How the Rich do Pay their Fair Share.

[Charles_Main]

We hear a lot about the Rich Not Paying their Fair Share. People toss out Links and Info showing the Rich Pay a huge Chunk of the Federal Tax Burden, and people toss out Links and Info showing that they escape most taxes and really don't pay much at all.


Well lets examine the area's where it is undeniable the Rich Pay more than everyone else.

First.

Sales Taxes. Most states, and Many Municipalities have Sales taxes. Most of these taxes Exempt unprepared foods and some basic necessities from them.

The Rich have and spend much more money than we do. The Eat out more, Buy more cars, more stuff, Way more. So they pay far more than people with less money do in sales taxes.

Property Taxes. Local Government gets most of it's money from Property taxes. Schools, Fire and Police departments. These are funded mostly by Property Taxes.

The Rich own bigger, More Valuable Homes, and often own Multiple Homes.

Therefore it is undeniable they pay far more in Property Taxes than the Poor do.

Capital Gains Taxes Capital Gains taxes are paid by all of us, anyone that is who has a retirement plan, or stocks. Or sells a second home. We all pay it. The Rich do more investing and Home selling so they pay more of it than the Poor. They also are more better positioned to make investments and realize Profits in the same year. (capital gains in less than a year are subject to a Higher Tax Rate than long term Capital Gains)

State Income TaxMost state Income taxes, If they have one. Are a straight % of Taxable Income. If everyone pays the exact same %, simple Math Shows you the Rich Pay more of the Total Revenue taken in from it.

Federal Income TaxThis is where things get a bit less simple. On Paper the Rich, If their Income is in the form of a salary, do indeed pay a higher % than the rest of us. The Left counters that the Rich are able to shelter their Money, and use more Deductions to get out of it. That is not entirely Untrue, However on of the biggest ways the Rich actually avoid Taxes is Charitable Contributions Deductions. Not exactly something I think we want to be getting rid of.

Mean while. 49% of all wage Earners actually pay 0 or less than 0(they got money back they didn't pay in) in Federal Income Taxes. So to Child Credits and the EIC Mainly. Mind you this is not including FICA and MC. Were talking Federal Withholding only.

So, Not even getting into the Debate over what our Tax Code should look like. All I want to know. Is how can anyone claim with a straight Face that the Rich do not pay their Fair share. looking at the Facts above?

 

[uscitizen]

Do you pay capital gains taxes if you reinvest the money with a certain timeframe?

and yes Exxon paid no taxes a year or so ago and had a tax credit.
Corporations are individuals remember. Rich ones no less.

 

[Charles_Main]

Do you pay capital gains taxes if you reinvest the money with a certain timeframe?

and yes Exxon paid no taxes a year or so ago and had a tax credit.
Corporations are individuals remember. Rich ones no less.

So Instead of talking about any of the points I make, You decide to talk about Cooperate Taxes?

Are you sure you want to be talking about Exxon? What About GE? Obama's Favorite Company?

Look my stance on Cooperate Taxes is not a secret. I believe any Taxes you put on them, are Nothing but a Tax on the consumer in the long run.

However that has Nothing to do with this Discussion. Were talking about Rich Individuals. Not Cooperation's. It is these Rich Individuals the left says do not pay their Fair Share. It is these Rich Individual's that pay all the Taxes I listed above, and pay much more of them, than the Poor does.

It's not left or right, It's just the truth.

 

[Charles_Main]

Do you pay capital gains taxes if you reinvest the money with a certain timeframe?

and yes Exxon paid no taxes a year or so ago and had a tax credit.
Corporations are individuals remember. Rich ones no less.

No you don't pay Capital Gains Taxes if you Reinvest. Not until you realize the Profit. Not sure what that matters. Capital Gains are taxed at a lower rate than Income for a reason. It's not Guaranteed Income. Does the government offer to pay a % of an investors losses if their Investment does not make money and in fact loses value? Of course not.

Besides I am not sure why Obama wants to Single out people that get all or most of their income from Capital Gains. After all there are more than just the Rich in that crowd. It also includes many many Retired People who are living off investments.

It seems to me those on the left who want to scream about raising taxes on the "rich" seem to want to ignore a lot of facts, and a lot of people who are not really "Rich" who will be hurt by their plans.