from Turtle
more horsepoop that dishonestly ignores the costs of obtaining each form of revenue.
Well feel free to present your verifiable data making a case that such a consideration is important. One cannot but notice that you presented NOTHING other than the simple statement. And I have no idea how that would mitigate the situation or why the government would need to subsidize that or reward it. It is irrelevant to tax policy. And if you want to talk about the cost of obtaining each revenue please consider this:
case #1 is Richard Dillard, a professional record producer. He earned his million in wages and salary and his hard work and talent took him to the upper ranks of his profession. He is in the 35% tax bracket and will pay a federal income tax bill of $350,000.00. What are the costs in obtaining this income? They could be substantial. Education for one could eat up tens of thousands of dollars, maybe even six figures of educational expenses and years of time invested into learning that profession.. There may be a substantial investment in equipment. The costs of obtaining that cool million could have been substantial.
case #2 is Wanda Phillips, an investor. She made her million off long term capital gains. Her tax bracket is the preferential 15%. She will pay a federal income tax bill of $150,000.00. What are the costs in obtaining this income? Ms. Phillips had to first come up with the million to invest. Did she work for it? Possibly. Was she given the money without working for it? Possibly.
case #3 is Ned Sykes, who does not work or invest. He got his million through inheritance. Because the first 5 million is exempt, he pays nothing - zero percent. His federal income tax bill is $0.00. What was the cost of Mr. Sykes in obtaining that one million in inheritance. Zero. Nothing. Zilch. He merely benefitted from an accident of birth and lived long enough to collect itl
Ned's family paid tons on the estate.
And Ned paid ZERO - NOTHING - NADA - ZILCH.
but you are fine with someone who earns a million not only paying several hundred K more in taxes than half of the USA combined, you think he ought to pay higher rates
I have repeatedly informed you that I believe ALL Americans earning as little as one dollar should pay 5 point more onto their tax bracket. Why do you ignore that?
as several have noted-your concept of FAIR always involves wealthy people being taxed even more.
My concept of FAIR involves all people getting money paying more in federal income tax by the same five points. Why do you ignore that?
and what you are clear about is that you think the government NEEDS more of our money
Obviously with the deficit and debt at such high levels - and we have you righties to thank for hourly reminders of the soaring figures - the government does indeed need the revenue. Thank you for underlining that need.
and your example is beetle dung. the first guy isn't paying 35% on all of his income. he is paying a bit less
WOW! horsepoop and beetledung in the same post!!! You would make a fourth grader proud Turtle.
I just rechecked my IRS site and my calculation was spot on. A million dollar income warrants a tax rate of 35% for a tax bill of $350.000.00. I figured ALL THREE with no deductions applied for the sake of fairness and equality.