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Apparently the rich do not pay enough or we would not need to borrow to operate the government.
In fact if we the people desired, we would not need to be conventionally taxed. Simply have the Federal Gov't create all the money we all need. Of course inflation may well then be more of a bugger. With another major war this would probably the Feds move anyway. At least early in a major war, where there is not enough time to tax, or bond drives as in WW2.
Otherwise we borrow. But this can be a good business decision for the country. Especially with massive infrastructure where the whole of society and economy benefits from such outlays.
I've always viewed the system as taking from the 'middle' to give to the top and the bottom. This is even more true than ever with obamacare and the insanely rising costs of health care.
The upper middle class people who work for someone else, thus not being able to write off business expenses, have the biggest tax burden. Make enough and you no longer have to pay social security tax, own your own business and you can write off large chunks of expenses... The blue/white collar joe making $50-100k, working for someone else, has the highest real tax burden (feels it the most)
Apparently the rich do not pay enough or we would not need to borrow to operate the government.
Go to youtube and watch "money as debt" and you will see why we can never 'get out of debt' because our money supply is debt. Also, when debt is created only the principal money is created, the money to pay the interest does not exist, so you have a bunch of people trying to pay off principal and interest from a money pool that contains only principal... as this continues over years and decades the debt has no choice but to roll over on itself, and it's only the time delay the keeps the whole system from collapsing.
When individuals were incapable of propping up the bubble any more in 2008, government took over and started massive deficit spending to prop things up, and this will continue indefinitely until we either see one of two things... major inflation to wipe the debt away, or major deflation and bankruptcy... how long and how far this can all go, how much money the federal reserve can just sit on using quantitative easing, that I honestly don't know. We have already seen inflation in many areas, but wages is not one of them, thus the cost of living increases while wages stagnate or go down, leading to a large class of people barely getting by, while the very rich are richer than ever. This wealth inequality is a natural part of a fractional reserve compound interest privately run banking system.
You are kidding yourself if you think the government will ever get it's finances under control. In order to keep the bubble going, it must go into debt to the tune of 1 trillion dollars per year (or more) going forward, forever, until the bond market bubble bursts and the demand for US debt decreases due to loss of faith, then the fun begins.
I've always viewed the system as taking from the 'middle' to give to the top and the bottom. This is even more true than ever with obamacare and the insanely rising costs of health care.
The upper middle class people who work for someone else, thus not being able to write off business expenses, have the biggest tax burden. Make enough and you no longer have to pay social security tax, own your own business and you can write off large chunks of expenses... The blue/white collar joe making $50-100k, working for someone else, has the highest real tax burden (feels it the most)
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Originally Posted by stockwiz
Go to youtube and watch "money as debt" and you will see why we can never 'get out of debt' because our money supply is debt. Also, when debt is created only the principal money is created, the money to pay the interest does not exist, so you have a bunch of people trying to pay off principal and interest from a money pool that contains only principal... as this continues over years and decades the debt has no choice but to roll over on itself, and it's only the time delay the keeps the whole system from collapsing.
That is scary that the bottom 40% are actually getting back so much money on their income tax payments. I don't have an issue with the top 5 % paying 95% of the taxes if they are also making 95% of the income, but I do think it's wrong that there are people who actually get a bigger refund than the taxes that they pay. Especially considering that appears to be the case for such a significant part of the country.
Well, first you have to accept the BS coming from the mainstream sources is actually truthful, and I cannot imagine who would make that mistake any longer.
Then, you'd have to be rich, or ignore the taxes you pay out, to believe that load of manure.
The truth is, the rich don't pay squat!!! You pay for those taxes in the costs for everything you purchase that the wealthy top profit from. This is not a left or right matter ... this is a common sense versus dumb as a box of rocks matter. Consider the source of that enlightening information about how you little people pay nothing, while the wealthy pay it all ... the wealthy OWN the networks that broadcast this crap.
The underlying reality to this rather elementary exercise in simple logic suggests that it's not a good idea to raise taxes on the wealthy, because all they will do is pass along those additional costs to those who can least afford to pay it.
Jack up Mr. Wendy's taxes, and you'll pay $.35 more for that burger. Jack up the taxes on that wealthy real estate land baron, and the rent on those apartment buildings he owns will go up.
See how that works? It's really very simple ..... so there really no excuse for anyone to believe such demonstratively foolish nonsense ......
The reverse of that is the real truth .... the bottom 99% pay ALL OF THE TAXES ... every last penny of it. Even those at the very bottom ..... if they work, they pay .....they pay payroll taxes, income taxes, energy taxes, communications taxes (internet, cable, phone) gas taxes, tire taxes, permits and license fees, insurance taxes, property taxes (even renters pay the property taxes of the wealthy owners, built into their rent charge).
Oh yes ......and inflation tax ...... which continues to tax every dollar you have, day after day.
You go into foreclosure. Because you used your house as collateral.
But the asset is still yours.
So your claim is that after foreclosure, you still get to keep the house?
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Now, the debt you have incurred (all debt, mortgage and non-mortgage) vs. the value of the home counts in terms of figuring out your total present net worth, but that's different than, "you don't really own the house because you have to pay a mortgage and can lose your house if you don't pay the loan."
By that logic, why aren't people charged tax on their credit card balances and on all the other debt they owe? Have they not similarly acquired "assets" via the same means?
That is scary that the bottom 40% are actually getting back so much money on their income tax payments. I don't have an issue with the top 5 % paying 95% of the taxes if they are also making 95% of the income, but I do think it's wrong that there are people who actually get a bigger refund than the taxes that they pay. Especially considering that appears to be the case for such a significant part of the country.
Blame Ronald Reagan, who championed the earned income tax credit.
Oh, and the thread title, "The Rich Do Not Pay The Most Taxes, They Pay "ALL" The Taxes!" is wrong. I am not rich and I pay taxes.
And even if the working poor don't pay income taxes, they still pay lots of other taxes.
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