THAT my friend is one of the problems with the tax code. All us little folks are being taxed at a higer rate because we get paid on income; the rich make their money from dividends and capital gains, so they pay a lower rate. This is why people like Buffett says he pays less taxes than his secretary. Stricly speaking, it’s not true, but he’s taxed at a lower rate than she is because of the way she receives her income.
I made 12k last year.
I pay 300/month in taxes due to SS and whatnot from just federal taxes.
That’s the same as what Mitt Romney is paying. FUMR!
How can that be? Why incorporation. The elitists knew exactly what they were doing when they duped people into supporting an income tax. Abolish the income tax altogether, and return us to duties, excises and tariffs. Taxation of productivity stifles productivity. People don’t care if they’re sheared if the shearing comes out of the income before they ever even see it. Have them see a tax on every receipt and they’re more inclined to care. (Even them, some will baaa and turn back to the TV/Sporting event).
“THAT my friend is one of the problems with the tax code. All us little folks are being taxed at a higer rate because we get paid on income; the rich make their money from dividends and capital gains, so they pay a lower rate. “
Last time I heard this argument I heard it coming from President Obama in a class warfare argument to raise the capital gains tax to 28%. Are you suggesting we raise the capital gains tax and discourage capital investment to achieve growth?
Problem is...it would affect millions of middle-class Americans too and bar the way to greater wealth as one climbs the ladder.
Classic class warfare.
“one of the problems with the tax code. All us little folks are being taxed at a higer rate because we get paid on income; the rich make their money from dividends and capital gains, so they pay a lower rate”
Not exactly. They pay a lower rate on income, yes, because their income is lower. Not that the general public realizes it, but those dividends and capital gains are double taxed. When you consider our federal VAT tax, known as the corporate tax, “the rich” are taxed at a rate higher than you and I.
The problem with the tax code, in addition to how it manipulates the market, is that it deliberately twists and turns to hide things from people. So that Warren Buffet can pay himself less in nominal income than his secretary, and pretend the tax burden is somehow unbalanced. So that Democrats, progressive Republicans, and idiots everywhere can pretend the rich don’t pay their fair share, when we all know, deep down, they pay the lion’s share.
By the way, nevermind double taxation and tricks of the tax code. Does anyone else think it’s ridiculous that we refer to Buffet’s secretary as if she’s a just your regular, old neighborhood secretary? As if she doesn’t get paid way, way over market rate. I have no doubt she’s a one percenter. The only reason Buffet’s specious argument kinda, sorta, almost makes sense is that he uses her as an example, rather than your average secretary.
Ah, I see you follow the OWS/Marxist guide book on taxation.