Lets Tax the Rich
By bobmnu
@bobmnu (8157)
United States
December 8, 2007 12:58am CST
If you look at our tax system you will see that taxing the rich is very popular and we tax the rich every chance we get. The Income tax was established to produce money for the federal government and was to taxs the top 5% - tax the rich. Now look who is paying income taxes. When the rich were the ones driving cars the politicians taxed the gas they used - stick it to the #@$. When the wealthy started to invest in the stock market they came up with the Capital Gains tax. Business paid taxes on the profits of the company. The rich paid taxes on the money they ivested. The Capital Gains Tax is the third tax on that money. Several years ago it was pointed out that a few wealthy people did not pay any taxes (thnaks to the deductions etc) so congress decided to tax the rich only with a new tax caled the Alternative Miminum Tax or AMT. Now congress is trying to fix it bacause if they don't close to 1/2 half of the people will have to pay their taxes and the AMT. Do you know how hard it is for the congress to change the taax code to collect less taxes.
Every time the Congress has taxed the rich or taxed something that only the rich have some how in a short time we end paying the tax too. Until just a few years ago we were still paying a tax on long distance calls which was a tax to fund the Spanish American War.
What out for any tax on the rich sooner or later you will be paying that tax too.
1 person likes this
3 responses
@pilbara (1436)
• Australia
8 Dec 07
I can't comment on what taxes are paid being from a different area. However, one thing I do know is that those who are rich are able to pay accountants who are very clever at reducing their tax payments. One year it was reported that our richest man paid just 3% tax. I was paying 25% tax that same year and we're talking about someone who earned more than my annual salary every couple of hours.
@theprogamer (10534)
• United States
9 Dec 07
Also Bob, the governments(federal, state) have to define "rich". Not only that people all have very different views on what "rich" is. For all parties it can range from people making millions (especially those making it through capitalism) to lower eschelons like families making 200,000 a year... 100,000... 80,000... -_-
See what's happening there. I've noticed the number get revised lower and lower by some people. The humorous part of this is that the same people who want universal healthcare (or partial) healthcare use 80,000 as being qualified for the care (i.e. "poor"). Uh...?! O_o ??? -_-. /facepalm
Oh by the way the top 1% pay **40%** of the bill!
The top 5% pay **60%** of the tax bill!
The top 10% pay **70%** of the taxes!
Meanwhile those below the 50% marker only payed 3% in taxes.
http://www.taxfoundation.org/taxdata/show/250.html
http://www.ntu.org/main/page.php?PageID=6
Plus if people realized that the rich (along with all sorts of citizens) invest in the market, invest in business, try their own hands at business, donate to private sources (and the data above)... maybe the tax issue wouldn't be such a debate. You tax everyone more, people have less money to spend, they'll save less instead of participate more in the economy, you'll see companies come up with job cuts and others just simply go out of business.
And don't worry US citizens, your empty flapping headed leaders will find a way to tax every single aspect of your life. Government needs money to splurge, lose, misappropriate and burn... I meant "spend".
@Netsbridge (3253)
• United States
8 Dec 07
I get your point. I, too, think no one should be penalized for working hard and/or working hard and smart. I think everyone should be subjected to the same percentage of taxation - 10% being my maximum, seeing we all use the same national amenities and services.
