tax code written for the rich

[Paul C. Anagnostopoulos]

So who is paying the income tax?

http://www.mises.org/fullstory.aspx?control=412&month=19&title=the+rich+getting+soaked&id=19

http://www.allegromedia.com/sugi/taxes/

mjv said:
Yeah, I can imagine some fat cat like Steve Forbes, who has never seen a days work in his life would love to cut his taxes from 35% down to 20%.

Doesn't he run Forbes, Inc.? Does he do that without working? I wonder if his employees appreciate how little work he does?

I see people using the word fair in here. You're not obeying my decree.

~~ Paul

 

[DaveW]

Dave: See: http://www.everything2.com/?node=payroll taxes (this link is four years old but the information generally looks correct. The cap has since been raised to around $85,000)

OK, got a chance to look at it. All i can get out of it is that it is Medicare and Soc Sec. No numbers there to go off of, and my personal experience goes against your assertion that more is paid in payroll taxes than income tax. Any documentaion for that?

 

[corplinx]

Yeah, I can imagine some fat cat like Steve Forbes, who has never seen a days work in his life would love to cut his taxes from 35% down to 20%.

This is what I was talking about, envy and the resulting resentment clouding people's critical thinking skills. Thanks for illustrating my point perfectly.

 

[shanek]

Knowing you, you've got a well-reasoned argument behind that statement.

I do. Taxation is force, and force is never fair. And people are always going to assert that the force exerted on others is more justified than the force exerted on them.

Anyway, I try to balance my idealism with realism. If we radically altered our tax structure, the government would collapse.

We could repeal the entire Income Tax system, replace it with nothing, and pay for the government budget passed in 1984. That's adjusting for inflation, and not counting all the money we'd save not having an IRS, and the economic boom that would certainly result in increased revenues.

Hell, they can't even properly operate a text paging/SMS terror service.

Exactly. So the less we give them to do, the better.

 

[Phrost]

See, you came through for me.

Knew I could count on you to reaffirm why I'm changing some info on my voter registration card.

 

[Cain]

OK, got a chance to look at it. All i can get out of it is that it is Medicare and Soc Sec. No numbers there to go off of, and my personal experience goes against your assertion that more is paid in payroll taxes than income tax. Any documentaion for that?

I have my notes for the Johnston book right here. As I scribbled it:

P.119 - 3/4 households pay more in soc. sec. tax than income tax. Reagan facing budget shortfalls increased excise taxes but it wasn't called a tax increase -- rather, "revenue enhancements." Also increased gas tax a nickel.

You can check that against the book itself. Maybe Amazon's inside the book feature will allow you to browse the relevant pages.

 

[Corwyn]

you guys crack me up

MJV Says

Yeah, I can imagine some fat cat like Steve Forbes, who has never seen a days work in his life would love to cut his taxes from 35% down to 20%. Granted he and most of the people in his bracket are not really paying that, but I'm sure avoiding taxes through high dollar CPA's does take a toll on daddy's millions!

Of course then the government will be taking in less money, since they cut 10% on the super wealthy and only hit the middle class for 5%. And I imagine its possible that service demand could remain the same, but will probably grow. I wonder who they will raise the rate on?

and then corplinx add OH it's envy yadi yadi ya-------------

NO it's not envy! IT'S A LIE and MJV proves it in his OWN statements. In one breath he hays oh the rich would love the tax cut to 20%, and then uses the typical LIE of the reps scare tactic that this will raise the taxes on the poor/middle class 'cause the govt will have less money.

BUT in the VERY next sentence he ADMITS that the Forbes and the supper rich ARLREADY PAY less than 20% because of all the loop holes their accountants find for them which the average middle class person making sub 90K does not quilify for or can afford to set up. And yes, the rich spend a lot of money for accountants to do this, BUT guess what! That too is deductable on next years taxes!.

Again the LIE and the problem is that while the raw tax rate for the super rich IS 35% what they ACTUALLY pay is more like 10% or less! As someone else already metioned prior to Reagan the highest tax rate was around 80% ( i forgot the exact) Do you ACTUALLY believe that Forbes and Trump and these guys actually paid 80% in taxes. Granted the very poor do not pay any taxes ( and I am not sure that I agree with that completely) but the only people who actually pay their "true" rate based on their income is the middle class, because we can only take so many deductions that max out. This is why the middle calss is being squeezed and I believe that if it continues it will mean the end of this country as we know it.