Why Aren't The Rich Paying 50% in Taxes?

[keno]

yeah, what a penalty!!  they only get to keep 605 grand out of a million after taxes instead of 650 grand
 
 
Hoser wants to let em keep about 50 grand. The rest goes for the chilllldrun.

[sweetwater5s9]

April 7, 2011

Obama offered a detailed rationale for overhauling the tax code at a town hall appearance in Pennsylvania Wednesday. But it boiled down to this: The current code, he said, “is kind of screwy.”

That’s producing unfair results for many businesses as well as individuals, and also is harming U.S. competitiveness, he said.

Obama said he wants to “lower the rate for corporations, but eliminate a bunch of the loopholes so that everybody is paying the same and it’s fair.”

General Electric Co. came in attention recently after the New York Times reported that GE paid no federal income taxes in 2010. GE CEO Jeffrey Immelt, a top outside adviser to the White House,  has cited the company’s $32 billion in losses at GE Capital, and predicted GE’s tax rate will be “much higher” in 2011.

The current tax system also isn’t working very well for individuals, said Mr. Obama, who called for simplifying the individual tax rules in his State of the Union address.

“Ninety percent of you shouldn’t even have to probably file a return,” Mr. Obama said, resurrecting an idea from his 2008 campaign. “The way electronics works these days, you should be able to — with your W-2, it gets plugged in. It’s on a computer somewhere. Here’s your refund. You sign something electronically. It gets done…. It shouldn’t be some two-week ordeal.”

And it is difficult to get much simpler than a flat tax, a single flat rate that all taxpayers pay on their taxable income.

There are many benefits to a flat tax rate. Efficiency is probably the most compelling. More complicated tax systems require complicated algorithms and long lists of rules to follow. They don't cost money to fill out (unless you are doing them on-line), but they do cost time. They cost time to fill out and time to be processed. A flat-tax system would cut that time dramatically, and all those man-hours saved could be spent doing something far more productive.

It is a difficult and painful process to go from a complicated, wasteful tax system like the one we have now, to a quick, clean and efficient system overnight.

There’s actually much to like in the Administration’s potential plan. Lower tax rates will help the economy by improving incentives for productive behavior. And getting rid of distortions will further enhance growth since people no longer would have an incentive to make inefficient decisions just for tax purposes. And simplification could have a profound impact on cleaning up the horrible mess at the IRS. Moreover, a plan that trades lower tax rates for fewer tax distortions would be a welcome change from the poisonous soak-the-rich tax policy the White House has been pursuing.

(more…)

[keno]

you are an idiot, of course.  90% of the wealth is in the hands of about 5-10% of the people.


Wealth isn't income. You ain't going to see a tax on wealth, because the Peeelosis, Rockefellers, Bushes, Clintons, Kerrys, et al, would have to shell out a lot of bucks. When one is worth 200 million, one could give two shits less about how much taxes they pay on their paltry little 180K income.

[keno]

Obama offered a detailed rationale for overhauling the tax code at a town hall appearance in Pennsylvania Wednesday. But it boiled down to this: The current code, he said, “is kind of screwy.”


Yes, it is. Because the nanny state uses the tax code to reward some, and punish others. Social engineering by tax.

[aesopsfable]

Just like liberals , they want to tax the ambitious to pay for the lazy liberals, ho daddy you are the stupid one, get your ass off that couch and get a job if you want more money.

[chuck_curtis]

I read that the 400 richest families in this country own a higher percentage of the wealth in this country than the bottom 50% combined.....

So why go after the upper-middle class making a couple million dollars or less when you should go after the uber wealthy?  Because the uber wealthy make the rules, that's why.

[sweetwater5s9]

Before President Roosevelt’s New Deal, the federal government was just 3% of the economy. Today, it’s over 26%. And when you add in state and local governments, plus the cost of regulatory compliance, plus the cost of all the business that provides goods and services that support all the government agencies, it’s more than 50% of the U.S. economy.

The difference between socialism and communism is that a socialist society is only about economic monopolies, whereas a communist society is about economic and political monopolies.

Since the communist revolution in Cuba in 1959, the country has seen a progressive economic downturn. Without the influx of money from the Soviet Union to bolster its economy, it has seen class equality achieved - everyone in Cuba (except for the ruling class) is poor.

Keep in mind, this all started when Castro had his government seize the wealth and property of his country’s rich and wealthy, and took over the utilities and financial institutions.

Although socialism has long claimed to be for the poor, it has probably done more damage, on net balance, to the poor than to the rich. After all, the rich have enough money to leave the country if they think the socialists are going to do them any serious harm.

Remember - in socialism, there is no equality. There is the ruling class, and everyone else. As evidenced in other socialist countries, the ruling class (those who control the monopolies) get special perks and privileges others do not.

http://www.barackobamataxplan.com/obamas-wealth-redistribution/

[Baretta19]

We DON'T have a TAX problem

We HAVE A SPENDING PROBLEM

[sweetwater5s9]

Good point...

[aesopsfable]

We have a tax problem also, too many people don't pay taxes while others are burdened. i.e GE paid no taxes. Leroy Jones paid no taxes.

[Baretta19]

Until we have a flat tax the tax issues will never be resolved, Just ax this guy about loop holes
 
http://custom.yahoo.com/taxes/article-112485-2306a83f-c6fe-3fe5-af62-1d7e48c47870-most-tax-efficient-man-wsj

[doodle-mcvee]

honestly, anyone with common knowledge of tax law and taxing structure would know that anyone working or who owns a business knows that over 60% of income is given away in some form of tax.
 
even that cell phone has over 100 taxes attached to it by the time you start the service - which has (depending on where you activate it) 6 to 12 different service taxes attached to it.
 
I bet the rich (and anyone else) would be very happy to go to only 50% in taxes then dissolve all of the other fees & ad hoc taxes..
 
never ceases to amaze how the freebie state tries to lobby that the rich don't pay their fair share,
 
when treasoncrat lowlifes haven't even ever stepped up to the table to pay anything.