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Thread: White House Tax Plan Would Ask More of Millionaires

  1. #111
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Thunder View Post
    duty or no duty, you still could afford it. am I right?
    NO i cannot. I have other things to spend the money on

    You could afford more taxes too. You don't need a computer. you should sell it and pay the receipts to the government



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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    I find it rather disingenuous that some claim that the government should not "pick" winners or losers by having different tax treatment of different sources of income yet they oppose a flat tax on all income or a consumption tax-both of which would prevent the government engaging in class warfare or pitting one group against another.
    As stated before; a flat tax creates deadweight loss via the externalities associated with those on the lower income quartile. For example a 15% tax on $50,000 is $7,500. However, if a family has a real cost of living of say $30,000, discretionary income less taxes is $20,000. Such a tax would eat up about 37.5% of discretionary income.

    Now consider a 15% tax on $150,000 with a cost of living of $90,000. Discretionary income less taxes is $60,000, and the tax eats up the same 37.5% of discretionary income.

    The difference between the two scenarios? The standard of living is 3x's greater for the higher income example. Flat taxation will only exacerbate wealth inequality and standard of living inequality.

    What is obvious is many people try to justify higher rates on dividend or Capital gains income PURELY because a few thousand people have lower taxes than some highly salaried individuals because those few thousand have only investment income and that somehow upsets the class warriors who are mad that a billionaire only paid 18% of his billion dollar income while someone making 200K a year might have paid 20%. (Buffet's secretary would have to be making over 150K for him to come close to being honest and he still paid 35% rate on his 100K salary)

    They ignore that the billionaire paid more actual dollars than 70+ million americans combined but they ignore the fact that 47% of Americans have exactly the same rights as a billionaire but pay less income taxes COMBINED than that one billionaire.

    They are indignant over "unequal tax rates" except when it allows people to have full citizenship rights without paying the dues
    Nope. See the example above.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

  3. #113
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Thunder View Post
    Honestly, I can't believe some people are actually defending millionaires against just a little tax increase.

    They can afford it. They won't go hungry. They won't have to move in with mom.

    There is no logical, rational, nor common-sense reason to oppose a small tax-increase on the wealthy.
    where does this parasitic belief system stop? You will continue to claim that in any tax increase

    why cannot everyone else pay more taxes too?



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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Goldenboy219 View Post
    As stated before; a flat tax creates deadweight loss via the externalities associated with those on the lower income quartile. For example a 15% tax on $50,000 is $7,500. However, if a family has a real cost of living of say $30,000, discretionary income less taxes is $20,000. Such a tax would eat up about 37.5% of discretionary income.

    Now consider a 15% tax on $150,000 with a cost of living of $90,000. Discretionary income less taxes is $60,000, and the tax eats up the same 37.5% of discretionary income.

    The difference between the two scenarios? The standard of living is 3x's greater for the higher income example. Flat taxation will only exacerbate wealth inequality and standard of living inequality.



    Nope. See the example above.
    you miss my point. progressive income taxes create the problems we have now. a flat tax would prevent many of the voters demanding more government

    you want more government

    I do not



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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Thunder View Post
    its very simple: the more money you make, the more you can afford to pay in taxes, therefore the more you should pay in taxes.

    its common sense. its logical. its rational. it doesn't take a rocket scientist to understand it.
    You are right, it is very simple yet what you feel is common sense is really just the stench leftover by how badly the corpse of common sense has been mutilated by our poorly educated society. Let's just say that I make 1 Million Dollars a year, and we will take your actual salary (estimated based on your level of education) of $20,000 a year. If I were taxed at 17%, I would have paid $170,000 in income taxes. You, making less money than me would have paid only $3400 at the same percentage. Since you want to get hung up on percentages, that would mean that you only paid 2% of the taxes that I did. Why do you feel somebody should have to pay more to use the same things that you do just because they make more money? Sure "they can", but that does not justify your reasons for them actually doing so now does it? Target can't check somebody's bank account first and then decide how much they are going to charge them for their groceries, are they?

  6. #116
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    obumble's scheme is good politics, lousy economics and he wants to tax the rich poor so he can claim it will pay for him buying more votes with more idiotic spending
    Incorrect. The national debt is greater than annual output; taxing lower income households @ a higher rate does nothing to solve this problem.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    where does this parasitic belief system stop? You will continue to claim that in any tax increase

    why cannot everyone else pay more taxes too?
    the more money you make, the more you can afford to pay in taxes. its simple, its logical, its not rocket science.

    and some people can even afford to pay just a little more in taxes without it affecting their spending even one single bit.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    you miss my point. progressive income taxes create the problems we have now. a flat tax would prevent many of the voters demanding more government

    you want more government

    I do not
    You state this with full ignorance of our current financial and economic situation. If the government does not spend when the private sector is simply unwilling, Greater Depression here we come.

    Low income as a % of total output (on a relative basis) has created the problem we have now.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    you miss my point. progressive income taxes create the problems we have now. a flat tax would prevent many of the voters demanding more government

    you want more government

    I do not
    So you just want to do the exact same thing by manipulating taxes to support your own political views? I don't think you spent enough time thinking about your position on this issue.

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    Re: White House Tax Plan Would Ask More of Millionaires

    from Turtle

    They are indignant over "unequal tax rates" except when it allows people to have full citizenship rights without paying the dues
    Could you please quote the Article and Section of the US Constitution where this DUES paying is outlined in full?
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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