Let's Tax the Rich More!

Discussion in 'Politics' started by MatthewAycock, May 6, 2009.

  1. MatthewAycock
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    MatthewAycock Matthew Ay****

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    A scary element of the recent election was related to the division of what classifies "rich". Unfortunately, both parties GREATLY missed the mark by focusing the debate on annual earnings, something that is both naive and archaic in nature.

    With an income tax system that is progressive, we inhibit growth of individuals from one class to a higher class through taxation on earnings. We do this by labeling them as wealthy if they earn more than a certain dollar amount per year without regard to their actual net worth.

    If we want a progressive tax system, it should be based, at least partially, on the net worth of the individual. Currently, someone worth $1 billion that earns $100k per year will pay less in taxes than someone worth -$200k (student loans perhaps) that earns $250k per year. This makes it very difficult for the one who assumed significant debt to be a success to become one.

    I like the national sales tax concept, but only as a replacement. We already have too much taxation. If we had both a sales tax and an income tax, we would end up with only 1% of our earnings that we decide how to use.
     
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  2. KittenKoder
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    KittenKoder Senior Member

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    That's actually logical.
     
  3. Iriemon
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    Iriemon VIP Member

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    If that is your logic, then aren't we by lowering taxes on the poorer encouraging growth in that lower classes?

    Isn't that what we want to do?

    You raise an interesting point on an asset based tax as a partial supplement. Particularly since many assets that were generated in a system where the Govt incurred debt to finance the lower taxes, it makes sense that those who benefitted most from that policy pay for fixing it.
     
  4. Gunny
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    Gunny Gold Member

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    Did it hurt?:lol:
     
  5. Gunny
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    Gunny Gold Member

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    Sure, let's figure out a way to penalize people for saving their money as well. Geez ... you people NEVER quit where it comes to digging in MY pockets and spending MY money.
     
  6. sealybobo
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    sealybobo Diamond Member

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    I say make Bush's unfair tax breaks to the rich permanent, but then close all those loopholes where they keep their money in Switzerland (UBS) or the Caymen Islands.

    One or the other. Compromise. Can't have both. You pick Gunny. Which one does your master have to give up? Neither is not an option.

    Yea yea yea, we know, it'll lead to us companies being less competitive and it'll raise the prices of goods. Yea yea yea, we know. Heard it a million times. We aren't afraid. S&D and free markets will take care of that. They'll have to find another way to cut costs, like cut down on executive bonus'.

    Now pick. Which tax break to the rich needs to go. One can stay.
     
  7. KittenKoder
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    KittenKoder Senior Member

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    If Bush had given them tax breaks ... but since he didn't the money does belong back in the US anyway.
     
  8. sealybobo
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    sealybobo Diamond Member

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    You're broke. Who's digging in your pockets? You most likely benefit from the progressive tax. See, you are the perfect example of someone who argues outside of his own tax bracket. I love it!

    When McCain said Obama is going to raise YOUR taxes, you do know he wasn't talking to you, right?
     
  9. KittenKoder
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    KittenKoder Senior Member

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    Actually, raising taxes is bad for the economy, always has been, always will be. Raise it on the rich only and they will find ways to screw us more while no one will ever want to get rich, thus growth fails and we become third world. It's a razors edge and you fail to see that.
     
  10. sealybobo
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    sealybobo Diamond Member

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    What do you mean IF? Bush's tax break to the rich gets bigger and bigger every year. Remember in 2001 or 2002 getting $300? That was our portion. But the following year, people who made more than us got another tax break. Then the following year the people who only make a little more than us got cut off too, but the people who make more than them got an even bigger tax break. And so on and so on every year until 2011. So now, the mega rich are the only ones who get Bush's tax break.

    They end in 2011. Obama didn't end those breaks because we are in a recession.

    Do you seriously not know about this tax cut?
     

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