Half of the Population of the US pay no income taxes

Wallet · Feb 21, 2012

Quote from futurecurrents:

And then you have people like Warren Buffet and Mitt Romney who pay the same tax rate as someone making 10K a year.

Unless your implying that Buffet and Romney paid nothing in taxes what's wrong with everyone paying the same rate? The OP's angle in this thread is that someone who makes 10K a year pays "nothing"..... where's the logic that someone who pays nada, zip - demands someone else pay more?

Tsing Tao · Feb 21, 2012

National Sales Tax is the way to go. Abolish income tax.

Next.

Mercor · Feb 21, 2012

Quote from futurecurrents:

. Many shelled out Social Security and Medicare payroll taxes.

Social Security is not a tax. You pay into a trust and you get directly get the money back later. But because the Government runs it, unlike like a private 401/IRA, if you die before the payouts the Government keeps the money from your spouse and children.

Eight · Feb 21, 2012

Quote from Mercor:

Social Security is not a tax. You pay into a trust and you get directly get the money back later. But because the Government runs it, unlike like a private 401/IRA, if you die before the payouts the Government keeps the money from your spouse and children.

you pay in over decades and you get back after inflation has done decades of work.. It's a childishly stupid scheme that needs to go away..

RCG Trader · Feb 21, 2012

Quote from Eight:

you pay in over decades and you get back after inflation has done decades of work.. It's a childishly stupid scheme that needs to go away..

And what would you replace it with?

Tsing Tao · Feb 21, 2012

Quote from RCG Trader:

And what would you replace it with?

Private accounts that you could invest how you saw fit but could not touch until retirement - but that were outside of the reach of the federal government to borrow against.

RCG Trader · Feb 21, 2012

Quote from Tsing Tao:

Private accounts that you could invest how you saw fit but could not touch until retirement - but that were outside of the reach of the federal government to borrow against.

Bush the Younger, in other words. Privatize SS. Good damn thing nobody listened to that tripe. We would have tent cities of elderly right now.

Tsing Tao · Feb 21, 2012

Quote from RCG Trader:

Bush the Younger, in other words. Privatize SS. Good damn thing nobody listened to that tripe. We would have tent cities of elderly right now.

Let's hear your argument against it.

RCG Trader · Feb 21, 2012

Quote from Tsing Tao:

Let's hear your argument against it.

People who cannot read a chart or understand investing/trading, which is the vast majority of Americans.

pspr · Feb 21, 2012

Quote from Tsing Tao:

Private accounts that you could invest how you saw fit but could not touch until retirement - but that were outside of the reach of the federal government to borrow against.

That's the only sane solution. Nobody has any of the money they put into Social Security in an account. The government has "borrowed" every dime and spent it.

That's why the democraps were so against the Bush plan to supplement SS with private accounts. The democraps saw one of their sources of spending cash drying up. Idiots.

Also, I guess RCG hasn't noticed that the market recovered from the dip in 2008. If people had been putting their money into stocks instead of the government they would be loaded now instead of seeing every dime absconded by Congress.