Raising taxes on the rich

[valentino]

Why do the republican resist raising taxes on the rich?Its been proven that it won’t produce more jobs to cut their taxes and they can’t say that its unfair because they already pay most of the taxes.When you compare how much they pay %wise compared to the amount of the wealth they control its surely obvious that they don’t pay enough.We know that the tax rate system has benifited the rich making them able to gain such wealth.Is it there lobbying to republican members(the spend much money in their support and actually get them elected through many means)the reasons the members are against it?

 

[markomalley]

Why do the republican resist raising taxes on the rich?Its been proven that it won’t produce more jobs to cut their taxes and they can’t say that its unfair because they already pay most of the taxes.When you compare how much they pay %wise compared to the amount of the wealth they control its surely obvious that they don’t pay enough.We know that the tax rate system has benifited the rich making them able to gain such wealth.Is it there lobbying to republican members(the spend much money in their support and actually get them elected through many means)the reasons the members are against it?

Read the quote at the link from St John Chrysostom.

 

[Prophesy]

Why do the republican resist raising taxes on the rich?Its been proven that it won’t produce more jobs to cut their taxes and they can’t say that its unfair because they already pay most of the taxes.When you compare how much they pay %wise compared to the amount of the wealth they control its surely obvious that they don’t pay enough.We know that the tax rate system has benifited the rich making them able to gain such wealth.Is it there lobbying to republican members(the spend much money in their support and actually get them elected through many means)the reasons the members are against it?

Tax should be seen as a penalization. Ideally no one should be taxed on their income because you’re penalizing people for what you want them to be doing, working and making income.

Taxing the rich comes from the mentality of “they have so much, they can give more.” But you can also have the mentality of “you’re penalizing people for being successful”. In Canada, (I presume similarly in the States) we have multiple income tax brackets.

So one of my math teachers explained that, despite the school wanting her to teach another math class and take a full time position, it would result in a lowered income because she would be bumped up to another tax bracket.

So all in all, ideally a Republican should be against taxation on income (but often we see the opposite at work).

-Prophesy

 

[mary_bobo]

Read the quote at the link from St John Chrysostom.

 

[valentino]

Read the quote at the link from St John Chrysostom.

Im not talking about communism or making everyone equal.Im saying since the wealthy have beniffited from our unfair tax system shouldn’t they be required to help out this country to get out of the mess were in?Im not advocating taking all their wealth or make them equal to everyone else.But when the top 2% control 65%of the wealth in the nation Don’t you believe we are a little out of balance and it will continue so if the republicans do you they have been debating about?thanks.I read St.John’s quote.but he isn’t talking about what im referrring to.

 

[valentino]

Tax should be seen as a penalization. Ideally no one should be taxed on their income because you’re penalizing people for what you want them to be doing, working and making income.

Taxing the rich comes from the mentality of “they have so much, they can give more.” But you can also have the mentality of “you’re penalizing people for being successful”. In Canada, (I presume similarly in the States) we have multiple income tax brackets.

So one of my math teachers explained that, despite the school wanting her to teach another math class and take a full time position, it would result in a lowered income because she would be bumped up to another tax bracket.

So all in all, ideally a Republican should be against taxation on income (but often we see the opposite at work).

-Prophesy

Yes,maybe taxing is wrong.But the tax system has been in place.Again Im saying the wealthy benefitted from the system in place.

 

[Prophesy]

Im not talking about communism or making everyone equal.Im saying since the wealthy have beniffited from our unfair tax system shouldn’t they be required to help out this country to get out of the mess were in?Im not advocating taking all their wealth or make them equal to everyone else.But when the top 2% control 65%of the wealth in the nation Don’t you believe we are a little out of balance and it will continue so if the republicans do you they have been debating about?

I think there’s a problem with how you’re looking at the economy. You seem to have the same understanding as the first Wall Street film, “It’s a zero sum game. Someone wins, someone loses”. The point of the American economy is to expand the economy, not re-distribute. Bill Gates is immensely rich, not because he took money from a large portion of the economic pie, but he created a new market and brought new wealth.

-Prophesy

 

[Prophesy]

Yes,maybe taxing is wrong.But the tax system has been in place.Again Im saying the wealthy benefitted from the system in place.

Another question would be, when the income tax was 94% on income above $200,000, was America better off then or now?

(Also, 94%. Imagine that on a $10 wage, for every hour you work, you get $0.60)

-Prophesy

 

[Sailor_Kenshin]

Why do the republican resist raising taxes on the rich?Its been proven that it won’t produce more jobs to cut their taxes and they can’t say that its unfair because they already pay most of the taxes.When you compare how much they pay %wise compared to the amount of the wealth they control its surely obvious that they don’t pay enough.We know that the tax rate system has benifited the rich making them able to gain such wealth.Is it there lobbying to republican members(the spend much money in their support and actually get them elected through many means)the reasons the members are against it?

It is unfortunate that so many people believe a basic economic lie.

If you destroy prosperity from the top down, who suffers first? The poor.

Do the poor create jobs? Look around you. Businesses are closing down everywhere. Prices are going up. This means more suffering for the poor.

Or are you of the opinion that the wealthy cram their money into mattresses and sit on it?

High taxes destroys incentive, destroys businesses, destroys prosperity, destroys the poor.

The Church specifically preaches against class envy but this falls on deaf ears, and in its wake causes much misery to the poor.

 

[Scoobyshme]

Some figures:

Estimates by the Tax Policy Center for 2010 of the distribution of income compared to the distribution of all federal taxes (personal income, payroll, and corporate) shows that households earning over about $212,000 earn about 30 percent of the nation’s income but pay more than 40 percent of all federal taxes.

So the question is, if 40 percent of the nation’s tax burden is not enough then what is the rich’s “fair” share of tax?

 

[Prophesy]

It is unfortunate that so many people believe a basic economic lie.

If you destroy prosperity from the top down, who suffers first? The poor.

Do the poor create jobs? Look around you. Businesses are closing down everywhere. Prices are going up. This means more suffering for the poor.

Or are you of the opinion that the wealthy cram their money into mattresses and sit on it?

High taxes destroys incentive, destroys businesses, destroys prosperity, destroys the poor.

The Church specifically preaches against class envy but this falls on deaf ears, and in its wake causes much misery to the poor.

In Canada, we’ve had a very good Prime Minister for handling the economic sector, cutting taxes and lowering spending. It’s been a long time since I’ve seen this much commercial construction in my city.

-Prophesy

 

[rturner76]

You can see how well the theory of trickle down economics works. Ha ha ha ha those republicans always crack me up when they talk about knowing whats best for the economy! hahahahaha

 

[Prophesy]

You can see how well the theory of trickle down economics works. Ha ha ha ha those republicans always crack me up when they talk about knowing whats best for the economy! hahahahaha

You forgot the largest blue bar of all, for the newest Democrat.

-Prophesy

 

[markomalley]

You can see how well the theory of trickle down economics works. Ha ha ha ha those republicans always crack me up when they talk about knowing whats best for the economy! hahahahaha

I don’t know where you got your chart from,

Here is a far more accurate one:

i.imgur.com/eOvbr.png

I wish that the Republicans would have actually gone for smaller government, thus drastically cutting spending. But they didn’t.

easycaptures.com/fs/uploaded/461/0212027401.jpg

Just as a note, if you click on the pie chart above, you would find that Defense Spending in 2011 was $946B. So you could completely eliminate the DOD (including war spending) and you would not knock out the $1.6 Trillion dollar deficit for this year.

Tax the rich to solve the deficit? If you tax the rich (over $250,000 per year) at a 100% level, you would raise about $1.9 Trillion dollars. So, in theory, you could close the 2011 deficit by taxing the rich.

But you can do that exactly once. I don’t know about anybody else, but if all of my income was confiscated, I sure would not bother generating any income in the future.

 

[Prophesy]

I don’t know where you got your chart from,

Here is a far more accurate one:

i.imgur.com/eOvbr.png

I wish that the Republicans would have actually gone for smaller government, thus drastically cutting spending. But they didn’t.

easycaptures.com/fs/uploaded/461/0212027401.jpg

Just as a note, if you click on the pie chart above, you would find that Defense Spending in 2011 was $946B. So you could completely eliminate the DOD (including war spending) and you would not knock out the $1.6 Trillion dollar deficit for this year.

Tax the rich to solve the deficit? If you tax the rich (over $250,000 per year) at a 100% level, you would raise about $1.9 Trillion dollars. So, in theory, you could close the 2011 deficit by taxing the rich.

But you can do that exactly once. I don’t know about anybody else, but if all of my income was confiscated, I sure would not bother generating any income in the future.

It’s insane that 11% of the budget is Welfare. 1.5 Trillion dollars?

If you just shut down all of the welfare and gave a cheque to the bottom 20% of the population, they’d still get (61,749,107 people) that’d be a cheque for $24,300. That’s a lot, no?

-Prophesy

 

[Warrior1979]

Why do the republican resist raising taxes on the rich? Its been proven that it won’t produce more jobs to cut their taxes and they can’t say that its unfair because they already pay most of the taxes.When you compare how much they pay %wise compared to the amount of the wealth they control its surely obvious that they don’t pay enough.We know that the tax rate system has benifited the rich making them able to gain such wealth.Is it there lobbying to republican members(the spend much money in their support and actually get them elected through many means)the reasons the members are against it?

The facts are that the wealthy pay a disproportionate share of the taxes (in terms of absolute numbers) already. People tend to look at one part of the tax, say federal tax, and say they pay a disproportionately low amount. However, that’s the narrow point of view. They pay taxes that many others often don’t see…yacht tax, mansion and other real estate transfer tax, federal inheritance tax, etc. Quite frankly, they pay more then their fair share.

The problem is not with the wealthy paying too much tax, but rather reckless and unsustainable spending. In the U.S., they could simply confiscate the wealth of the top 1%, and it would barely be a blip on the radar screen when it comes to government obligations.

 

[valentino]

Another question would be, when the income tax was 94% on income above $200,000, was America better off then or now?

(Also, 94%. Imagine that on a $10 wage, for every hour you work, you get $0.60)

-Prophesy

Well of course im not proposing anything like 94% but as it stands federal income tax for the wealthiest is like 16% compared to 23% for the rest of us.The tax rate for the wealthiest have never been higher than the ordinary citizen so I can/t say if we’d be better off.

 

[valentino]

It is unfortunate that so many people believe a basic economic lie.

If you destroy prosperity from the top down, who suffers first? The poor.

Do the poor create jobs? Look around you. Businesses are closing down everywhere. Prices are going up. This means more suffering for the poor.

Or are you of the opinion that the wealthy cram their money into mattresses and sit on it?

High taxes destroys incentive, destroys businesses, destroys prosperity, destroys the poor.

The Church specifically preaches against class envy but this falls on deaf ears, and in its wake causes much misery to the poor.

I’ve heard this same argument before.first of all its been proven by lowering the tax rate on the wealthy does not produce jobs.That’s what Bush did.And their was very slow growth in jobs.Its not that wealthy need less taxes so they will invest but they want what they consider is low enough so they can make so much.In other words they want say 30%profit on their investment.they will stick it out until the tax rate is low enough to where they can earn that much.they know we need jobs but they still won’t help America until they can make a certain some.Where’s there American pride?They could never have made this much money anywhere else.What happened to the corps.They wanted more money so they went overseas.they don’t seem to care if we go down .They could still make plenty of profits by investing now but not enough to satisfy them.We are in a sense in a stranglehold.

 

[valentino]

The facts are that the wealthy pay a disproportionate share of the taxes (in terms of absolute numbers) already. People tend to look at one part of the tax, say federal tax, and say they pay a disproportionately low amount. However, that’s the narrow point of view. They pay taxes that many others often don’t see…yacht tax, mansion and other real estate transfer tax, federal inheritance tax, etc. Quite frankly, they pay more then their fair share.

The problem is not with the wealthy paying too much tax, but rather reckless and unsustainable spending. In the U.S., they could simply confiscate the wealth of the top 1%, and it would barely be a blip on the radar screen when it comes to government obligations.

Well for one think you miss all the loopholes the rich have.what about them investing in a business which goes belly upp and they can just write it off.i’ve heard the argument both ways many times and i,m still convinced the poorer the individual the more tax they have to pay.Just for example we all buy food but we all pay same tax.same with gas,phone,ect.it goes on and on.A man making $250 a week can really feel those taxes but the basic necessities the rich never think about.the energy to heat,cool the has is tremendous burden on a poorer person but the rich pay no more for gas than the poor.Insurance for car or medical insurance the rich pay the same but a poorer man can go under.Its not class envy.i don’t care how much they earn but I think the middle class has been slowly going down for the last 20 some odd years should be helped during this economic crisis .After all the tax system is geared so the rich get richer.It needs to be changed at hthis time in our history.The spread between rich and poor has never been near as great as it is now and its going to get even greater if the tax laws are not changed,I don’t want to sound derogatory but listen to Cnn or msnbc once in a while.If you listen to fox news,fox business,hannity,limbaugh your only getting one side of the story.

 

[Warrior1979]

Well for one think you miss all the loopholes the rich have.what about them investing in a business which goes belly upp and they can just write it off.

You can do the same if you have a one-person corporation. It has nothing to do with wealth.

i’ve heard the argument both ways many times and i,m still convinced the poorer the individual the more tax they have to pay.Just for example we all buy food but we all pay same tax.same with gas,phone,ect.it goes on and on.A man making $250 a week can really feel those taxes but the basic necessities the rich never think about.the energy to heat,cool the has is tremendous burden on a poorer person but the rich pay no more for gas than the poor.Insurance for car or medical insurance the rich pay the same but a poorer man can go under.

You forget some other important points. Example: The $500,000-$1,000,000 real estate tax bill for the wealthy for their Palm Beach estate that greatly helps the municipalities coffers. The maintenance bill for that estate that can run a few hundred grand to several millions dollars that employs a great many people. The construction bills for the 50 people per day at $30-$50 per hour that helps run the local economy. And on, and on, and on.

Its not class envy.i don’t care how much they earn but I think the middle class has been slowly going down for the last 20 some odd years should be helped during this economic crisis .After all the tax system is geared so the rich get richer.It needs to be changed at hthis time in our history.The spread between rich and poor has never been near as great as it is now and its going to get even greater if the tax laws are not changed,I don’t want to sound derogatory but listen to Cnn or msnbc once in a while.If you listen to fox news,fox business,hannity,limbaugh your only getting one side of the story.

I like the assumptions about who I listen to; very amusing. I’m not interested in the biased politically charged garbage.