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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

    The problem isn't how much the rich are paying in taxes. The problem is in how much the middle class is NOT getting in terms of fair compensation for their labor. I'm sure I don't need to tell anyone that the rich have gotten dramatically richer in the past few decades while the people that work for them have stagnated. THAT'S the real problem. Raising taxes on the rich is a crude and inaccurate tool for addressing the disparity. Myself, I would rather more money in my paycheck than broader government benefits.

    If the right wants to complain about Obamacare and government control, then they should be arm twisting CEO's to give across the board pay raises to their employees. There will be a cold day in hell before that happens.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by ChuckBerry View Post
    The problem isn't how much the rich are paying in taxes. The problem is in how much the middle class is NOT getting in terms of fair compensation for their labor. I'm sure I don't need to tell anyone that the rich have gotten dramatically richer in the past few decades while the people that work for them have stagnated. THAT'S the real problem. Raising taxes on the rich is a crude and inaccurate tool for addressing the disparity. Myself, I would rather more money in my paycheck than broader government benefits.

    If the right wants to complain about Obamacare and government control, then they should be arm twisting CEO's to give across the board pay raises to their employees. There will be a cold day in hell before that happens.
    Like the way GM and Chrysler did for years?

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by PeteEU View Post
    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.
    How would he pay only 15% if people who make over $383,350 a year are in the 39.6% bracket according to this link? It seems to me He is leaving out why he only pays 15%. If he was all that concerned about paying more taxes he would set an example by not using any exemptions and donate what he feels is his fair share. He claims his secretary pays 36% for making 60,0000 a year which is also fishy,so either he doesn't know how much is secretary makes or what conditions require that she pay that much or he is lying.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by jamesrage View Post
    How would he pay only 15% if people who make over $383,350 a year are in the 39.6% bracket according to this link? It seems to me He is leaving out why he only pays 15%. If he was all that concerned about paying more taxes he would set an example by not using any exemptions and donate what he feels is his fair share. He claims his secretary pays 36% for making 60,0000 a year which is also fishy,so either he doesn't know how much is secretary makes or what conditions require that she pay that much or he is lying.
    It's not applying tax breaks/credits/loopholes. Yeah, 39.6% is the technical rate but after all breaks and such he actually only pays 15%.
    The GOP National Committee should change their emblem from an elephant to a condom. A condom stands up to inflation, halts production, destroys the next generation, protects pricks, and gives one a sense of security and safety while screwing others.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Snevert View Post
    It's not applying tax breaks/credits/loopholes. Yeah, 39.6% is the technical rate but after all breaks and such he actually only pays 15%.
    Why is it that liberals and progressives(all the same) always worry about how much money is going to the Federal Govt. instead of focusing on how the govt. spends that money?

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Snevert View Post
    It's not applying tax breaks/credits/loopholes. Yeah, 39.6% is the technical rate but after all breaks and such he actually only pays 15%.
    That's not entirely accurate. The reason Buffet on pays 15% is because he doesn't earn a salary from Berkshire Hathaway as the CEO. His "pay" or compensation comes from stock options. The current capital gains tax is 15%. That's why Buffet's tax rate is what it is and is certainly not the norm in the corporate world. Most CEOs get a salary and are taxed at the applicable income rate.

    Funny thing too, in 2010, Berkshire Hathaway paid 5.6 billion at state of 29%.

    Obama and Buffet are banking on the public to be too stupid to know the difference.
    Last edited by Fishstyx; 09-19-11 at 04:35 PM.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Fishstyx View Post
    That's not entirely accurate. The reason Buffet on pays 15% is because he doesn't earn a salary from Berkshire Hathaway as the CEO. His "pay" or compensation comes from stock options. The current capital gains tax is 15%. That's why Buffet's tax rate is what it is and is certainly not the norm in the corporate world. Most CEOs get a salary and are taxed at the applicable income rate.

    Funny thing too, in 2010, Berkshire Hathaway paid 5.6 billion at state of 29%.

    Obama and Buffet are banking on the public to be too stupid to know the difference.
    Most very wealthy people have substantial capital gains income. Hedge fund managers are among the wealthiest people in the country and even their regular income is taxed at 15% due to a loophole that classifies their income as carried interest.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by AdamT View Post
    Most very wealthy people have substantial capital gains income. Hedge fund managers are among the wealthiest people in the country and even their regular income is taxed at 15% due to a loophole that classifies their income as carried interest.
    Capital gains income is taxed at 15%, the amount one makes off it isn't really relevant. If someone makes "significant," well good for them. Frankly, I don't have much beef with closing the hedge fund manager loophole but its really not a loophole. They make their incomes based on investments, not salary. More or less, they're just another investor in the fund. Instead of money, they invest by managing it. Problem with changing this rate, its not only fund and equity firms that take the knock. There are other sectors that will as well and some of these will have employment impacts.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Fishstyx View Post
    Capital gains income is taxed at 15%, the amount one makes off it isn't really relevant. If someone makes "significant," well good for them. Frankly, I don't have much beef with closing the hedge fund manager loophole but its really not a loophole. They make their incomes based on investments, not salary. More or less, they're just another investor in the fund. Instead of money, they invest by managing it. Problem with changing this rate, its not only fund and equity firms that take the knock. There are other sectors that will as well and some of these will have employment impacts.
    It isn't really investment income as they aren't investing their own money. It's a bonus for professional services. And they certainly don't need the tax break. The top hedge managers make more in an hour than most middle class families will make in a lifetime.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by AdamT View Post
    It isn't really investment income as they aren't investing their own money. It's a bonus for professional services. And they certainly don't need the tax break. The top hedge managers make more in an hour than most middle class families will make in a lifetime.
    Why do they make that much? Because they're good at what they do. Anyway, I could truly give a rats ass about hedge fund managers. My beef with eliminating this loophole is that it will also impact others sectors that will have a negative effect on job growth. Real estate, venture capitalists and energy investment.

    If they want to solely target hedge fund managers, go for it.

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