Rich people and Taxes

[waterdog101]

The very rich don't like to pay taxes, so it seams. by the way they use all the loopholes. but here is a way to get some extra money from the rich, without taxing them more. push the election back another year, postpone it until 2013 and the rich folks money keeps pouring in. the rich don't care at all to empty their pockets in an election, the two party's are spending, 26 dollars and some change per second, on this election. now that has to be helping the economy. 26x60=1560.00 per minute...1560.00 X 60= 93,600.00 per hour...93,000.00 X 24= 2,246,400.00 per day.
X 365= 819,936,000.00 per year. I heard this on NPR radio last week, and I think the 26.00 per hour was for only one of the 2 partys. so that total would only be half the election spending. CRAZY!!

[RoadToad]

The very rich don't like to pay taxes, so it seams. by the way they use all the loopholes...

Nobody LIKES to pay taxes. I don't, anyway. And you can't blame people for using every exemption that's available to them.

[SLP]

Nobody LIKES to pay taxes. I don't, anyway. And you can't blame people for using every exemption that's available to them.

Exactly, nobody likes paying taxes, but even when using exemptions the "rich" still will pay a large percentage of our income taxes. Basically what is today often considered by many as "the rich" do pay the lions share of everyone's tax burden.

The most up to date I found was 2009 and this is the % breakdown of federal income taxes paid.

Top 1% paid 36.73
Top 5% paid 58.66
Top 10% paid 70.47
Top 25% paid 87.30
Top 50% paid 97.75
Bottom 50% paid 2.25%

People can argue forever and still will never agree whether it is fair or not for such a small percentage to be forced to bear the burden of paying the majority of taxes for everyone else. However what is really disturbing is the current trend of so many that choose to criticise and insult those that do. While I consider myself to be blessed, our family is nowhere near the top percentages, but I certainly don't believe they should be forced to pay a even higher burden then they are currently required to. IMHO there is just too much old fashion jealousy and envy in this country. There is certainly a very large population in the bottom 50% that are paying nothing at all into the system that they live and benefit from. Is that fair, well maybe it is, maybe it isn't. However when I see so many people (politicians included) in this day and age describe or imply that those that do pay the extra share needed as greedy, it really sounds boorish.

[Hlleonard]

Exactly, nobody likes paying taxes, but even when using exemptions the "rich" still will pay a large percentage of our income taxes. Basically what is today often considered by many as "the rich" do pay the lions share of everyone's tax burden.

The most up to date I found was 2009 and this is the % breakdown of federal income taxes paid.

Top 1% paid 36.73
Top 5% paid 58.66
Top 10% paid 70.47
Top 25% paid 87.30
Top 50% paid 97.75
Bottom 50% paid 2.25%

People can argue forever and still will never agree whether it is fair or not for such a small percentage to be forced to bear the burden of paying the majority of taxes for everyone else. However what is really disturbing is the current trend of so many that choose to criticise and insult those that do. While I consider myself to be blessed, our family is nowhere near the top percentages, but I certainly don't believe they should be forced to pay a even higher burden then they are currently required to. IMHO there is just too much old fashion jealousy and envy in this country. There is certainly a very large population in the bottom 50% that are paying nothing at all into the system that they live and benefit from. Is that fair, well maybe it is, maybe it isn't. However when I see so many people (politicians included) in this day and age describe or imply that those that do pay the extra share needed as greedy, it really sounds boorish.

--
I don't believe we can ever attain anything called fair in the taxing process and still have the country we have built in the last few hundred years... The rich pay the lions share of the tax burden but to say them paying 15% of their income in taxes while the middle class pays a rate somewhere above that and calling that unfair to the rich is simply wrong.

[DJD]

I don't like paying taxes but we have to so I deal with it. What really surprises me and disappoints me is anyone who actually jumps on this class warfare crap by Obama. He harps on this like this is the cause of all our problems when in fact it's not even on the map as far as why we are in the shape we are in.
The gubment spends to much!!!! Get it?!?!?!? They spend waaay more than they take in. They give billions away to stupid crap and other countries. Thats the crap that needs to stop!!! To even discuss this tax thing when these "rich" folks are doing what is legal and many are business owners who pay taxes and support many jobs for people who pay taxes. I mean COME ON its a diversion by a man and party that has failed miserably and you guys are to smart to really think this topic of taxing more would amount to a hill of beans. Why not be accountable for the money they spend first?? Can you agree that's the first step?? Going after more money from rich people or the Chinese is denial.

[waterdog101]

I didn't mean to get under anyone's skin about taxes, I posted that to really poke a little fun, at how the really rich, spend big time to try and buy the elections. 26.00 per second does add up. buy the way, I pay a third of my weekly pay in taxes. and don't like it either. but thats life. and if I have to give up a third of my income in taxes, I think the Obamas and Romneys and trumps of the USA should as well.

[SLP]

I don't like paying taxes but we have to so I deal with it. What really surprises me and disappoints me is anyone who actually jumps on this class warfare crap by Obama. He harps on this like this is the cause of all our problems when in fact it's not even on the map as far as why we are in the shape we are in.
The gubment spends to much!!!! Get it?!?!?!? They spend waaay more than they take in. They give billions away to stupid crap and other countries. Thats the crap that needs to stop!!! To even discuss this tax thing when these "rich" folks are doing what is legal and many are business owners who pay taxes and support many jobs for people who pay taxes. I mean COME ON its a diversion by a man and party that has failed miserably and you guys are to smart to really think this topic of taxing more would amount to a hill of beans. Why not be accountable for the money they spend first?? Can you agree that's the first step?? Going after more money from rich people or the Chinese is denial.

Exactly, we don't have a revenue problem in this country, we have a spending problem. I don't have the specific facts in front of me, but I read somewhere that even if the government collected every cent earned from the richest Americans we would still run a deficit. Taxing our way out of this problem clearly is not the answer. The sooner people understand that, and quit viewing everything through the spectrum of class warfare, the sooner this country can try and have an honest debate about the best way to move forward.

[know1]

I don't like paying taxes but we have to so I deal with it. What really surprises me and disappoints me is anyone who actually jumps on this class warfare crap by Obama. He harps on this like this is the cause of all our problems when in fact it's not even on the map as far as why we are in the shape we are in.
The gubment spends to much!!!! Get it?!?!?!? They spend waaay more than they take in. They give billions away to stupid crap and other countries. Thats the crap that needs to stop!!! To even discuss this tax thing when these "rich" folks are doing what is legal and many are business owners who pay taxes and support many jobs for people who pay taxes. I mean COME ON its a diversion by a man and party that has failed miserably and you guys are to smart to really think this topic of taxing more would amount to a hill of beans. Why not be accountable for the money they spend first?? Can you agree that's the first step?? Going after more money from rich people or the Chinese is denial.

Well said.

Plus - people attack the rich, when they should be attacking those who passed the tax laws.

[SLP]

--
I don't believe we can ever attain anything called fair in the taxing process and still have the country we have built in the last few hundred years... The rich pay the lions share of the tax burden but to say them paying 15% of their income in taxes while the middle class pays a rate somewhere above that and calling that unfair to the rich is simply wrong.

That is simply not true. There are no people in the highest brackets that pay only 15% of their earned income. What you are referring to is a 15% tax rate of dividend income which is entirely different. That 15% is actually a double tax, which has already been taxed once at the corporate rate. So any dividend income has been taxed at a corporate rate of somewhere between 15-35%, then taxed again with an additional 15% for the individual.

Do we really want to discourage investment in this countries economy? If we do, it will slow the economy further, which in turn results in less tax revenue. Individuals which take risk and invest in corporations would dry up dramatically if things like dividends and capital gains are viewed and taxed the same as guaranteed earned incomes.

I know saying the rich only pay 15% makes for a good soundbite but it is not an honest argument. What next, tax free bonds? Should we do away with those as well? Using your logic tax free bonds is the most unfair of all?

[Hlleonard]

That is simply not true. There are no people in the highest brackets that pay only 15% of their earned income. What you are referring to is a 15% tax rate of dividend income which is entirely different. That 15% is actually a double tax, which has already been taxed once at the corporate rate. So any dividend income has been taxed at a corporate rate of somewhere between 15-35%, then taxed again with an additional 15% for the individual.

Do we really want to discourage investment in this countries economy? If we do, it will slow the economy further, which in turn results in less tax revenue. Individuals which take risk and invest in corporations would dry up dramatically if things like dividends and capital gains are viewed and taxed the same as guaranteed earned incomes.

I know saying the rich only pay 15% makes for a good soundbite but it is not an honest argument. What next, tax free bonds? Should we do away with those as well? Using your logic tax free bonds is the most unfair of all?

--
I would like to say I agree with Mr. DJD that we as a nation overspend and it may finally be coming home to roost... I believe this was hashed around earlier in another thread and I agree we have to treat the rich with kid gloves or they might take their football and quit the game but just because that is something we have to do does not make it right... As far as the argument about double and triple taxation, an investment stands on its own... As far as the 15%, Mr. Romney told us his tax rate was 14%, I just have to assume he knew what his tax rate was.

[GeoFisher]

That is simply not true. There are no people in the highest brackets that pay only 15% of their earned income. What you are referring to is a 15% tax rate of dividend income which is entirely different. That 15% is actually a double tax, which has already been taxed once at the corporate rate. So any dividend income has been taxed at a corporate rate of somewhere between 15-35%, then taxed again with an additional 15% for the individual.

Do we really want to discourage investment in this countries economy? If we do, it will slow the economy further, which in turn results in less tax revenue. Individuals which take risk and invest in corporations would dry up dramatically if things like dividends and capital gains are viewed and taxed the same as guaranteed earned incomes.

I know saying the rich only pay 15% makes for a good soundbite but it is not an honest argument. What next, tax free bonds? Should we do away with those as well? Using your logic tax free bonds is the most unfair of all?

I AGREE completely with what you're saying, but you are a little off. I don't think it is double taxed.

In my case I buy some stock on the open market.........not a crap ton of stocks but I probably spend 1k a year adding additional pieces to my stock portfolio..........WHENEVER I have some extra money and I want to add, I generally ADD it there.

That 1000 is after tax.....so yea, I was taxed on it, but only the GAIN, meaning the value I made off of the sold instrument is taxed, and that is taxed and different rates. Say that 1000 dollars was invested in something that tripled in value, making the value now 3000. I made 2000, so that 2000 is taxed.

If I choose to sell that in the FIRST year of ownership, that is considered a short term gain and is taxed at my regular income rate.

If I choose to hold it and ride it out and have it for 1 year or more, then that is a long term gain and is taxed at 15%.......this is where the 15% for Mitt Romney comes from.

This may not be exactly right...but it is pretty close.

I hope this helps.

Later,

Geo

[mhall]

I'm the Big O and this is my trusty sidekick DumbJoe and we are here to save the day by taking money from the evil rich people to give to the poor needy folks..

Ta Da...................Sound of trumpet's and a mighty swoosh from their Cape and away...

FLIPPIN STUPID IDIOTS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Good God it's just frickin laughable!!!