Taxing those who make money

Discussion in 'Politics' started by Avatar4321, Feb 9, 2010.

  1. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Who benefits the most from taxing those who work for their money? How will Americans work hard to produce wealth if they are going to loss nearly half their money every April 15th? Moreover, why?
     
  2. The Rabbi
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    The Rabbi Diamond Member

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    Obviously yu cant tax people who dont make money. They dont have it.
    But your point is good. Taxes set up incentives. And if your incentives punish productive people then they will stop being productive.
    This isn't terribly complicated. But you would think the current administration would have realized this by now.
     
  3. SpidermanTuba
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    SpidermanTuba BANNED

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    I'm not sure what you mean by "nearly half" My wife and I both work hard, and after all our deductions and credits we are paying less than 7.5% in income tax. (she pays FICA, I don't because I'm a graduate student and research assistant. I have no idea why graduate student income is exempt from FICA)



    In fact, a married couple, filing jointing, with no kids, who makes $500,000 a year, and takes the standard deduction and two exemptions, will pay 30.4% of their income in federal income, social security, and medicare taxes.

    The same couple making $250,000 year pays 28.2% - that includes income and FICA taxes.

    30.4% is not exactly "nearly half". Its actually close to a quarter than a half.

    Even a couple making $1,000,000 will pay 33.4% - this is much close to 1/3 than 1/2


    check you math buddy
     
  4. SpidermanTuba
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    SpidermanTuba BANNED

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    You're right. My wife and I will both quit our jobs if they raise taxes, because we don't need money to live.



    The rich have the luxury of being able to quit their jobs if the tax rates get too high for them. The poor and middle class, on the other hand, are forced to work that much harder when taxes go up for them, to make up the lost income.

    For every CEO that retires a year early because tax rates went up, there is someone chomping at the bit behind him to start their career as a CEO 1 year earlier.
     
    Last edited: Feb 9, 2010
  5. QUENTIN
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    QUENTIN VIP Member

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    Our modern history has demonstrated this isn't true. From the Great Depression to the 80's, the top tax rate was between 75-94% and we still had highly productive business, captains of industry, a wealthy elite who lived fabulous, lavish lives and employed millions of people.

    In fact, they employed many, many more Americans than do modern American businesses, paid them a living wage, and actually produced things (like cars, furniture, electronics, really...almost everything we bought and used) rather than just moving theoretical money around to produce a profit off of transactions that don't contribute any value or good.

    Throughout the 1950's, when the wealthy were getting 91% of their income taxed, they still had the incentive to work hard and run businesses. Know why? Because they still got to be the richest around and enjoy all that comes with that. We've just massively raised the expectation for what wealth means and expanded the rich-poor gap to unimaginable levels.

    All the theories underpinning trickle-down economics don't actually hold up at all when applied, as we've seen every time they are.
     
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    Last edited: Feb 9, 2010
  6. kyzr
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    kyzr Gold Member

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    The top 1% of incomes own 90% of everything. They need to pay taxes. I applaud Barry for going after off-shore tax cheats.
     
  7. California Girl
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    California Girl BANNED

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    The top 1% already pay more than the 99%. Get a fucking clue. Stop whining about what the guy next door has and mind your own business. This obsession with who earns most, this petty jealousy, is pathetic.
     
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  8. Luissa
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    Luissa Annoying Customer Supporting Member

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    Where have you been Cali? I have missed you.
     
  9. Luissa
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    Luissa Annoying Customer Supporting Member

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    I have heard Washington State pays the most federal income tax out of any state.
    So when people talk crap about Gates, I remind them that he has made many people rich including two of family members, and two of my extended family members.:lol::lol:
     
  10. California Girl
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    California Girl BANNED

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    Yea, but he got rich on the backs of poor people! It's an outrage! :lol::lol: Never mind the taxes he pays and the vast amounts he gives to charity.... This constant whining about how unfair it is for anyone to make money sickens me. Personally, I think Gates is inspirational. He shows what a good idea, some determination and hard work will get you.
     

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