|
|
We appreciate your help
in keeping this site going.
|
|
11-18-2010, 08:55 AM
|
|
Area Man
|
|
Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
|
|
Quote:
Originally Posted by d-ray657
Yes they do. A lot of people have become rich providing substandard housing and jalopies to poor people. They will use underlings to deal with the riff raff whose money they take. Poor people still buy groceries. In many cases, the poor will pay higher prices for goods or services, because they can't afford to buy them in bulk. Because there are plenty of poor people, those who target those markets have plenty of customers. I don't think Sam Walton got rich by catering to the yuppies. Wal-Mart has created thousands of crappy jobs (to replace the jobs lost in local stores that were run out of business by Wally Martindales.)
Regards,
D-Ray
|
Tell it, D!
Dave
__________________
"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
|
11-18-2010, 09:32 AM
|
|
Resident octogenarian
|
|
Join Date: May 2009
Location: Maryland
Posts: 20,860
|
|
At one point in time Bill Gates was a poor college student. He created a few jobs. How about the first Apple computers. Bill Hewlett and Tony Packard started in a garage. Wealthy people are too busy wallowing in their money to create jobs. Even Warren Buffett does not create jobs, he just buys up companies.
__________________
Great minds discuss ideas; Average minds discuss events; Small minds discuss people.
Eleanor Roosevelt
|
11-18-2010, 09:35 AM
|
|
Senior Member
|
|
Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
|
|
Quote:
Originally Posted by d-ray657
It's gonna take both taxes and cuts. Your numbers sound fishy to me. What is the 44.6% composed of? Most of the numbers I've seen shows that actual rate collected from the top incomes in the 20's.
Regards,
D-Ray
|
Current Highest Federal income tax rate = 35%
FICA Tax = 6.2%
Medicare Tax = 1.45%
Total tax on income - 42.65
Under PPACA, the Medicare tax will increase to 2.35% for income earned over $200K. Total income tax = 43.35%
That's the story for taxes on income. Individuals who have a combination of W-2 income and investment income (or just investment income) will pay an additional Medicare tax of 3.8% under changes enacted by PPACA. This could push their total tax rate up towards the 44.6% level.
|
11-18-2010, 09:53 AM
|
|
Senior Member
|
|
Join Date: Jul 2009
Location: Denver, CO
Posts: 3,075
|
|
Ahh. It's unfortunate that I don't fall into the top tax bracket, so I can’t speak from personal experience- but it's my belief that people who fall into the scenario you describe above don't actually *pay* anywhere near 42.65% of their income in taxes. If fact, I suspect it is much, much less than that.
In 2007, Warren Buffett rather famously derided the tax system that allows him, the third richest man in the world, to pay less in taxes than his secretary.
http://www.timesonline.co.uk/tol/mon...cle1996735.ece
I believe the truth of the matter is, that for all the talk of "taxing the rich", our current system allows them many, many loopholes to prevent them from paying anything close to the rates often bantered about by the conservative pundits. Buffet claims he paid less than 18% while making no effort to pay less than his share.
I think the sad truth is, the convoluted tax system is set up the way it is on purpose. It allows the wealthy folks, a.k.a. the lawmakers, to point at a number and say "look, that's almost half my income that goes to taxes!" while at the same time providing them myriad ways to avoid paying taxes that are not available to you and me. I'd love to see a much simplified tax system for that reason, and the "fair tax" you posted about yesterday is sounding better and better to me. I love the idea of national Sales Tax. I tend to save money and not spend a lot. My taxes would drop like a rock. I've also long been in favor of an increased gas tax to build motivation for using less gas - increasingly a security issue. Everything about the "fair tax" seems to reward good behavior and punish poor decisions. That makes sense to me.
__________________
Two days slow. That's what they are.
Last edited by Fast_Eddie; 11-18-2010 at 10:01 AM.
|
11-18-2010, 09:57 AM
|
Abby Normal
|
|
Join Date: May 2009
Posts: 11,245
|
|
Quote:
Originally Posted by whell
And does anyone really believe that the BEST path to deficit reduction is raising taxes?
|
hook line and sinker
honest Whell this is just shocking
|
11-18-2010, 10:01 AM
|
|
Reformed Know-Nothing
|
|
Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,913
|
|
Quote:
Originally Posted by whell
And does anyone really believe that the BEST path to deficit reduction is raising taxes? We're already in a recession, so lets take money out of the economy where it might actually be put to use, just so we can make government flush?
|
Actually the only path to deficit reduction is a combination of spending cuts and tax increases. We tried the big tax cut thingie about exactly 10 years ago. How'd that work out?
__________________
As long as the roots are not severed, all will be well in the garden.
|
11-18-2010, 10:08 AM
|
|
Senior Member
|
|
Join Date: Jul 2009
Location: Denver, CO
Posts: 3,075
|
|
Quote:
Originally Posted by whell
And does anyone really believe that the BEST path to deficit reduction is raising taxes? We're already in a recession, so lets take money out of the economy where it might actually be put to use, just so we can make government flush?
|
I do *not* think higher taxes are the *best* way to address the deficit. They are part of the solution to the deficit problem, but, no, on the whole we'll have to cut spending to address the deficit. That's why programs like the health care bill that actually reduce the defict are so important.
I *do* however, feel that higher taxes are the best, and maybe *only* way to attack the debt. Paying back what we owe can only be done with actual capital. It has to come from somewehre. We're not paying enough now to pay for what we already spend. We'll have to make some "extra payments", as it were, to get out from under the debt.
__________________
Two days slow. That's what they are.
Last edited by Fast_Eddie; 11-18-2010 at 10:21 AM.
|
11-18-2010, 10:28 AM
|
|
Possibly admin. Maybe ;)
|
|
Join Date: Sep 2009
Location: Land of the burning river
Posts: 21,098
|
|
They create jobs by buying things? Sure, but that is a far far cry from building a company with 100s or 1000s or 10,000s of jobs. Sam did that.
Pete
__________________
“How many legs does a dog have if you call the tail a leg? Four. Calling a tail a leg doesn't make it a leg.”
|
11-18-2010, 11:09 AM
|
|
Senior Member
|
|
Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
|
|
Quote:
Originally Posted by Fast_Eddie
Ahh. It's unfortunate that I don't fall into the top tax bracket, so I can’t speak from personal experience- but it's my belief that people who fall into the scenario you describe above don't actually *pay* anywhere near 42.65% of their income in taxes.
|
My post wasn't referring to marginal tax rates. I was referring to income tax rates.
|
11-18-2010, 11:14 AM
|
|
Senior Member
|
|
Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
|
|
Quote:
Originally Posted by finnbow
Actually the only path to deficit reduction is a combination of spending cuts and tax increases. We tried the big tax cut thingie about exactly 10 years ago. How'd that work out?
|
So, we should raise taxes in the middle of an economic recession / depression? Even Krugman admits that when FDR did it, it lengthened the depression.
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -5. The time now is 04:27 AM.
|