View Poll Results: Do The Rich Pay Too Much Income Taxes

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  • Yes

    38 33.93%
  • No

    72 64.29%
  • I don't know

    2 1.79%
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Thread: Do The Rich Pay Too Much Federal Income Taxes

  1. #191
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by TurtleDude View Post
    I don't support the concept that they should pay so much more when they don't get additional benefits. Indeed, most billionaires are doing plenty for society. some aren't but many are. they certainly USE less government than those millions

    ability to pay appeals to the masses but is hardly fair
    You are confusing a consumers retail purchase with a citizens tax obligation. They have nothing to do with one another and confusing them is a serious logical fallacy which dooms your position.

    As a member of the American society, how much you pay in taxes is irrelevant to your tax bill. That is simply reality and for you to insist on a connection is simply factually wrong.

    When one goes to Costco and fills their basket with what they want, it is right and proper for them to evaluate the benefit of the items with the price they pay. But that does not apply to a citizens tax obligation.
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  2. #192
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by Joby View Post
    Aside from bankers who got bailed out (read: failed) and are still there I don't see how you make this point. I agree CEO pay is ridiculous, but in the private sector performance is still pretty important.
    I am only talking about their salaries... no businessman deserves 1 million a year or even more. The disproportionality between salaries, and then tax contribution, is ridiculous.
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  3. #193
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by pbrauer View Post
    Answers:

    Yes

    No

    I don't Know

    The 2013 tax tables are below:
    No, the rich aren't paying nearly enough - not as long as they have the poor working at wages so low that they have to have government assistance in order to have food, shelter, and clothing. First ensure that all entry-level workers are paid a living wage (as the 'Father of Capitalism' Adam Smith himself said was proper), and THEN come back and ask us about who's paying too much or too little taxes.
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  4. #194
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by Bodhisattva View Post
    I am only talking about their salaries... no businessman deserves 1 million a year or even more. The disproportionality between salaries, and then tax contribution, is ridiculous.
    Who are you to determine what others should earn?
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
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  5. #195
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by vasuderatorrent View Post
    I think that is something that is rarely considered when data comes out about the net worth of somebody.

    I would guess that less than 2% of the wealth of these millionaires/billionaires is liquid. Bill Gates has a net worth of $74,494,269,445. I have a hard time believing that he keeps $1,489,885,388.90 in his bank account.
    So when Kobe sees his measly millions in taxable income he pays 39.6% on federal income tax, plus the state taxes of California. And Cali loves that entertainment money.

    Meanwhile, Mr Gates will pay either 15% or 20% tax on the capital gains he makes from stock or dividends (it would not surprise me if he claims $0 income from Microsoft just to pay no capital gains) assuming they qualify as "long term."

    That's how I understand it. I am wrong? If not then that's an issue for me.

    edit: Like Lincoln said, A dollar from labor should be valued higher than one from capital.
    Last edited by Joby; 04-16-14 at 07:46 PM.
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  6. #196
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by Gipper View Post
    A multimillionaire in California is subject to the top tax bracket of 39.6% for the vast majority of his money, and California's state taxes peak at 12-13%. Assuming a minor state credit for federal liability, you're still paying damn near 50%.That's not a misconception. You're just plain wrong.
    Look... I hold a CPA certificate (though not active) I do know a little bit about taxes. You, OTH, are falling into the very misconception I am talking about... confusing the highest marginal rates (taxes paid on last dollars) with effective rates (total tax paid to total income). The common misconception is that you can add one marginal rate to another and say 'see, I am paying half my income in taxes'. Not true!

    Effective tax rates are always considerably lower marginal rates (some income is not taxed at all, tax returns have tons of deductions, most passive income is all taxed at 15-20% and the first $300 - 400K of earned income is taxed at lower rates). Multi-millionaires (which is a statement of wealth, not income) typically have a very substantial portion of their income in the form of dividends and cap gains, which is taxed at 15-20%.

    One's marginal rate is ALWAYS higher than the effective. Secondly, every dollar paid in state tax is a deduction from federal.... hence, when you talk of a California tax of 13% and a federal marginal tax of 39.6%, even when you are paying last dollars (taxed at the highest rate), every dollar paid to California results in a deduction of federal tax of $.396, hence making the highest California effective rate really more like 8%.

    How did you put it? You're just plain wrong.....

    OK.... I suppose you could build a scenario, which almost no one would fall into, where a guy in California (maybe an actor) would have 20 -30 million earned income year (wages), but had no assets (hence no passive earnings) and, with his poor planning (the movie was a huge hit and he got all of his cash in one year) his income was so great that first $400-500K of income was insignificant to the denominator of his effective tax rate, his effective rate could be in the mid to upper 40s.... pretty far fetched, but I suppose possible.

    The effective tax rates of most income groups is in the high 20 to low 30%

    Do The Rich Pay Too Much Federal Income Taxes-taxes-paid-income-group2-jpg[
    Last edited by upsideguy; 04-16-14 at 08:02 PM.

  7. #197
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by Bodhisattva View Post
    Salaries are so bloated and have been for so long that it is the system. People don't go down in salaries and people making money (share holders) and the board are about money... not the workers actually building the company. No person deserves a million dollars a year for their work. No work is that important.
    I'll toss up a challenge to the last 2 sentences, Bodi. Hope all is well!

    The CEO of a very large multinational company has an enormous responsibility, and has to answer to the Board, stockholders, hell - even the freaking media.

    Why would anyone want to take on that kind of job and not get paid accordingly? $1 million isn't that much money. And good luck getting someone to do that job at the same pay as someone who has almost no responsibility for the massive bottom line.

  8. #198
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by AlabamaPaul View Post
    Who are you to determine what others should earn?
    What a ridiculous question. Who are you to say that I can't have an opinion and attempt to do something about it?
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  9. #199
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by Bodhisattva View Post
    I would say that they probably do deserve their salaries because the public drives their salary based on performance. It is not the same with businessmen.
    It's exactly the same with businessmen because someone is CHOOSING to pay those businessmen their salaries.

    Secondly, what's up with everyone being a Nosy Betty and sticking their noses into what other people are making. No one is taking your money and giving it to Kobe or Tim Cook.

  10. #200
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    Re: Do The Rich Pay Too Much Federal Income Taxes

    Quote Originally Posted by Bodhisattva View Post
    What a ridiculous question. Who are you to say that I can't have an opinion and attempt to do something about it?
    I don't view it as ridiculous at all. What I view as ridiculous is your assertion that no one is worth that level of income. How much, in your world, should someone be "allowed" to earn?
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
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