Happy Tax Day, and Why the Top 1% Pay a Much Lower Tax Rate Than You

[Ike Bana]

Originally Posted by whell

With 1,000,000 loop holes, just like we have in the 1950's?

I don't think so. Maybe you think so.

[Ike Bana]

Originally Posted by whell

With 1,000,000 loop holes, just like we have in the 1950's?

A million loopholes? Yeh...sure...a million loopholes.

I say, top rate of 90% like in the 1950's, but...no tax credits, no tax breaks, no itemized deductions for anything. No tax free investments. A small deduction for minor children living at home...that's it. And all income is treated as regular income.

[d-ray657]

Originally Posted by Ike Bana

A million loopholes? Yeh...sure...a million loopholes.

I say, top rate of 90% like in the 1950's, no tax credits, no tax breaks, no itemized deductions for anything. No tax free investments. A small deduction for minor children living at home...that's it. And all income is treated as regular income.

OK, but how about an individual in business for himself. I would suppose that the expenses incurred in creating revenue would be deducted before such revenues would be counted as income. There have to be some deductions, but they have been overused as a tool of social engineering (and political payoffs).

Regards,

D-Ray

[Ike Bana]

Originally Posted by d-ray657

OK, but how about an individual in business for himself. I would suppose that the expenses incurred in creating revenue would be deducted before such revenues would be counted as income. There have to be some deductions, but they have been overused as a tool of social engineering (and political payoffs).

Regards,

D-Ray

I'm not sure what you're saying here.

I was in business for myself. When we needed money to operate and didn't have it we didn't take any pay or went into our line of credit.. When we needed money in front to get this business going, we either used our own money or went to a bank for a business loan. And...I don't believe that interest on loans, or interest on credit cards, or mortgages, or any interest expense at all should be a deductible on a 1040. We get a tax deduction for going into debt? It's nuts.

But I think you're talking about regular costs of doing business. Expenses on your P&L statement. Rent, raw materials, cost of goods sold, advertising...whatever expenses the business incurs in it's process. It's an expense, it's deducted from revenue to come to the net income of the business. Those aren't tax breaks, or tax credits, or itemized deductions. I don't think anybody is saying that a for-profit business or corporation should pay taxes on gross receipts...only on net profits.

[merrylander]

Originally Posted by Ike Bana

I'm not sure what you're saying here.

I was in business for myself. When we needed money to operate and didn't have it we didn't take any pay or went into our line of credit.. When we needed money in front to get this business going, we either used our own money or went to a bank for a business loan. And...I don't believe that interest on loans, or interest on credit cards, or mortgages, or any interest expense at all should be a deductible on a 1040. We get a tax deduction for going into debt? It's nuts.

But I think you're talking about regular costs of doing business. Expenses on your P&L statement. Rent, raw materials, cost of goods sold, advertising...whatever expenses the business incurs in it's process. It's an expense, it's deducted from revenue to come to the net income of the business. Those aren't tax breaks, or tax credits, or itemized deductions. I don't think anybody is saying that a for-profit business or corporation should pay taxes on gross receipts...only on net profits.

There was no mortgage inetest deductiom back home but there was also no capital gains tax on your home either.

[MrPots]

Originally Posted by 4-2-7

Lets see if I earned two million and I only had to pay 10% in taxes.

And Tom had to pay 10% of his earning. Who do you think would be contributing more to society.

What happen to equality?

Who do you think takes more from society?

[piece-itpete]

Are any of these graphs actual rates paid?

Originally Posted by bobabode

Thanks Pat. Another graph.

I see they did very well under Clinton. Perhaps Hillary will get the nod after all

Pete

[bobabode]

Originally Posted by piece-itpete

Are any of these graphs actual rates paid?



I see they did very well under Clinton. Perhaps Hillary will get the nod after all

Pete

You're looking through the wrong end of the periscope Pete.