Mike I met a Rabbi the other day who told me that even if he had all the money that Buffet has, he was not sure he would be able to give it away to charity so easily.
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I will accept your figures as fact. That being said. It's not difficult to do the math. Top 400 x an additional $2m in tax = less than 1 billion dollars. at that rate it will take 1000 years to recover one trillion dollars.What people continually fail to understand is the disparity between the guy in the top '10%', the guy in the top '1%' and the guy in the top 400.
Top 25% $67,280.00
Top 10% $113,799.00
Top 5% $159,619.00
Top 1% $380,354.00
Top 0.1% $6,000,000.00
Top 400 $8,815,945.00
http://www.irs.gov/taxstats/indtaxst...=98123,00.html
The guy in the 'top25%' has nothing in common with the guy in the 'top 1%' and the guy in the top 1% has nothing in common with the guy in the 'top 400'. The numbers are so heavily skewed that making 'brackets' out of them is pointless.
The rules I have seen mentioned boil down to 'if you earned more than X you can not pay less than Y% as your income tax rate. No deduction, loophole or other financial maneuver would allow you to pay less than a set baseline percentage. A change like that would require someone like Warren Buffet to pay the 30+% his bracket requires even if most of his income is subject to personal gains rates instead. It would have zero impact on anyone who is already paying the rate their 'bracket' requires.
In reality, all of this is a minor reshuffling of a broken deck. There are only two possible eventual outcomes. We are either going to a flat tax rate with zero adjustments and loopholes regardless of amount earned and a one time credit for a 'poverty limit' OR we are going to a National Sales Tax that taxes us all on what we spend rather than what we earn. It won't happen with the current political climate, but it will happen during our lifetimes.
I actually agree with you on this Relentless. A flat and a national sales tax along with a much more moderate spending package is the only hope for the next generations.You might not be as anonymous as you think you are.Comment
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Of course then they will unionize and all your hard efforts and financial risks will go right down the tubes.
I will make them work harder , so more profit for me ...
In fact, I will try to get them to work 20% more, for 10 % less money ... and if the teapublicans lower my taxes by 10 % ... well I am in a situation of win-win-win ...
You really think business owners employ more people out of goodness of their heart ...You might not be as anonymous as you think you are.Comment
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It's funny how the less you work for your income (welfare, capital gains, etc.), the less you are taxed but the harder you work (punching a clock and working in ditches) for it, the higher you are taxed.Comment
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I am going way out on the limb here..but I take the position that the employees I made my comment about won't be happy long.
Originally Posted by directfiesta
I will make them work harder , so more profit for me ...
In fact, I will try to get them to work 20% more, for 10 % less money ... and if the teapublicans lower my taxes by 10 % ... well I am in a situation of win-win-win ...You might not be as anonymous as you think you are.Comment
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As I understand it...
Warren Buffet wasn't telling the whole truth.
He makes the lions share of his money off of CAPITAL GAINS. In other words...he earns his money, it gets taxed. THEN he invests that money in the stock market. Now the money he earned from that gets taxed again as CAPITAL GAINS.
And Capital Gains tax rate is justifiably lower than income tax. If not, then there would be no incentive for people to invest that money since it was already taxes once before.
So yes, he earns a LOT of money through Capital Gains revenue (he's a wiz at the market...so he deserves to make that money). But NO, his actual INCOME TAX rate isn't lower than his secretary.
And you better believe he pays BILLIONS in taxes each year.
His secretary probably gets a tax REFUND at the end of the year.-Robbie
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A CEO or a business manager is considered good at what he does when he can extract the maximum amount of work for the minimum amount of compensation from his workers. When workers mirror this by forming unions to extract the maximum amount of compensation for the minimum amount of work, they're considered lazy parasites. Can someone explain how this benefits society in any way? It's the workers who turn the wheels of the economy and make the fortunes for so many who quite possibly continue to pay rather less taxes than they really ought to.Comment
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there's a huge difference in a term "rich", taxing someone more making 500k+ is a lot different then someone making 10mill+...Comment
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I moved my sites to Vacares Hosting. I've saved money, my hair is thicker, lost some weight too! Thanks Sly!Comment
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I pay taxes every time I turn around. It's outrageous in my opinion.
First the feds take it in income tax. And don't forget if I make the mistake of hiring employees, then I have to pay matching funds for their social security (govt. double dipping)
Then if I invest my money I earned, they tax it again as capital gains. Then I go to put overpriced gasoline in my car and pay a shitload of taxes on that. I moved to Las Vegas because Nevada doesn't have a state income tax...but they more than make up with it in sales tax and "fees" for everything. Registering my cars costs a few thousand dollars.
Owning my own home costs me a nice hefty property tax.
The city gets it's money out of me. And so does the county.
If I could sit down and accurately figure out how much of every dollar that a local, state, or federal govt. takes from me...I'd probably only end up with pennies out of every dollar that I EARNED.
I capitalized the word "earned" because the different taxes from local, state, and fed just take it from me like it belongs to them.
EDIT: Oh yeah...and when I die? I can't leave it all to my daughters. The good old "Death Tax" is always around the corner so the govt. can swoop in and steal everything you built.Last edited by Robbie; 09-20-2011, 09:10 AM.-Robbie
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