View Poll Results: Do the Rich Pay Their Fair Share?

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  • Yes

    82 45.30%
  • No

    99 54.70%
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Thread: Do the Rich Pay Their Fair Share of Taxes in the United States?

  1. #1081
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    Quote Originally Posted by haymarket View Post
    The term FAIR should be abolished in discussions about taxation. APPROPRIATE is a more apt term.

    Yes, lets tax capital gains and inheritance at normal rates - but they need to follow the progressive schedule. Perhaps three or four basic rates starting at 5% for everyone who earns dollar one and topping at 40% for the top rate with a couple in between that. I would favor very few if any deductions - perhaps something for medical expenses if we do NOT have national health care but that would be about it.
    The inheritance tax is BRUTAL and LTCG taxation is grossly unfair unless adjusted for inflation. The inheritance tax makes passing a family farm or business from parent to child into a situation that OFTEN forces the sale of the asset passed down unaviodable. If a 10,000 acre farm is passed down and 3,000 acres must be sold simply to pay the taxes, it soon disappears, as would a bakery or small store. A house bought at fair market value, held for 12 years (with no additions) and then sold for fair market value is no gain at all, since you may not now buy any house worth more than the one that you just sold. The same is true of a stock, unless it has appreciated well beyond the general inflation rate.

    Deductions and credits are NONSENSE since they are NOT based on income, but on how that income was spent, they are PURE social engineering. A federal income tax rate of 40% is insane, especially in light of it being 8x YOUR "base rate", as most businesses now operate at about a 6% to 10% profit margin. You would cry like a baby if 40% interest was charged on your credit card or car loan. You must be sure that, not YOU, but only some anonymous "rich guy", business or corporation would be taxed at that rate, but fail to see that they would simply raise the price of their goods/services to pass that added taxation cost along to YOU, or simply close up shop here and move to a more favorable place to do business. The rich did not get rich by being stupid. ;-)
    Last edited by ttwtt78640; 06-27-12 at 05:29 PM.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  2. #1082
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    Quote Originally Posted by ttwtt78640 View Post
    A federal income tax rate of 40% is insane
    Romney only paid 14%...............
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  3. #1083
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    the amount they pay is unfairly high because our govenrment demands too much in total. I did not vote though as I am sure the question was designed to say they unfairly pay too little and I am not going to pad that asinine stat further.

  4. #1084
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    Quote Originally Posted by ttwtt78640 View Post
    The inheritance tax is BRUTAL and LTCG taxation is grossly unfair unless adjusted for inflation. The inheritance tax makes passing a family farm or business from parent to child into a situation that OFTEN forces the sale of the asset passed down unaviodable. If a 10,000 acre farm is passed down and 3,000 acres must be sold simply to pay the taxes, it soon disappears, as would a bakery or small store. A house bought at fair market value, held for 12 years (with no additions) and then sold for fair market value is no gain at all, since you may not now buy any house worth more than the one that you just sold. The same is true of a stock, unless it has appreciated well beyond the general inflation rate.

    Deductions and credits are NONSENSE since they are NOT based on income, but on how that income was spent, they are PURE social engineering. A federal income tax rate of 40% is insane, especially in light of it being 8x YOUR "base rate", as most businesses now operate at about a 6% to 10% profit margin. You would cry like a baby if 40% interest was charged on your credit card or car loan. You must be sure that, not YOU, but only some anonymous "rich guy", business or corporation would be taxed at that rate, but fail to see that they would simply raise the price of their goods/services to pass that added taxation cost along to YOU, or simply close up shop here and move to a more favorable place to do business. The rich did not get rich by being stupid. ;-)
    Are you considering the generous exemptions in the inheritence tax? One can protect ten million dollars from having a dollar of tax paid upon it?

    As far as 40% being "insane" - the rate today is 35%. Do you believe that the additional five points suddenly takes it to insanity? We have had much higher rates in the last fifty years and we still had rich folks, still had job producers, and still had a healthy economy.
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    Quote Originally Posted by Catawba View Post
    Romney only paid 14%...............
    Yup - I paid a higher percentage of my income in federal tax than he did.
    __________________________________________________ _
    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

  6. #1086
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    Quote Originally Posted by Catawba View Post
    Romney only paid 14%...............


    Gotta love those tax laws we have, huh?

  7. #1087
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    Quote Originally Posted by MoSurveyor View Post
    Because it's misleading and irrelevant.
    Having more HS grads overall would just put more HS grads in the unemployment lines.
    There you have it folks. Mo Believes the answer to helping those without opportunity is to educate them less.

    God damn, just when I thought it couldn't get any crazier. You have certainly kept it interesting Mo.

    Should you just really go nuts with it Mo? Maybe an anti-education campaign? You could find the most unfortunate and easily swayed, and tell them to "drop the **** out of school you idiot, it's not helping, you could be working unskilled labor! You'd unclog those unemployment lines, you'd be national hero. You are a real visionary.

  8. #1088
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    Quote Originally Posted by Catawba View Post
    Romney only paid 14%...............
    That is correct. It is also correct that:


  9. #1089
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    Quote Originally Posted by cpwill View Post
    That is correct. It is also correct that:




    Where do you get those wonderful charts?

  10. #1090
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    Re: Do the Rich Pay Their Fair Share of Taxes in the United States?

    there is actually a ton of econ blogs out there. simply google your subject matter and search through - someone will likely have crunched the numbers already for you.

    and remember - plagarism is the highest form of flattery!

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