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This is a perfect example of the problem associated with raising the top 1%'s taxes.
They pay 40% already...that is CRITICAL money. Making them even more upset will cause them to potentially flee, thus the rest of us will have to pay more.
So, in your worldview, no one should want to be a teacher. And if they do want to be a teacher, they should be penalized and mocked for it. And yet, everybody wants their children to have good teachers.
A flat tax is a regressive tax. 10% tax on someone making a million a year won't impact that person's standard of living at all. 10% tax on someone making 35,000/year will have a significant impact.
I agree with you completely... and don't worry ... so does a significant majority of voters...
The Obama administration will enact change along the lines of the Clinton tax rates at the least... and I for one will salute him for it...
How does he/she avoid the AMT?????? I paid well over 50k in taxes. How in the hell can she pay more?? We have AN Alternative Minimum Tax!!!!!!
Oh and I did read the article, op. It has several facts in it. It also leaves out many many many more. I know that people filing as self employed may get write offs but the people making salaries in the top 1 % CAN NOT avoid the AMT.
Let me guess tho, this all boils down to people wanting to raise the capital gains tax? that way we can send EVEN MORE money into offshore tax havens?
Face it people the only way to fair up our tax code is with a Fair Tax or a Flat Tax.
Boo-hoo.
Ask Warren Buffett how it is that his secretary pays more in taxes than he does.
A Flat Tax is a regressive tax.
If you paid $50,000 in federal income tax, you're living just fine. Stop whining like a spoiled brat.
I agree with you completely... and don't worry ... so does a significant majority of voters...
The Obama administration will enact change along the lines of the Clinton tax rates at the least... and I for one will salute him for it...
The real idiocy of all the whining by the rich is that the increase is only 3% on income over $250,000. What a bunch of babies. They're used to being coddled by the Republican party. The party's over and they're stamping their feet and bawling like a baby. They make me sick. They're the most anti-American people in the nation.
Ask Warren Buffett how it is that his secretary pays more in taxes than he does.
A Flat Tax is a regressive tax.
If you paid $50,000 in federal income tax, you're living just fine. Stop whining like a spoiled brat.
Oh for petes sake, I get so tired of hearing this lie.
His secretary pays a higher PERCENTAGE of her income to taxes, she does not pay more total... Thats pretty much what happens when one donates their TOTAL income to charity.. they have NO income, they pay NO taxes... You could tax Buffet at 90% and he wouldnt pay anymore than he does now..
For all you who even THINK about arguing that the top 1% of tax earners are paying too much in taxes today - read the following article - and you will begin to realize what I have for at least the past 5 years..
- the share of total income going to the top 1% has mushroomed in the past 15 years - they now reap in 18.8% of total income
- the after-tax income of the top 1% has mushroomed in the past 15 years
- the income growth of the middle class has grown by 1% per year over the past 15 years - and their tax burden has grown at double this rate over the past 15 years
Take it all, you'd still never have enough to pay for projected deficits. With the direction we're going we can't tax our way out of it without killing growth. The only way will be to try and grow our way out of it and without another boom it's not likely to happen, some things are in the mix but they won't come from government ideas, maybe government subsidies will help, but you have to still allow the inefficient to die out and their capital used for newer and better ideas, IMO.
I hope you will rethink the Flat tax or Fair tax. This is not the solution either. The problem with that is that it is not enough to support the services required to run a government for a country of this size. The other problem is that taxes will still be avoided because there will be a black market for goods that avoid taxes. And again, those with the most money will avoid paying the taxes by going offshore to buy goods. Before totally dissing the "progressive tax", which taxes those who make more at a higher rate, please do two things. Look at the amount that corporations with offshore accounts cost us http://www.huffingtonpost.com/thenew...ive/taxes.html. The reason they do this is not because they are taxed too much. Any amount for them would be too much. It is because the loopholes were made in the code to allow them to do this. We need to demand these companies pay the taxes they owe. Then our overall tax burden would be less. These corporations that are American owned and run should be held responsible for paying the same taxes that small businesses, who don't have the benefit of being able to set up offshore accounts, are responsible to pay. I don't want to pay any more taxes that neccessary but I do enjoy the benefit of the infrastructure, schools, parks etc. that the government provides. A tax overhaul is certainly in order but I don't believe the Fair tax is the answer. And "smaller government" is right wing code for "less regulation that allows the rich to get richer". Do a web search on Corporate Feudalism. It could be eye opening!
Ask Warren Buffett how it is that his secretary pays more in taxes than he does.
A Flat Tax is a regressive tax.
If you paid $50,000 in federal income tax, you're living just fine. Stop whining like a spoiled brat.
I actually paid 80k, so I guess I'm doing really really fine to you? Oh wait I am doing fine. I worked 320 plus days last year, but yes I'm getting along fine. I was gone from home EVERY one of those days, but yes I'm fine. I missed out on a lot of my sons life last year, but yeah I'm fine. I had to live in a 12' by 12' shack most of those day, but yeah I'm fine. I'm glad you know my situation and how hard I work for every dollar I have. Thanks for your concern tho.
Oh and a flat tax is neither progressive or regressive, spin it however you like, a set percentage rate is just that. People who make more money pay more, those who make less pay less, but the all pay the same %. Oh but that doesn't afford you the ability to punish the evil rich.
How about the Fair Tax? Is that a good enough option? Or would you rather ***** about or current system of confusion and use it as a political tool to leverage votes one way or the other???
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Taxes
