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Thread: White House Tax Plan Would Ask More of Millionaires

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    Re: White House Tax Plan Would Ask More of Millionaires

    Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise.

    At least he's consistant.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Helix View Post
    no loopholes save one : give them a preferential tax rate if they directly create jobs with the money. that's one main argument i've seen against "raising" the tax rate on the very wealthy; so let them deliver on the job creation promise.

    problem solved.
    I agree with this, and I believe some of the tax codes attempt this via some of the loopholes, however, they clearly do not work. They may stimulate the economy slightly or create a very small number of jobs, a number that would be increased had the money not been carelessly used to satisfy the requirement for the loopholes - i.e. some just throw money away simply to avoid the higher paying taxes without giving it much attention

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Councilman View Post
    Still say we need a flat on all income levels above the slightly the poverty line and allow no deductions.

    Put a similar flat tax on all business without any loopholes. Singling out the people who start up the new businesses and create the jobs sounds great until you inhibit growth with taxes and over regulations.

    It's a dumb idea that flies in the face of what has gone before and failed.

    What's a fair share?

    We have 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax, is that fair?
    We've gone over this in other threads .. the answer to the question is applying the definition of the word fair in order to determine what a "fair share" is.

    Since some people cannot understand the concept of fair .. this gets difficult. Everyone know that the poor have nothing to give in the sense that they would be forced to go into debt or starve or live without a shelter were they to pay the same percentages as the top percentiles.

    If you think one person being able to pay taxes which to them is "chump change" and another having to go into debt, starve or live without shelter is fair .. you must have some serious issues and should probably see a counselor (not saying this is you, but some people think this way).

    The most "fair" way to calculate a fair share (and don't go off on that "life isn't fair" strawman as you yourself are trying to state that progressive taxation isn't "fair") would be to compare the average low level living costs (i.e. average costs to live without disease, malnutrition etc.) over a state and perhaps the whole country, depending on how you view it, and use those living costs in a predetermined ratio of average low level living costs to income level. e.g. use a formula set up below:

    average low level living costs/income level

    This would be the truest "fair" way to calculate a "fair share" - given one's ave. low level living costs to income level ratio, a tax could be created so that the actual burden of the cost is proportional across all income levels - that's fair

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by 1Perry View Post
    Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise.

    At least he's consistant.
    You're not likely to get this info on FOX so I'll give you some helpBBC News - Obama plans taxes and spending cuts to reduce deficit
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Councilman View Post
    Still say we need a flat on all income levels above the slightly the poverty line and allow no deductions.

    Put a similar flat tax on all business without any loopholes. Singling out the people who start up the new businesses and create the jobs sounds great until you inhibit growth with taxes and over regulations.

    It's a dumb idea that flies in the face of what has gone before and failed.

    What's a fair share?

    We have 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax, is that fair?
    Yes it is, as the 1% earns about 50% of the discretionary income, which is what our income tax system is taxing. You suffer from the common misconception that income taxes are designed to tax dollar $1 of income. They are not. The US income tax code includes exemptions, credits and standard deductions to shelter people from paying tax on the income that pays for their necessities so that the tax is really assessed discretionary income.

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    Re: White House Tax Plan Would Ask More of Millionaires

    OMG...a thread that includes the title 'Tax' and there has yet to be a TurtleDud sighting. I hope he is OK. Maybe someone should send the sheriff to check on him.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Goldenboy219 View Post
    snip



    The rest of the article can be found here

    The effective tax rate is at least 3% less than it was during 2000, when we had a balanced budget. Conversely, tax revenue as a percentage of total income (using the income approach to national output) is at its lowest level since 1950, when tax revenues made up 14.4% of GDP (FWIW, they were 20.6% in 2000). No credible long term deficit reduction can occur without restoring a competent policy. The starve the beast mentality does not take into account fluctuations in the business cycle, and is now taking its toll on our politicians ability to not only fund itself (ala August 2nd), but to enact the necessary fiscal policy to combat the persistently high unemployment rate.
    I think the if the republicans were smart they would offer a reverse Buffett Rule where everybody pays the same percentage Buffett alleges to pays. I think most people would be more happy only paying 17.4 percent instead of the 36 percent rate that Buffett alleges that his secretary pays.


    I though you had to make almost $200,000 a year to pay that percentage not $60,000, something is not right about his claim. 2011-2012 Tax Rates – Federal Income 2011-2012 Tax Brackets
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Helix View Post
    no loopholes save one : give them a preferential tax rate if they directly create jobs with the money. that's one main argument i've seen against "raising" the tax rate on the very wealthy; so let them deliver on the job creation promise.

    problem solved.
    Businesses will not create jobs because they get tax breaks. They will create jobs if there's more consumption.

    This idea of giving tax breaks to "create jobs" is a scam.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by jamesrage View Post
    I think the if the republicans were smart they would offer a reverse Buffett Rule where everybody pays the same percentage Buffett alleges to pays. I think most people would be more happy only paying 17.4 percent instead of the 36 percent rate that Buffett alleges that his secretary pays.


    I though you had to make almost $200,000 a year to pay that percentage not $60,000, something is not right about his claim. 2011-2012 Tax Rates – Federal Income 2011-2012 Tax Brackets
    In many ways irrelevant. His secretary pays 25% on her income, where as he pays 15% on his. His point still stands and is very valid.
    PeteEU

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Frolicking Dinosaurs View Post
    You're not likely to get this info on FOX so I'll give you some helpBBC News - Obama plans taxes and spending cuts to reduce deficit
    Do you think replies like this are cute? Does it somehow make you feel witty? It's neither. The article is from NBC and has nothing to do with Fox. Yours is just a lame response.

    Now your article DOES NOT include a single actual detail either. No specific rate. Just claims of this or that and we know Obama's track record there. So next time, just stuff your lame response under your hat.
    Last edited by 1Perry; 09-19-11 at 07:53 AM.

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