View Poll Results: Should the Buffett Rule" be made law?

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Thread: Should the Buffett Rule" be made law?

  1. #171
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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by Tigger View Post
    Please show me the piece of legislation that indicates a LOWER TAX RATE for the upper income brackets than for the Middle Class. You can't do it.

    What you people are apparently interested in is PUNISHING these people because they are smart enough to figure out how to game the system. I have no such interest. In fact, I like trying to find ways to game the system myself in order to keep more money in MY pocket and out of the hands of the Government.

    Whatcha worried about? If they're not paying a lower rate, they ain't gonna be affected. D'oh!
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  2. #172
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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by liblady
    they won't stop investing. it's how they make their money. what do you think, they'll stuff it in a matress?
    They could stop expanding. They could stop paying for (or back) employee tuition. They could stop giving to charity. They could outsource. They could find other tax-free places to put their money.

    They wouldn't put it under a mattress because you probably would tax the absolute hell out of treasury instruments.

    I do like your thinking though. Now it easier to see why corporations are holding the economy hostage.

  3. #173
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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by jackalope View Post
    Whatcha worried about? If they're not paying a lower rate, they ain't gonna be affected. D'oh!
    My concern is that you people are intentionally confusing the TAX RATE with the actual percentage of their income that they pay. It really sounds to me like you people are intending on doing everything within the Government's power to ensure that these people's ACTUAL PERCENTAGE equals that TAX RATE, no matter what.

    That would be fine with me, except that you don't expect the same thing out of the people at the other end of the tax spectrum. You have no problem with HALF of the country not actually paying anything into the Income Tax system (they get it all back in most cases, and in some cases they even get back more than they put in).

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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by jackalope View Post
    Yes, it would affect him, and the tax is on income.
    Link, that Capital gains taxes will go up.

  5. #175
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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by Tigger View Post
    My concern is that you people are intentionally confusing the TAX RATE with the actual percentage of their income that they pay. It really sounds to me like you people are intending on doing everything within the Government's power to ensure that these people's ACTUAL PERCENTAGE equals that TAX RATE, no matter what.

    That would be fine with me, except that you don't expect the same thing out of the people at the other end of the tax spectrum. You have no problem with HALF of the country not actually paying anything into the Income Tax system (they get it all back in most cases, and in some cases they even get back more than they put in).

    Nope, not confusing the tax rate with the actual percentage of their income that they pay. That is exactly what the millionaire's minimum tax aka the Buffet rule will do, make sure the actual percentage of their income that they pay in taxes is on par with middle income earners. It will affect 0.03% of filers. If the wealthiest are ALREADY paying that percentage, then it won't affect them.

    You conservatives talk quite a bit about the lowest earners not paying income tax. Did it ever occur to you that that is an indictment of the wealth disparity in our country? WHY do we have so many people making so little money???

    And, btw, the working low-income earners DO pay federal taxes. ie payroll taxes. The others - they're mostly old people. Yes, let's DO screw the elderly poor, that sounds awesome.
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  6. #176
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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by 1Perry View Post
    Link, that Capital gains taxes will go up.

    Um, okay, you clearly don't have any understanding of the topic at hand. It's an overhaul of the AMT. So it will not affect the upper middle class anymore, but will instead affect the millionaire earners.

    D'oh !
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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by jackalope View Post
    Nope, not confusing the tax rate with the actual percentage of their income that they pay. That is exactly what the millionaire's minimum tax aka the Buffet rule will do, make sure the actual percentage of their income that they pay in taxes is on par with middle income earners. It will affect 0.03% of filers. If the wealthiest are ALREADY paying that percentage, then it won't affect them.
    They're not paying that percentage because they're smart enough to put themselves in a position not to have to.

    Quote Originally Posted by jackalope View Post
    You conservatives talk quite a bit about the lowest earners not paying income tax. Did it ever occur to you that that is an indictment of the wealth disparity in our country? WHY do we have so many people making so little money???

    And, btw, the working low-income earners DO pay federal taxes. ie payroll taxes. The others - they're mostly old people. Yes, let's DO screw the elderly poor, that sounds awesome.
    No. It occurs to me that the majority of these people are where they are because of the CONSEQUENCES OF THEIR OWN ACTIONS. They are reaping the just rewards for being losers, high school drop outs, unemployable, etc....

  8. #178
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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by Tigger View Post
    They're not paying that percentage because they're smart enough to put themselves in a position not to have to.



    No. It occurs to me that the majority of these people are where they are because of the CONSEQUENCES OF THEIR OWN ACTIONS. They are reaping the just rewards for being losers, high school drop outs, unemployable, etc....

    The bolded is the point of the law. Address the inequities built into the system.


    You'd be incorrect on the last. They are families with children, and elderly people, for the most part, and some (about 13%) who have lots and lots of itemized deductions. They are not 'losers':


    (snip ... )

    The Tax Policy Center’s estimate means that some 76 million households won’t pay federal income tax in 2011. But they still owe other taxes. About two-thirds pay payroll taxes, and most pay state and local income and sales taxes as well as excise taxes on gas, tobacco, cigarettes and alcohol. Of the one third who don’t pay payroll taxes, more than half are elderly who no longer work, and just under half are families with incomes under $20,000. Only about 1 percent of the population pays neither income nor payroll taxes and earns more than $20,000 a year, according to the Tax Policy Center.

    For 50 percent of those that don’t pay federal income taxes, standard deductions and personal exemptions are enough to counteract their taxable earnings. A couple with two children earning less than $26,400, for example, will pay no federal income tax in 2011 because their $11,600 standard deduction and four exemptions of $3,700 cuts their taxable income to nil.

    22 percent are senior citizens who get a more generous standard deduction, can exclude some or all of their Social Security income and may have tax-exempt interest from mutual funds and municipal bonds. For those who itemize, charitable contributions and medical expense deductions also subtract from their tax liability.

    15 percent are working families, many of them low-income, who qualify for one or all of the Earned Income tax credit, the Child tax credit, the Child and Dependent Care tax credit. The earned-income credit is fully refundable, and the Child credit is partially refundable this year, meaning some households may get refunds from the government even if they owe no income taxes.

    The remaining 13 percent are a mix of mostly higher-income individuals with enough itemized deductions for items like mortgage interest, health payments, or charitable contributions, education tax credits, or tax exempt interest to zero out their income taxes.

    “It’s wrong to rail on the 46 percent of people who don't pay income tax,” said Paul Caron, a tax professor at the University of Cincinnati College of Law. “A fairer analysis takes into account all taxes paid—and by this measure, everyone has tax skin in the game,” he said.

    The 50% Of Americans Who Don't Pay Income Tax Will NEVER Be A Good Revenue Source - Business Insider
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  9. #179
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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by American View Post
    The talk is always about tax increases and never about spending cuts.
    Have you been playing attention to, like, the world the past few months?

  10. #180
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    Re: Should the Buffett Rule" be made law?

    Quote Originally Posted by cpwill View Post
    that's bull**** in turn. there hasn't been a single major spending cut. there have been spending-increase reductions. that's like deciding you eat McDonalds everyday, ergo you need to go on a diet. so, you decide you're going to continue to eat McDonalds every day, but now every other day you're going to add an extra big-mac... not every day, though, so you're still on a diet.
    horrible analogy. Government spending to provide goods and services for a growing populace bears little resemblance to an individual's dietary choices.

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