Should billionaires pay taxes at a lower rate than the rest of us?

Discussion in 'Politics' started by Chris, Dec 4, 2011.

  1. Chris
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    Chris Gold Member

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    WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

    Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com
     
  2. oreo
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    oreo Gold Member Supporting Member

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    They don't--the top tax rate in the country is 35%--which is what millionaires and billionaires pay. In fact the top 1% in this country--(the over 350K crowd pays 45%) of the entire federal tax base.

    This is on EARNED income--Capital gains tax is 15% for everyone.

    There are 220K people in this country that make one million or more--out of 310 MILLION Americans.
     
  3. grunt11b
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    grunt11b VIP Member

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    They already pay 70% of the tax burden you fucking moron, class warfare obama bot.
     
  4. Dr Grump
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    Dr Grump Gold Member

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    $18 billion? Is that all...are you sure?
     
  5. hortysir
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    hortysir In Memorial of 47

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    That is what most billionaires pay. Capital gains.
    They're not working and drawing an income.

    It's a shame that so many people negate the Income tax they DID pay on their way up to that level, though.
     
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  6. MeBelle
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    MeBelle Mebellien Mothership © Supporting Member

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    Chris, you really need to read your source.
    The 'rich' (a married couple earning over $250K a year, per our CIC) pays what % in taxes?
    The ultra wealthy have already paid the higher % on their earned income. They pay a lower % on capital gains (investments).
    The current top rate on long-term capital gains is 15%, and the top rate on ordinary (earned) income such as interest and salary is 35%.

    I know you are smart enough to understand the differences.

    Why would anyone in their right mind want to pay the earned income tax rate on money that was already earned??
     
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  7. candycorn
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    candycorn Alis volat propriis

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    Theres a reason why you hear about the heads of organizations taking a very small salary and loading up on stock....they aren't doing it for the reasons they say they are (performance = more pay for higher stock prices); they do it to avoid paying higher income tax. Meanwhile, they are creating no jobs at all with their capital gains.

    It isn't class warfare; it's mathematics.
     
  8. oreo
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    oreo Gold Member Supporting Member

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    In my 58 years I don't remember any President--(republican or democrat) that centered his entire campaign around class warfare.

    Obviously--a lot of democrats don't remember it either.

    Steve Wynn--DEMOCRAT and CEO of Wynn's resort and Casino.

    Steve Wynn's Anti-Obama Rant - Is He Right? - CBS News

    [​IMG]
     
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  9. hortysir
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    hortysir In Memorial of 47

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    :lol:
    How much money in taxes have they already paid, in their lifetime, before they got to be that "head of an organization"?

    And so what if somebody gets to keep more of what they EARNED?

    And now taking stock options is a bad thing??
    :cuckoo:
    Taking stocks saves the company cash money that can be re-invested.
    The stocks hitting the market creates demand (which, according to the most liberal talking points, THAT is what creates jobs).

    And, ya know what else?


    YES.
    Yes it is "class warfare".
    It's class envy, plain and simple
     
  10. MeBelle
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    MeBelle Mebellien Mothership © Supporting Member

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    But...but...but...
    Chris was talking about averages, a combo of earned income and capital gains.
    Board Chairman, many times, hold ore than one position.

    What would you do if faced with such a financial 'dilemma'?
     
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