% of the federal taxes. Their share of the income earned was nowhere near that number. Sounds like they, as a group, paid plenty more than "their fair share" to me.
Also, "everyone else" doesn't have to pay under the current system. In fact, over 40% of Americans either have a zero tax burden or actually RECEIVE money back from the government that they didn't pay in. Maybe these people need to start paying "their fair share" so that the successful in our country can stop being treated like walking ATMs.
Taxes are political. If you want change, raise a couple million dollars, hire the best lobbyist and watch the magic happen.
When I am suffering financially the first thing I do is cut my expenses. Healthcare, entertainment (war), luxuries. The last things to go are housing and food.
I am really not that educated on the budget - the deficit numbers make me crazy when the deficit is cut but we are still running negative?? - but I have not seen our government doing this. It seems as though we spend in hopes of getting it back somehow.
There are people in all tax brackets who find ways to get around paying "their fair share." It's a myth that rich people, as a whole, don't pay what they should.
Last year the top 10% of income earners paid 70% of the federal taxes. Their share of the income earned was nowhere near that number. Sounds like they, as a group, paid plenty more than "their fair share" to me.
Also, "everyone else" doesn't have to pay under the current system. In fact, over 40% of Americans either have a zero tax burden or actually RECEIVE money back from the government that they didn't pay in. Maybe these people need to start paying "their fair share" so that the successful in our country can stop being treated like walking ATMs.
I hear this stat a lot regarding "everyone else", and I don't know the facts to agree or disagree. All I know is my situation- my wife and I combined only earn about 60K- not a lot by any means, but not dirt poor. We pay our taxes as usual and still have to PAY IN at the end of each tax year, usually around $500. There are just no other deductions we can make, no loopholes I have found to avoid paying- are there really that many "regular folks" out there able to get around what my wife and I are paying?
And regarding the rich- they are being taxed at an incredibly low rate right now- the Bush tax cut to them 10 years ago was meant to only be temporary, as even that administration knew this would be a huge burden on the budget. So there is no reason not to at least set that back to pre-tax cut levels as was originally intended. That would go a long ways towards fixing our budget deficit.
I hear this stat a lot regarding "everyone else", and I don't know the facts to agree or disagree. All I know is my situation- my wife and I combined only earn about 60K- not a lot by any means, but not dirt poor. We pay our taxes as usual and still have to PAY IN at the end of each tax year, usually around $500. There are just no other deductions we can make, no loopholes I have found to avoid paying- are there really that many "regular folks" out there able to get around what my wife and I are paying?
And regarding the rich- they are being taxed at an incredibly low rate right now- the Bush tax cut to them 10 years ago was meant to only be temporary, as even that administration knew this would be a huge burden on the budget. So there is no reason not to at least set that back to pre-tax cut levels as was originally intended. That would go a long ways towards fixing our budget deficit.
You are paying five hundred dollars per year in taxes on a $60K income. That is less than one percent!
Even with the Bush tax cuts -- which, in my opinion, didn't go far enough -- the rich are taxed at 35 percent! That is not an "incredibly low rate." Even if many of them are able to reduce that number significantly through deductions and loopholes, they are still paying much more than you are, and they are probably paying a larger percentage of their incomes as a whole than you are.
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