Spread the Wealth

Quote from AAAintheBeltway:

Come back when you've actually had a real job and paid taxes yourself. I've known plenty of self-righteous little socialists like you. Of course, they were living off mommy and daddy. When they finally started earning they were shocked at how much they had to pay. Suddenly taxes took on a different meaning.

I was there when this happened to one lib. He had been (among other things) a dancer. Through a lot of hard work, he managed to become a software consultant. Writing code in MS Acces, but still a lot better off than previous jobs. Then he got his first paycheck.

He was shocked. His gross would have been around 4 grand, so he'd be out about $1300 being single. When you buy a new car for the government every year and they still rack up trillion dollar deficeits - you grow to hate taxes.
 
Quote from AAAintheBeltway:

Come back when you've actually had a real job and paid taxes yourself. I've known plenty of self-righteous little socialists like you. Of course, they were living off mommy and daddy. When they finally started earning they were shocked at how much they had to pay. Suddenly taxes took on a different meaning.

Ha. I moved out my parents house when I was 17. I started my first company when I was 18. I bought my first house out of foreclosure for $350,000 when I was 19, and sold it less than 2 months later for $650,000. At 20 I built a house on 35 acres for a total of $700,000. So yea, as usual you don't know what you're talking about.

Lets assume I was some kid who didn't know how it felt to pay taxes, and then suddenly realized how much I hated taxes. I would still be voting for Obama because in all likelyhood he would be lowering them. Your statement doesn't make any kind of sense in all kinds of ways.


I'd love to see you explain to that plumber, who is up to his elbows in people's toilets all day, how he isn't paying enough to subsidize Obama's welfare clients.

I doubt a plumber in someones toilet is going to be making more than $250,000 a year. Under Obama his taxes WOULD BE LOWER.

Nearly 40% of americans pay no income tax at all. Another 30% pay next to nothing. The entire tax burden is resting on a smaller and smaller group. Of course a small number of the very rich are odious crooks, the options hog CEO's and Wall Street manipulators. Most however are small businessmen, the people who create most of the jobs.

The reason a smaller number of people pay most of the taxes is because that small number, lets call it the top 10%, control the VAST majority of the wealth. I understand your point, but you are assuming the income gap between normal americans and the "small number of very rich" is small or non existent. Its HUGE. For example lets look at the middle class, the people making $50k a year give or take...those people pay their taxes and right now they pay more (on a percentage basis) than the very rich people and there is a lot more of them. Yet they account for very small chunk of the overall income tax revenue. Why? Because the top 10% hold nearly all the wealth. Its not because the middle class don't pay their taxes, they do pay them...religiously, but since none of the wealth trickles down and the income is being redistributed to the wealthy they account for pretty much nothing. Taxing them is pointless because there is no revenue there.
 
Quote from jonbig04:

Quote from AAAintheBeltway:

The reason a smaller number of people pay most of the taxes is because that small number, lets call it the top 10%, control the VAST majority of the wealth. I understand your point, but you are assuming the income gap between normal americans and the "small number of very rich" is small or non existent. Its HUGE.

You just don't get it.

If I buy a million dollars in stock and it goes to $100,000,000 how much is my tax liability on the stock?
 
Quote from Pa(b)st Prime:



You just don't get it.

If I buy a million dollars in stock and it goes to $100,000,000 how much is my tax liability on the stock? [/B]


Which tax bracket?

And what don't I get?

formulate your ideas cohesively and then tell me where you think Im wrong.
 
Quote from jonbig04:

Which tax bracket?

And what don't I get?

formulate your ideas cohesively and then tell me where you think Im wrong.


You don't get the fact that I'd owe nothing. It's called an unrealized gain. You can raise capital gains to 80% and you know what? Unless Buffet or Gates sell stock their tax bill is nada. You're whole notion of higher taxes grabbing a piece of the idle rich is ridiculously flawed.
 
Quote from Pa(b)st Prime:

You don't get the fact that I'd owe nothing. It's called an unrealized gain. You can raise capital gains to 80% and you know what? Unless Buffet or Gates sell stock their tax bill is nada. You're whole notion of higher taxes grabbing a piece of the idle rich is ridiculously flawed.

Well I assumed you were going to sell the stock. Anyways, your point is that by raising tax rates on higher income earner, absolutely nothing will happen?
 
Quote from Pa(b)st Prime:

You don't get the fact that I'd owe nothing. It's called an unrealized gain. You can raise capital gains to 80% and you know what? Unless Buffet or Gates sell stock their tax bill is nada. You're whole notion of higher taxes grabbing a piece of the idle rich is ridiculously flawed. [/QUOTE


What is taxable income for people like Soros and Buffet with huge unrealized gains?
 
I agree it is easier for someone who makes over 250k to deal with higher taxes. I dispute the claims there are no taxes paid by those under a certain level, however. Prior to trading, I started a small business and contracted out my services and hired subcontractors. My best year I netted about 26k after tax and write offs. I paid tax because I was self employed, as many tradesman are, even though my income was miniscule. Did I miss a loophole somewhere?

I support a flat tax or consumption tax. There is absolutely nothing unfair about everyone paying the same percentage. Add to that, I simply don't believe the democrats on the current tax promises.
 
Quote from wjk:

I agree it is easier for someone who makes over 250k to deal with higher taxes. I dispute the claims there are no taxes paid by those under a certain level, however. Prior to trading, I started a small business and contracted out my services and hired subcontractors. My best year I netted about 26k after tax and write offs. I paid tax because I was self employed, as many tradesman are, even though my income was miniscule. Did I miss a loophole somewhere?

You had a shitty accountant :)

American companies have one of the highest tax rates in the world. But they end up paying among the least in the world because of the loopholes. So knowing that, what do you think?
 
Quote from jonbig04:

You had a shitty accountant :)

American companies have one of the highest tax rates in the world. But they end up paying among the least in the world because of the loopholes. So knowing that, what do you think?

My wife was my accountant. Are you saying I could have avoided self employment tax on profit? 18% or so.

Guess I could have faked some deductions, right?
 
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