Posted on 07/26/2011 11:01:49 AM PDT by moshiach
The 400 richest Americans used to pay 30% of their income on the average to Uncle Sam. Today, they pay 18% on the average.
The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%.
(Excerpt) Read more at blogs.forbes.com ...
For those who work for a living, you pay 81% of the bills of your country. For those who do not work for a living (but own the majority of the U.S. wealth) they pay 10% of the bills.
81% of paying our Nation's bills on our backs. Only time we catch a break is when less bills are put on our backs.
DON'T RAISE THE DEBT CEILING.
ibtz! get him jim!
50% pay NOTHING, so that means that other 50% are paying for everything.
These people feed the economy. Giving it to government is the least effective way to feed it.
Apples and oranges game. Capital gains and dividend taxes are not income taxes.
“For those who do not work for a living (but own the majority of the U.S. wealth) they pay 10% of the bills.”
Uh, what makes you think they dont work? Are they unemployed?
And 18% of a 20 million income is a lot more than you make in several decades.
Of that 40% do we know how much all of them earn? Because a good portion of those “individuals” don’t pay a dime. You can’t make broad generalizations.
Cindie
The 400 Most Socialist Trolls get Zotted 100% of the Time
No federal income tax, you mean. Those sluggos still pay the payroll tax, but that doesn’t do anything to ease the deficit.
You have GOT to be Carl, A brainwashed 24 year old or definately of his ilk.
IBTZ!
You are a horses ass and economically illiterate. To go into an explanation of your ignorance would give me carpel tunnel.
IBTZ. Zot you later you Commie Pinko Troll.
So?
Unless “the rich” use more government, they should not only NOT pay a higher tax rate, they should not even be paying more in actual dollars than everyone else.
What has one’s income, or asset base got to do with how much of the government overhead they should be paying for?
flat tax right now with a consumption tax ... nobody gets by without paying
You do realize that they pay most of the salaries in the country, right? Their investment money is what keeps stocks up, provides start-up capital for small businesses, put money into good ideas, and basically provide the fuel that the engine of American business runs on.
So while they may not "work" at a 9 to 5 job, they do wisely choose where to invest, which leads to many more people working a 9 to 5 job.
Short-sighted, one-step-ahead vision is usually found on the socialist side of an argument.
i had this argument with a looney liberal not to long ago who was whining about the same thing....
fact is even though they pay an 18% rate they are still paying twice as much $$$ in taxes compared to 15 years ago when their rate was 30%....the increase in 12% tax rate for the top 400 would amount to $3billion in revenues annually based on the numbers the lunatic leftist gave me...
so i told the looney liberal that i would take up the cause of raising the rates of the wealthiest 400 back to 30% just as long as he and his friends started to push for the 63.5million Americans who pay $0.00 in federal income tax annually to kick in at least $1000 per year...
you could hear the crickets a mile away...
On their income but that is only part of the story! You should ask also how much do these same folks take in that does not qualify as "income" under the current tax code!
We are taxing on the WRONG END! We should be taxing consumption not income!
Is that you, Mr. Manchurian Candidate POS commie POTUS?
No one should pay more than 10% in taxes, period.
Further, if the government wants people to pay more on investments, then they need to tax government bond interest.
Why don’t they? Because then they would have to compete with private bond rates.
This reduction in the investment class’s taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.
Cuts in capital gains taxes also fueled a boom in the Clinton years. The point in the article should be to cut rates again to fuel more economic growth. But, instead, we are told we should further harm economic growth under the guise of fairness.
Another point, what is the effective tax rate for almost half the population? That would be 0%.
Finally, the fallacy in the argument is the assumption that money invested was never "earned." Unless the person received a nice inheritance that money was earned and taxed. The taxes on the investment is a second round of taxation.
I keep hearing that 40 to 50% of Americans pay no tax’s at all.
Where are all of these people?
I make less than $50,000 a year and I damned sure pay plenty. I take the Standard deduction each year and Obama wants to take that away from me.
The 40 to 50% who don’t pay anything are what is killing America. Not the Millionairs and Billionairs. Not only don’t they pay they take money away in the form of entitlements and they vote for politicians who have made a career of keeping them living in the style to which we have allowed them to become accustomed.Wide screen TV and an Escalade in the driveway.
No country can survive with half working and half supporting those who will not work.
Obama says he wouldn’t mind paying more. Well Mother Lover, send a check in. I can hardly afford gas to get to the Doctors office,I paid $6.18 for a half gallon of milk and a package of hamburger buns today, and this Chicago scumbag tells me there is no inflation.I am on a fixed income and don’t have any more to give.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.