Stop Coddling the Super Rich?

[Gus McCrae]

Tell me what you think here:

http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1

 

[Hitman]

Rich folks keep the economy afloat by constantly pouring money back into the system which in return keeps people WORKING!

The Problem is MORE THAN HALF!!! of Americans are NOT paying Taxes!!!!!

I would rather see 50 MILLION Illegal Immigrants who CONSTANTLY put money back into the Economy, from groceries to cars to homes, then 50 Million Welfare Recipients who sit on the porch and CANNOT put ANY money back in b/c the money they have is TAX MONEY!

Big Companies also go overseas b/c they are CHOKE TO DEATH by Fed Regulations and over TAXED. Add ObamaCare to their COST and GOOD BYE!

wussaa..... I hate class warfare.

 

[Gus McCrae]

Rich folks keep the economy afloat by constantly pouring money back into the system which in return keeps people WORKING!

The Problem is MORE THAN HALF!!! of Americans are NOT paying Taxes!!!!!

I would rather see 50 MILLION Illegal Immigrants who CONSTANTLY put money back into the Economy, then 50 Million Welfare Recipients who sit on the porch and CANNOT put ANY money back in b/c the money they have is TAX MONEY!

wussaa..... I hate class warfare.

Did you read the article? It's really more about people paying thier fair share. It's about average middle class joe paying a huge chunk of his income where as the investing rich don't pay a similar percentage.

 

[Hitman]

Did you read the article? It's really more about people paying thier fair share.

To which I'd agree with to an extent. Who knows it might work.

But if we lop size taxes on the Rich I don't think it would work well for the Economy.

 

[SpeedRacer]

Regardless who's paying...the problem is not income, it's outflow.

 

[rooster]

People look at it the wrong way. Don't charge the rich more just charge the middle class less. A flat sales tax or fair tax would fix this. I spend less money than a rich guy (probably) so I pay less. The main focus should be first on middle class paying less. This is a play on envy.

 

[charliepapa]

Did you read the article? It's really more about people paying thier fair share. It's about average middle class joe paying a huge chunk of his income where as the investing rich don't pay a similar percentage.

with all due respect, can you give some reliable source that backs up the statement you make above: "the investing rich don't pay a similar percentage"?

most of what you refer to as the "investing rich" aren't necessarily avoiding or getting out of paying taxes. they are postponing the payment of taxes on the invested amount until that money is actually in their possession. aside from that, I do believe they are paying the same or higher percentage on the net money actually rec'd during any tax year.

I think if "average middle-class joe" (and/or joette) would live within their means, this wouldn't be such an issue. however, people in general are covetous and strive to always have the bigger and better whatever. that is much easier for the rich so everyone below them on the financial totem pole wants to nick them for "their fair share", when most people have no idea what that is or what those people are already paying. most of them are usually business owners, which means to a certain extent that they are being taxed double on whatever money is taken out of the company in the from of salary, dividends, etc. trust me; the corporate taxes paid by their company plus personal income tax usually far exceeds "their fair share".

also, how should we go about determining one's "fair share"?

 

[Hitman]

The more money you put in 'People's Hands' the better off the Economy.

Americans are NOT savers, were Spenders! Imagine if Gas went down to 0.80 cents a gallon today. Those few hundred dollars a month people could save WOULD NOT be going into a Bank Account. People would use it to buy MORE stuff from ATV's to Motorcycles to TV's to Swimming Pools. That's what we do.

 

[Paintball]

Regardless who's paying...the problem is not income, it's outflow.

Heard this a few Sundays ago.

"When your Outflow is greater than your Income your Upkeep will be your Downfall."

 

[Gus McCrae]

with all due respect, can you give some reliable source that backs up the statement you make above: "the investing rich don't pay a similar percentage"?

most of what you refer to as the "investing rich" aren't necessarily avoiding or getting out of paying taxes. they are postponing the payment of taxes on the invested amount until that money is actually in their possession. aside from that, I do believe they are paying the same or higher percentage on the net money actually rec'd during any tax year.

I think if "average middle-class joe" (and/or joette) would live within their means, this wouldn't be such an issue. however, people in general are covetous and strive to always have the bigger and better whatever. that is much easier for the rich so everyone below them on the financial totem pole wants to nick them for "their fair share", when most people have no idea what that is or what those people are already paying. most of them are usually business owners, which means to a certain extent that they are being taxed double on whatever money is taken out of the company in the from of salary, dividends, etc. trust me; the corporate taxes paid by their company plus personal income tax usually far exceeds "their fair share".

also, how should we go about determining one's "fair share"?

I gave you the information you needed. My comment was on the content of the article. I provided the article. If you read it, you can see what I was talking about. What more do you need?

Buffet explains in the article why the Rich aren't paying as high a percentage of income because their income is from capital gains and not from actually working like many here do.

AS far as the company paying "corporate" taxes. If the company is set up separate (like an LLC), then the taxes should be separate. The company pays it's taxes and the salaried head boss pays his taxes. I'm not sure why one should get a break just because they set up a separate entity.

I actually think that people should pay a flat tax. IMO, it's not fair that people who don't pay taxes (and don't make any money) should get a refund, but it's also not fair if someone pays less in taxes because their source of income is different than someone who punches a clock.

 

[Gumbo]

The problem is that different people have different definitions of the middle class and of the rich and many of them are unrealistic. First of all, Warren Buffet has made the majority of his money playing in the stock market so, in my mind, he already has a warped sense of reality about what the average small business owner has to do to make a dollar and then hang on to it. Secondly, the man has such an ungodly amount of money that there's no possible way he could understand what it means to be a member of the upper class, but not so wealthy that any substantial tax increase would knock you back down to middle class.

I'd also like to point out that the only legitimate purpose of a government levy is to raise funds, not to engineer social equality which is what a progressive income tax is designed to do.

 

[Gus McCrae]

Regardless who's paying...the problem is not income, it's outflow.

No doubt that's the problem, but we still have a huge bill to pay. If I'm paying X% of my income, why shouldn't everyone else pay the same X%?

 

[USMC-Deano]

Flat tax FTW. Too bad it will never happen and those who have busted their butts for 40 years getting where they are will still have to pay a third or more of their hard earned money to those who refuse to work. I'm not wealthy, I'll be very surprised if I ever crack the 100k/year mark, but I still don't think it's fair that someone who has earned his money should have to pay 33% tax or more when I will pay much less than that. Punish those who keep this country afloat? Makes sense to me.../sarcasm.

 

[Leonidas]

Let's just confiscate everything the super rich own. Wouldn't put a dent in this year's budget. Then what are you going to do next year? There aren't any super rich left.

 

[Hitman]

If I'm paying X% of my income, why shouldn't everyone else pay the same X%?

Who do you employ? What jobs are you creating? How much money are you circulating back into the system?

They pay in other areas.

Small Business owners are really feeling the pain much more than Multi-Million dollar companies. That's what's chocking America too.

For example;
I know a small business owner who grosses around 1 million a year.
However after taxes, insurance, employee insurance, unemployment and taxes and on and on he ends up paying $700,000 to $800,000 in Back!

So he's left with $250,000 to keep the business running when equipment for it cost on average of $20,000 - $50,000 a piece.

Now what percentage of his gross income is that?

 

[Trachito]

why doesn't buffet reinvest and create more jobs instead of pay more taxes? that would get people working, off welfare, increase consumer spending, and lower the amount of people becoming homeless and having to depend on the system.

 

[Gus McCrae]

Flat tax FTW. Too bad it will never happen and those who have busted their butts for 40 years getting where they are will still have to pay a third or more of their hard earned money to those who refuse to work. I'm not wealthy, I'll be very surprised if I ever crack the 100k/year mark, but I still don't think it's fair that someone who has earned his money should have to pay 33% tax or more when I will pay much less than that. Punish those who keep this country afloat? Makes sense to me.../sarcasm.

I tend to agree with this, but I think that currently some of us may not fully understand what the rich actually pay. We are told a number like 33%, but I'm starting to think I need to understand it better.

It's like someone stated earlier about corporate tax rates being high. If you start a company, you are going to separate yourself from the company so you don't have the liability, why shouldn't the company be taxed as a separate entity and your income be taxed since you are a separate entity???? Additionally, why shouldn't everyone just be taxed on income regardless of how you made the money?

I'll admit, I don't fully understand how everybodies taxes are different, but I read the article and it made me question what I thought I knew.

 

[Leonidas]

The top 1% of taxpayers pay more than the bottom 95%. Right now. That doesn't really seem fair to me, but from the other side of the issue than your question implies.

That means every one of them pays more than 19 other people combined.

 

[charliepapa]

AS far as the company paying "corporate" taxes. If the company is set up separate (like an LLC), then the taxes should be separate. The company pays it's taxes and the salaried head boss pays his taxes. I'm not sure why one should get a break just because they set up a separate entity.

If you own a corporation, then you essentially, as the owner, pay corporate taxes. The goal of most businesses is to eventually pay the owner for the fruits of his labor, risk, and, God forbid, for his investment. If he (as the owner of the business) is taxed corporately and personally, he is taxed twice on the money. Face it, a company is inanimate; the money eventually getting in the owner's pocket is the goal.

I actually think that people should pay a flat tax. IMO, it's not fair that people who don't pay taxes (and don't make any money) should get a refund, but it's also not fair if someone pays less in taxes because their source of income is different than someone who punches a clock.

we agree on a flat, or consumption tax. the "rich" would probably pay more because they are able to consume more and/or more expensive things. As to you thinking it isn't "fair" that investment returns are taxed differently, than hourly wages, I pose this question to you: Where do you think the money came from that the investor used for the principal amount of his investment? What if he punched a clock to earn that money? Does that make a difference, other than the fact that IMO, he shouldn't have to pay ANY taxes once he's been fleeced the first time?

 

[Hitman]

why doesn't buffet reinvest and create more jobs instead of pay more taxes? that would get people working, off welfare, increase consumer spending, and lower the amount of people becoming homeless and having to depend on the system.

B/c Buffet is a super Billionaire and when he says Tax the Rich he's talking to about those who make over $250,000 a year.

Buffet could write a hundred million dollar check tomorrow and not bat an eye.

Like has been said. How will the RICH be defined?