Income gap widens between rich & poor

[college_trad3r]

Quote from Mercor:

So if the Government places a 100% tax on the top earners then it will create maximum wealth?

Myth: 100% tax = progressive tax. 100% tax = 100% tax, and nothing else.

Quote from clacy:

false. the government can REDISTRIBUTE wealth by progressive taxing.

This wealth has already been created by people that are productive and will be redistributed to those that are not productive.

Myth: more productivity = always more income. This means that the CEO of Lehman Brothers was very productive to have a 400 million a year salary.

Quote from Scataphagos:

"... taking wealth from masses..." Generally, NOT TRUE... for Federal and State income tax. Progressive tax system taxes the RICH very heavily, others disproportionately low.

".... politicos [enhancing self at taxpayer expense]..." is of course spot on.

Myth: the rich are disproportionally heavy taxed. Warren Buffett, richest man in the world, had a 17% tax rate in 2008. I saw him say it himself on CNBC, so it's FACT. His secretary had a 33% tax rate, also shown in the same tape.

Right now we have a regressive tax, not a progressive tax in the US.

 

[Scataphagos]

Quote from college_trad3r:

"... Right now we have a regressive tax, not a progressive tax in the US.

You are SO FULL OF SHIT! Go flush yourself down the toilet and do the world a solid.

Buffet and a few others may get away with such "structurings", but they are not the norm. (Buffe's tax bracket likely due to the fact nearly all of his gains are derived from capital profits... while his secretary is taxed at ordinary income rates.)

That was such at TOTALLY STUPID comment, you're going on my lonnnng list of "DUMBASS POSTERS... WITH NOTHING OF VALUE TO CONTRIBUTE".

 

[college_trad3r]

Quote from Scataphagos:

You are SO FULL OF SHIT! Go flush yourself down the toilet and do the world a solid.

Buffet and a few others may get away with such "structurings", but they are not the norm. (Buffe's tax bracket likely due to the fact nearly all of his gains are derived from capital profits... while his secretary is taxed at ordinary income rates.)

That was such at TOTALLY STUPID comment, you're going on my lonnnng list of "DUMBASS POSTERS... WITH NOTHING OF VALUE TO CONTRIBUTE".

Buffett also mentioned he does his tax himself, thus not uses any so called "structurings". Sounds to me like a default regressive tax.

 

[HomoSalmon]

Quote from Mercor:

Wealth confiscated by the government in the form of taxes, tariffs and fees is neutral/ negative. to the measure of productivity.
Productivity creates wealth. The Government cannot create wealth it can only redistribute it.

It depends on your definition of wealth. IMHO wealth is both value of both done and future work. When goverment throw a lot of money to go to the moon, and discovered a lot of new processes and advanced materials and technologies in the effort, it created wealth (as side effect, though) because future work was more productive.
But I'm with you if you speak of today's governments.

 

[HomoSalmon]

Quote from college_trad3r:

Buffett also mentioned he does his tax himself, thus not uses any so called "structurings". Sounds to me like a default regressive tax.

IMHO You and Schatafagos should define "rich".

Probably he consider itsself to be one (and pay a lot) while you consider "rich" someone with a lot greater wealth (tens of millions a year?) and capable to dodge taxes (as all really wealthy do, see tax havens).

Please state your numbers: total wealth (assets) and year income of a "rich".

 

[IanMacQuaide]

M. Thatcher said "The problem with Socialism is that, sooner or later, you run out of other peoples money."

 

[Scataphagos]

Quote from HomoSalmon:

IMHO You and Schatafagos should define "rich".

Probably he consider itsself to be one (and pay a lot) while you consider "rich" someone with a lot greater wealth (tens of millions a year?) and capable to dodge taxes (as all really wealthy do, see tax havens).

Please state your numbers: total wealth (assets) and year income of a "rich".

Well, Obama apparently defines rich as making $250K per year. The maximum Federal income tax starts at what, $320K per year for marrieds?

"Some" dodge taxes with "tax havens". Maybe that's temporary and illegal... maybe they haven't dodged taxes at all, only postponed... piper soon to be paid??

 

[indahook]

138k in lower NY and you`re in the poverty category...

That about covers your mortage and tax liabilities across the board. Forget about feeding yourself.

Another BS broad stroke article from yoohoo.

 

[Scataphagos]

Quote from indahook:

138k in lower NY and you`re in the poverty category...

That about covers your mortage and tax liabilties across the board. Forget about feeding yourself.

Another BS broad stroke article from yoohoo.

A few years back, the wife of a client said to me, "just because my husband is a doctor, people think we have money"...

They have 4 kids, pay lots in taxes. How much do you think they have left? It aint' "gobs"...

 

[MaklodaSux]

Quote from Scataphagos:

A few years back, the wife of a client said to me, "just because my husband is a doctor, people think we have money"...

They have 4 kids, pay lots in taxes. How much do you think they have left? It aint' "gobs"...

That's because of massive loans they end up accruing having to pay back.