The federal tax is just one of many taxes and fees we all pay. City, state, local governments plus hidden taxes and fees in bills and products and more. It is immense.We need a wealth tax. Anything over say $50 million, government should take 90%. This should result in the wealthy no longer influencing and controlling politicians. But oh well, it won’t happen.Trump taxes: A 'fundamentally unfair' system?
What do Donald Trump's tiny tax bills say about the taxes of the wealthy?www.bbc.co.uk
But since Patriotic Millionaires was founded in 2010, its general aims have won some high-profile endorsements, including from investor Warren Buffett, who called for raising taxes on the rich in 2016, famously noting that his 16% federal income tax rate was lower than his secretary's.
Mr Pearl, whose recent tax payments of nearly $100,000 were still far higher than Mr Trump's, says he's hopeful that outrage over stories like Mr Trump's will force the pendulum of tax policy to start swinging in the other direction.
"It was kind of very abstract before but I think... people are realising that most people are paying a much higher share than some of our wealthiest citizens," he says. "A lot of people have decided that's not fair."
Interesting article about taxation, if there could be such a thing. I think that politicians give tax breaks with the best of intentions in the main. Then the accountants get hold of it and see what the angles are for their rich clients.
In the UK there was a famous scheme called the Enterprise Investment Scheme (EIS) which was supposed to encourage Hi Tech start ups. You could get tax breaks if you invested in them. However it was loosely worded and ended up encouraging investment into all manner of crazy schemes. I remember being sent a prospectus for lap dancing clubs.
It isnt right that Mr Buffets cleaner should be taxed at a higher level than his cleaner. I wonder if any of my friends on here would care to make a case for a system that supports this anomaly ?
A serious question...
Those people you highlight in your first post....what is keeping them from paying those tax rates right now? If they are concerned about others paying more in taxes, and want those taxes raised...why don't they simply pay their taxes at the higher rates they say millionaires, like bernie sanders, and billionaires should pay?
Can you explain that? I mean, if they are really concerned about people not paying enough in taxes...right?
We will wait for your non-answer....
No, we don't need a wealth tax...what we need is a low flat tax for everyone....