More than 1,400 millionaires paid no U.S. income taxes in 2009, according to the IRS

[Soggy in NOLA]

OH...MY...GOD

Seriously?

Really?

What in your mind makes a federally determine tax rate on invested capital equivalent to...or in any way related to...a person's market determined salary?

Stated differently, what in the hell are you talking about?

The Carbinated one is one of USMB's resident class warriors.

For wanting capital gains to be taxed the SAME as wages? Explain that.

Here's you're explanation:

Capital gains taxes should be ELIMINATED... COMPLETELY.

 

[DontBeStupid]

OH...MY...GOD

Seriously?

Really?

What in your mind makes a federally determine tax rate on invested capital equivalent to...or in any way related to...a person's market determined salary?

Stated differently, what in the hell are you talking about?

Simple. Time.

A person investing in the stock market can make as much in one day as a coal miner can working in one year. In fact, this should be the standard we use for taxing. The longer it took you to create the money, the lower the tax rate.

So, now tax rates are to be tied to time?

Why not?

If you took an Economics class you would know that one of the scarce resources we have is time. If it takes someone an entire year to earn their money, why not reward that with a lower tax rate?

 

[paulitician]

How's Obama's good buddy GE CEO & "Jobs Czar" Jeffrey Immelt doing? His GE no like to pay those Taxes huh?

GE did not break the law. Their accountants followed the tax code.

This is why we say the tax code needs to be changed.

And how many American jobs has Immelt's GE outsourced over the years? So his Corporation wont pay Taxes and they wont give Americans jobs. So,make him a "Jobs Czar?" Man,what a mess.

 

[daveman]

I think those who get back more than they pay into the system should have to justify it by this standard. At least those keeping capital gains are keeping THEIR money, not stealing someone else's.

By that standard there should be no public education available to anyone who isn't paying for it.

Huh. I'm game if you want to start playing the 'justification game' with me. Let's cut the DoEd. Works fine for me. Besides, that would have almost no effect on the funding of schools save it would force the states and local municipalities to start cutting waste and bullshit faster than you can say 'you want fries with that?'

Most school funding comes from local property taxes and state supplemental funding anyway. Ending a lot of federal mandates and interference would go a long way to stopping many problems in our nation's educational system, by allowing states the true power to chart their own courses to success or failure.

How about justifying the following departments based on cost effectiveness:

Dept. of Energy
Dept. of Housing and Urban Development
Dept. of Homeland Security
Dept. of Health and Human Services
Dept. of the Interior
Dept. of Veterans Affairs
Dept. of Labor

How about we start justifying what THEY do or don't do well? Just remember, it's YOUR standard I'm applying.

That's different. Somehow. It just is.

 

[daveman]

How's Obama's good buddy GE CEO & "Jobs Czar" Jeffrey Immelt doing? His GE no like to pay those Taxes huh?

GE did not break the law. Their accountants followed the tax code.

This is why we say the tax code needs to be changed.

And how many American jobs has Immelt's GE outsourced over the years? So his Corporation wont pay Taxes and they wont give Americans jobs. So,make him a "Jobs Czar?" Man,what a mess.

But Imelt gave a lot of money to Obama, so that makes him a good American.

Or some stupid shit like that.

 

[Soggy in NOLA]

Simple. Time.

A person investing in the stock market can make as much in one day as a coal miner can working in one year. In fact, this should be the standard we use for taxing. The longer it took you to create the money, the lower the tax rate.

So, now tax rates are to be tied to time?

Why not?

If you took an Economics class you would know that one of the scarce resources we have is time. If it takes someone an entire year to earn their money, why not reward that with a lower tax rate?

Better question... why? So, if I take 20 years to earn $200,000, that should be taxed somehow differently?

This makes no sense.

 

[paulitician]

GE did not break the law. Their accountants followed the tax code.

This is why we say the tax code needs to be changed.

And how many American jobs has Immelt's GE outsourced over the years? So his Corporation wont pay Taxes and they wont give Americans jobs. So,make him a "Jobs Czar?" Man,what a mess.

But Imelt gave a lot of money to Obama, so that makes him a good American.

Or some stupid shit like that.

Must be it. Crazy stuff.

 

[daveman]

And how many American jobs has Immelt's GE outsourced over the years? So his Corporation wont pay Taxes and they wont give Americans jobs. So,make him a "Jobs Czar?" Man,what a mess.

But Imelt gave a lot of money to Obama, so that makes him a good American.

Or some stupid shit like that.

Must be it. Crazy stuff.

Party before country. Every time.

 

[Soggy in NOLA]

GE did not break the law. Their accountants followed the tax code.

This is why we say the tax code needs to be changed.

And how many American jobs has Immelt's GE outsourced over the years? So his Corporation wont pay Taxes and they wont give Americans jobs. So,make him a "Jobs Czar?" Man,what a mess.

But Imelt gave a lot of money to Obama, so that makes him a good American.

Or some stupid shit like that.

Exactly.

 

[Big Fitz]

How's Obama's good buddy GE CEO & "Jobs Czar" Jeffrey Immelt doing? His GE no like to pay those Taxes huh?

GE did not break the law. Their accountants followed the tax code.

This is why we say the tax code needs to be changed.

Absolutely... those forty-seven per centers, who are mostly takers, need to start contributing like... something.

IMSHO the solution is this.

1. Flat tax 10% on ALL income, including capital gains.

2. Eliminate all loopholes.

3. Nobody gets back more than they put in.

Do that and the bar is lowered so far to make it profitable to hiring hundreds of accountants as to make it unprofitable. This is then countered by dropping the tax burden substantially on those who earn most, allowing them to reinvest their capital into job creating projects. Lastly it makes the tax burden so light, people want to put their money here.

Do that and you will watch a prosperity boom in this nation at all levels... save the indigent and those trying to live on the backs of other people all their lives because... well... the lucre and incentive to remain on the public teat will have dried up.

 

[Soggy in NOLA]

GE did not break the law. Their accountants followed the tax code.

This is why we say the tax code needs to be changed.

Absolutely... those forty-seven per centers, who are mostly takers, need to start contributing like... something.

IMSHO the solution is this.

1. Flat tax 10% on ALL income, including capital gains.

2. Eliminate all loopholes.

3. Nobody gets back more than they put in.

Do that and the bar is lowered so far to make it profitable to hiring hundreds of accountants as to make it unprofitable. This is then countered by dropping the tax burden substantially on those who earn most, allowing them to reinvest their capital into job creating projects. Lastly it makes the tax burden so light, people want to put their money here.

Do that and you will watch a prosperity boom in this nation at all levels... save the indigent and those trying to live on the backs of other people all their lives because... well... the lucre and incentive to remain on the public teat will have dried up.

I agree totally, but then you can't use the tax code for political gain.

 

[DontBeStupid]

So, now tax rates are to be tied to time?

Why not?

If you took an Economics class you would know that one of the scarce resources we have is time. If it takes someone an entire year to earn their money, why not reward that with a lower tax rate?

Better question... why? So, if I take 20 years to earn $200,000, that should be taxed somehow differently?

This makes no sense.

It makes no sense because you're choosing to not think about it.

Person A works in a factory. He works hard all year building products and at the end of the year he has earned $50,000.

Person B sits in front of his computer at home and moves money around in the stock market. One day he gets lucky and makes $50,000. He then decides he doesn't need to do anything more the rest of the year.

Under our current system, Person B is rewarded with a lower tax rate and Person A is punished with a higher one. Person A is punished for working hard all year and building products.

How long before Person A stops doing that?

 

[CaughtInTheMid]

as an actual stock trader, i would love it if my gains were exempt from taxation. i could continue to make money and pay no tax. that'd be sweet.

 

[DontBeStupid]

as an actual stock trader, i would love it if my gains were exempt from taxation. i could continue to make money and pay no tax. that'd be sweet.

Oh I agree! Dropping capital gains means I am one step closer to retiring early and living on my dividends. I'd love that.

Don't think it would be best for the country, but I would love it

 

[Inthemiddle]

So you're for a flat income tax? Excellent. No loopholes, everyone pays the same percentage. Otherwise, you're just bitching about people following the tax code.

Eliminating loopholes =/= flat tax.

Never said it was. They're two different things...I advocate both the elimination of loopholes and a flat tax with the same rate applied to all.

Maybe you're cuckoo for not realizing the obvious???

I don't care what you're in favor of. It doesn't justify putting words into other people's mouths.

 

[Soggy in NOLA]

Why not?

If you took an Economics class you would know that one of the scarce resources we have is time. If it takes someone an entire year to earn their money, why not reward that with a lower tax rate?

Better question... why? So, if I take 20 years to earn $200,000, that should be taxed somehow differently?

This makes no sense.

It makes no sense because you're choosing to not think about it.

Person A works in a factory. He works hard all year building products and at the end of the year he has earned $50,000.

Person B sits in front of his computer at home and moves money around in the stock market. One day he gets lucky and makes $50,000. He then decides he doesn't need to do anything more the rest of the year.

Under our current system, Person B is rewarded with a lower tax rate and Person A is punished with a higher one. Person A is punished for working hard all year and building products.

How long before Person A stops doing that?

That's ridiuculous.... person B has taken a far greater risk than person A. Furthermore, there are a lot of person A's.... they don't quit their jobs because of so called person B's tax rate. And if they do, then they are pretty stupid.

 

[francoHFW]

If you include ALL taxes and fees, the poorest pay as much %wise as the richest. Limiting the survey to federal income taxes is Pubspin for the dupes.

 

[Soggy in NOLA]

as an actual stock trader, i would love it if my gains were exempt from taxation. i could continue to make money and pay no tax. that'd be sweet.

Oh I agree! Dropping capital gains means I am one step closer to retiring early and living on my dividends. I'd love that.

Don't think it would be best for the country, but I would love it

Unfortunately, best for the country for the left always means somebody else pays.

 

[DontBeStupid]

Better question... why? So, if I take 20 years to earn $200,000, that should be taxed somehow differently?

This makes no sense.

It makes no sense because you're choosing to not think about it.

Person A works in a factory. He works hard all year building products and at the end of the year he has earned $50,000.

Person B sits in front of his computer at home and moves money around in the stock market. One day he gets lucky and makes $50,000. He then decides he doesn't need to do anything more the rest of the year.

Under our current system, Person B is rewarded with a lower tax rate and Person A is punished with a higher one. Person A is punished for working hard all year and building products.

How long before Person A stops doing that?

That's ridiuculous.... person B has taken a far greater risk than person A. Furthermore, there are a lot of person A's.... they don't quit their jobs because of so called person B's tax rate. And if they do, then they are pretty stupid.

It is ridiculous.

It's also the way our system currently works.

 

[Big Fitz]

Absolutely... those forty-seven per centers, who are mostly takers, need to start contributing like... something.

IMSHO the solution is this.

1. Flat tax 10% on ALL income, including capital gains.

2. Eliminate all loopholes.

3. Nobody gets back more than they put in.

Do that and the bar is lowered so far to make it profitable to hiring hundreds of accountants as to make it unprofitable. This is then countered by dropping the tax burden substantially on those who earn most, allowing them to reinvest their capital into job creating projects. Lastly it makes the tax burden so light, people want to put their money here.

Do that and you will watch a prosperity boom in this nation at all levels... save the indigent and those trying to live on the backs of other people all their lives because... well... the lucre and incentive to remain on the public teat will have dried up.

I agree totally, but then you can't use the tax code for political gain.

LOL... well THANK you, Captain Obvious!

yes I know you get that. Your sarcasm is not lost on me.

Oh and I forgot two more little twists of the screw.

4. Tax day is election day.

5. No more witholding.