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Thread: GOP plan to extend tax cuts for rich adds $36 billion

  1. #81
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Kal'Stang View Post
    You try living paycheck to paycheck for 20 years and then tell me weather or not you care what they get taxed. BTW, I never said I supported the rich getting taxed to high hell or not.
    I know, my apology, it does seem to be a popular position however by far too many. Those that pay no income taxes don't seem to care about how much taxes others pay as they keep electing the same people over and over again that raise taxes.

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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Scarecrow Akhbar View Post
    Two Words:

    Flat Tax.

    Three Words:

    National Sales Tax.

    Four Word:

    No Value Added Tax.
    Now, now, if we had any of these how would some elected officials keep getting re-elected by those dependent on paying nothing in income taxes

  3. #83
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Conservative View Post
    I know, my apology, it does seem to be a popular position however by far too many. Those that pay no income taxes don't seem to care about how much taxes others pay as they keep electing the same people over and over again that raise taxes.
    NP.

    It is a popular position of the poor I'll agree. But for me at least it is simply because I'm more worried about paying the bills and putting food on the table for my kids. Not from any perception of entitlement that does seem to be rampant in this country.
    I have an answer for everything...you may not like the answer or it may not satisfy your curiosity..but it will still be an answer. ~ Kal'Stang

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  4. #84
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Conservative View Post
    Wonder how much Warren Buffet would pay in taxes if he didn't donate most of his income to charity?
    Less. But you ignored his point. He's talking about RATE. Not amount.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  5. #85
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Conservative View Post
    Isn't the Son of Boss designed to lower capital gains taxes?
    Specifically? No. Can it indirectly by eliminating all taxable income? Yes.

    Why don't we do with the capital gains tax that we do with income taxes, raise the rates on those who do pay capital gains taxes to offset the lost revenue from those how use this tax scheme.
    A better idea would be to impose ridiculously large fines on those who use it rather then simply disallow the reduction in taxes with the current fine system.

    I do believe BOSS was a KPMG product. Not surprising it's massively illegal.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by obvious Child View Post
    Less. But you ignored his point. He's talking about RATE. Not amount.
    Ok, thanks, I just get so confused, just doesn't seem right that he would pay less in taxes if he didn't have the deductions for charitable giving but I bow to your superior wisdom

  7. #87
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Scarecrow Akhbar View Post
    Two Words:

    Flat Tax.
    Not any more likely to be simplier after going through Congress. Furthermore, no flat tax is truly flat.

    Three Words:

    National Sales Tax.
    Impossible to enforce.

    Three Word:

    Value Added Tax.
    Three words:
    Worst Idea Ever.
    Last edited by obvious Child; 08-15-10 at 12:08 AM.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by obvious Child View Post
    Specifically? No. Can it indirectly by eliminating all taxable income? Yes.



    A better idea would be to impose ridiculously large fines on those who use it rather then simply disallow the reduction in taxes with the current fine system.

    I do believe BOSS was a KPMG product. Not surprising it's massively illegal.
    Yes, and we know how badly the govt. needs the taxpayer money since they spend it so effeciently. We all should be concerned about paying for that meager 3.8 trillion dollar budget and all those bailouts for after all that income from the individual should be the government's first.

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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Conservative View Post
    Ok, thanks, I just get so confused, just doesn't seem right that he would pay less in taxes if he didn't have the deductions for charitable giving but I bow to your superior wisdom
    Well, his effective tax rate would drop to 7.5% as cash donations are limited to 50% of total taxable income. As his income is effectively taxed at the 15% rate with a immaterial change due to his standard deduction, donating half his wealth would slice his marginal effective in half. It's not going to be exactly 7.5% but it will be close. At $48.1 million in 2006, his itemized phase out is almost a million, but donating $68+ billion will ensure his carry over is quite large indefinitely. So his taxable income was $24.05 million, which at 19% is $4.5 million split between state and federal. That's signifcently less then my effective tax rate.

    And yes, you should bow to my superior wisdom.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by obvious Child View Post
    Well, his effective tax rate would drop to 7.5% as cash donations are limited to 50% of total taxable income. As his income is effectively taxed at the 15% rate with a immaterial change due to his standard deduction, donating half his wealth would slice his marginal effective in half. It's not going to be exactly 7.5% but it will be close. At $48.1 million in 2006, his itemized phase out is almost a million, but donating $68+ billion will ensure his carry over is quite large indefinitely. So his taxable income was $24.05 million, which at 19% is $4.5 million split between state and federal. That's signifcently less then my effective tax rate.


    And yes, you should bow to my superior wisdom.
    Wow, impressive, you indeed have superior wisdom to everyone in this forum which is lucky to have you but I stated that he shouldn't contribute to charities thus would have no charitable deductions meaning that his taxable income would be a lot higher. Sorry if I wasn't clearer. We all know that rich people should stop giving to charities and send all their money to the govt. so they can deliver it to the charities they deem worthy.

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