Quote:
Originally Posted by kane
According to Bloomberg only about 50% of his income is from investments the rest was from other sources. There are enough loopholes and tricks that he can lower his rate dramatically. He isn't alone. Warren Buffett only paid 11% in 2010.
What I am getting at is that the tax code is so complex and filled with so many holes most people don't end up paying anywhere near the actual supposed tax rate for what they earn.
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You are correct as well.
I know some folks like to say: "Oh, in the past the tax rate was much higher!"
But people NEVER actually paid that rate. Anybody with a brain has always had a good accountant and wisely invested their money in such a way as to pay the minimum taxes.
Only a goddamned idiot would actually pay 35% of their money to the federal govt.
NOBODY...and I mean NOBODY does that.
Everyone in the U.S. takes every deduction that they can think of...including all the middle class people.
I definitely believe that a flat tax for everyone of 15% would bring in a lot more income to the govt. (to waste on invading other countries of course...lol).
That way EVERYBODY pays their fair share. Not just the rich people. As it is now...the top 5% pay 53% of ALL the taxes. It's total bullshit. The other 95% should be paying their share too if they are able to work.