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Author Topic: More on Taxing the Rich  (Read 10106 times)

rphilbeck

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More on Taxing the Rich
« on: September 26, 2007, 11:20:36 am »

In another thread we talked about, "rich" being a relative term.  Apparantly, anything over $97,000 a year is rich.  So now we know.

by Neil Boortz,

SOCIAL SECURITY 'FIX'

Obama has a typical liberal solution to fix the Social Security system ... increase taxes on the rich. Hopefully, this comes as no surprise. If there is any one policy that the Democrat Party absolutely loves, it's the idea of raising taxes on the evil rich. So what if the top 10 percent of income earners already pay about 80 percent of all income taxes. That means nothing to MoveOn Democrats. They understand the numbers. You nail 20 percent of the voters with a new tax and get the adoration – and the votes – of the other 80 percent.

Politicians and our media constantly reinforce the idea that rich people are evil, dirty, nasty, crude, dishonest ... you name it. You don't think the term "filthy rich" has anything to do with whether or not someone washes their hands, do you? The term "filthy rich" is intended to send the message that high achievers are dirty just by virtue of the fact that they have earned a lot of money. Actually ... you're more likely to find unkempt and dirty people at the lower end of the income scale; but you sure aren't going to hear anyone refer to the "dirty poor" are you?

Barack Obama's great idea for saving Social Security? Easy ... eliminate the earnings cap. Just go ahead and tax every penny someone makes – no matter how much that is – at the full Social Security rate. wants to impose a 12.4% tax on all income above $97,000 per year. He says that by taxing the rich we can eliminate the entire Social Security shortfall.

One thing you could say for Obama's idea: It would expose Social Security once and for all as nothing less than a grandiose income redistribution scheme. You take from those who are working, and give to those who are not.

Robert Bixby is the executive director of the Concord Coalition, a non-partisan group advocating a balanced budget. He says that this would be a radical change from how Social Security was originally designed, because "it would end the contributory idea of Social Security, where you get back something for what you put in."

So far Hillary Clinton has dodged this bullet by not providing a solution. But Hillary did point out the fact that we are missing a lot of value money to tax! She points to Warren Buffet, reminding us of his famous liberal dogma, 'Look, tax me because I'm a patriotic American and I want to make sure our country stays strong and is fair.'"

SOLUTION?

Simple .. the FairTax. The economic growth that would come from the expansion of business and our economy from the enactment of the FairTax would protect Social Security for generations.

Here are a few things to think about.

Tourists. When the come to this country and spend their billions of dollars on everything from ash trays to second homes, do they pay any Social Security tax? No, not a penny. But under the FairTax every dollar a tourist spends on a hotel room in New York or a ticket at Disney World would see 23% sent to the federal government.

Ditto for the underground economy and the money spent by our wonderful, hard-working illegal aliens. Just how much do you think they're paying into Social Security now?

More about this in the new FairTax book, coming soon to a book store near you.
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mgod

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Re: More on Taxing the Rich
« Reply #1 on: September 26, 2007, 11:24:55 am »

RPhilbeck wrote on Wed, 26 September 2007 08:20


One thing you could say for Obama's idea: It would expose Social Security once and for all as nothing less than a grandiose income redistribution scheme. You take from those who are working, and give to those who are not.

YES! Its TRUE!

Its a commie scheme to keep old folks alive!

Oh well - let's just kill them. Sorry folks.

So now we know.

DS
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Fox

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Re: More on Taxing the Rich
« Reply #2 on: September 26, 2007, 11:28:41 am »

RPhilbeck wrote on Wed, 26 September 2007 11:20


Barack Obama's great idea for saving Social Security? Easy ... eliminate the earnings cap. Just go ahead and tax every penny someone makes – no matter how much that is – at the full Social Security rate. wants to impose a 12.4% tax on all income above $97,000 per year. He says that by taxing the rich we can eliminate the entire Social Security shortfall.



THIS is what you're crying about? Are you talking about a 12.4% tax hike or just 12.4%? Because if it's the latter, what the fuck are you whining about? My parents make a combined salary of about $110,000/year and are taxed about 38%-40%. Grow up!
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bblackwood

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Re: More on Taxing the Rich
« Reply #3 on: September 26, 2007, 11:33:14 am »

Fox wrote on Wed, 26 September 2007 10:28

My parents make a combined salary of about $110,000/year and are taxed about 38%-40%.

Man, they need a good accountant...
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Brad Blackwood
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mgod

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Re: More on Taxing the Rich
« Reply #4 on: September 26, 2007, 11:34:38 am »

Fox lives in Canada.

DS
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bblackwood

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Re: More on Taxing the Rich
« Reply #5 on: September 26, 2007, 11:37:09 am »

Oh, my bad.
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Brad Blackwood
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Jay Kadis

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Re: More on Taxing the Rich
« Reply #6 on: September 26, 2007, 11:37:24 am »

The strident aversion to taxation belies an elitist view of the world.   We owe society a little payback for the chance to make all that money.  The more we make, the more we owe.  It's simple and fair.

mgod

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Re: More on Taxing the Rich
« Reply #7 on: September 26, 2007, 11:40:08 am »

RPhilbeck wrote on Wed, 26 September 2007 08:20


So far Hillary Clinton has dodged this bullet by not providing a solution. But Hillary did point out the fact that we are missing a lot of value money to tax! She points to Warren Buffet, reminding us of his famous liberal dogma, 'Look, tax me because I'm a patriotic American and I want to make sure our country stays strong and is fair.'"

I'm w/ Buffet. On many things actually. I believe in taxes. I like highways, and firemen, and common infrastructure ("the commons"), and I suppose its even good to have a little bit of military, or national guard anyway.

23% tax on tourist spending seem xenophobic (surprise!) and loony.

DS
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Fox

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Re: More on Taxing the Rich
« Reply #8 on: September 26, 2007, 11:45:23 am »

If I'm not mistaken, the province of Quebec has one of, if not THE, highest tax-rates of all the G8 countries and their states/provinces. Still, the quality of life here is good; Free health care, tons of festivals, the rich are still rich and the poor get housed and fed.

Look, I make a measly $30,000/year at my day job, and I get taxed about 13%-15% on that; It ain't that bad! I can't understand the greed.

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danickstr

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Re: More on Taxing the Rich
« Reply #9 on: September 26, 2007, 11:46:33 am »

1 million a year 45%
10 million a year 50%
100 million a year 60%

works for me Shocked
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bblackwood

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Re: More on Taxing the Rich
« Reply #10 on: September 26, 2007, 11:51:26 am »

danickstr wrote on Wed, 26 September 2007 10:46

1 million a year 45%
10 million a year 50%
100 million a year 60%

works for me Shocked

Maybe, but it's unnecessary. The problem lies in the fact that currently, anyone making $200k/year that has a decent accountant will pay a lower percentage than someone making $50k/year. It's not a matter of making the wealthy pay a higher percentage, it's about making the wealthy actually pay the same percentage.
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Brad Blackwood
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danickstr

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Re: More on Taxing the Rich
« Reply #11 on: September 26, 2007, 11:55:08 am »

You forgot to add, in your opinion Laughing
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mgod

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Re: More on Taxing the Rich
« Reply #12 on: September 26, 2007, 11:57:09 am »

bblackwood wrote on Wed, 26 September 2007 08:51


It's not a matter of making the wealthy pay a higher percentage, it's about making the wealthy actually pay the same percentage.

Which was always Buffet's point.

But Buffet is a unique guy - not only did he actually do reasonably non-destructive things that made him insanely wealthy (as opposed to stumbling into it), and drag a big bunch of people along with him, he understands the insanity of it - the greed that it engenders.

DS
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rollmottle

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Re: More on Taxing the Rich
« Reply #13 on: September 26, 2007, 12:21:44 pm »

bblackwood wrote on Wed, 26 September 2007 08:51


Maybe, but it's unnecessary. The problem lies in the fact that currently, anyone making $200k/year that has a decent accountant will pay a lower percentage than someone making $50k/year. It's not a matter of making the wealthy pay a higher percentage, it's about making the wealthy actually pay the same percentage.



you can make 200k/year or 50k/year or 20k/year and still take advantage of the tax shelters in the tax code. as long as its written in there, i don't feel bad. these days i fall in a pretty high tax bracket and i pay about 600 every year for my accountant to sort me out. its a sound investment in making sure there's more money in my pocket at the end of every year. when i was making much less money, it still cost me about 400 bucks. i even used him in college when i was broke as a joke. can't say i've ever felt bad about it nor especially privileged. it surprises me how most people know very little about keeping more of their money in their hands.

besides, even if it cost me 2 grand, i wouldn't much mind because a preparer's fee is TAX DEDUCTIBLE!
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danickstr

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Re: More on Taxing the Rich
« Reply #14 on: September 26, 2007, 12:25:50 pm »

this is a good point.  Many rich friends tell me that their accountant is only 750 a year, while I make one tenth of their income and pay 3-400. Oh well...
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