Tax The Rich?

[keck553]

All should be taxed the same percentage..no deductions
No free loafing because one has a low income level. the poor need to pay their fair share.


That way they all have a foot in the game.
This class warfare stuff reminds me of a bunch of Marxists..

Well everyone paying in is certainly Biblical.

[keck553]

How 'bout free-loading by the wealthy due to investments? Or is that not free-loading?

Change the law to double taxation and watch investments dry up. Unless you think the government should take this on too?

[Dravenhawk]

How 'bout free-loading by the wealthy due to investments? Or is that not free-loading?

How about little old ladies whose retirement income comes from interest and dividends from investments. Should they be taxed like this. Seriously everyone on the left condems those who make a little cheddar on investment income. I trade stocks and options as a hobby. Saved up a $4000.00 stake and read about investing, practiced trades with a notebook and made a few mistakes but also made some money. The point is anyone can invest and make good money from the activity. Its called a free market for a reason. People here in the states are free to invest using any number of online brokers for less than $10.00 a trade and as little as $1,500.00 to start. I really wish Obama would just get off the backs of people like me who make less than $40k a year who scrimp and save to have a littel to invest. One day I hope to get good enough at investing to be one of those "free-laoders" who sit around at the pool of his multi million dollar estate drinking my Dr. Pepper in a fancy glass with an umbrella in it. I dont need Obama robbing me of my hard earned gains with usuary and burdonsome taxation.

><}}}*> Dravenhawk <*}}}><

[NHL Fever]

Low corporate taxes should be a priority, corporate taxes are by far more important for job-creators than personal rates. Also, lowering corporate taxes has a relatively smaller impact on the deficit because they make up a much smaller portion of federal revenues than personal taxes. Progressive taxation for personal taxes does have merit, as it has a limited impact on job creation. Top marginal rates were extremely high during the most prosperous period of American history. Then Reagan lowered them, and succeeded in growing the debt much more than the economy and increasing the debt/GDP ratio.

How about little old ladies whose retirement income comes from interest and dividends from investments. Should they be taxed like this. Seriously everyone on the left condems those who make a little cheddar on investment income. I trade stocks and options as a hobby. Saved up a $4000.00 stake and read about investing, practiced trades with a notebook and made a few mistakes but also made some money. The point is anyone can invest and make good money from the activity. Its called a free market for a reason. People here in the states are free to invest using any number of online brokers for less than $10.00 a trade and as little as $1,500.00 to start. I really wish Obama would just get off the backs of people like me who make less than $40k a year who scrimp and save to have a littel to invest. One day I hope to get good enough at investing to be one of those "free-laoders" who sit around at the pool of his multi million dollar estate drinking my Dr. Pepper in a fancy glass with an umbrella in it. I dont need Obama robbing me of my hard earned gains with usuary and burdonsome taxation.

><}}}*> Dravenhawk <*}}}><

The stock market is soon going to become a total losing battle. Close to 80% trades are done by automated software which simply chase trends. This does not add value to the system, and makes it pointless for people to participate. This might sound a little hokey now, but it's going to become a major news issue in the future.

[Reynolds357]

Low corporate taxes should be a priority, corporate taxes are by far more important for job-creators than personal rates. Also, lowering corporate taxes has a relatively smaller impact on the deficit because they make up a much smaller portion of federal revenues than personal taxes. Progressive taxation for personal taxes does have merit, as it has a limited impact on job creation. Top marginal rates were extremely high during the most prosperous period of American history. Then Reagan lowered them, and succeeded in growing the debt much more than the economy and increasing the debt/GDP ratio.

The stock market is soon going to become a total losing battle. Close to 80% trades are done by automated software which simply chase trends. This does not add value to the system, and makes it pointless for people to participate. This might sound a little hokey now, but it's going to become a major news issue in the future.

The problem with "corporate rates" is that the vast majority of "corporations" in the U.S. are "S Corporations." This means that the owner or share holders pay tax on them personally. How can you separate corporate from individual? I personally pay the taxes on my corporations profits every year.

[Fenris]

Was that the one you could win a free lunch with birthday boy?

IRS begone! requires a larger sum of $$$

[tango]

I thought Obama was going to fix these sort of things. It turns out if you're a small business owner making 200k, he's going to raise your taxes. If you're a really big business and can donate to O's campaign, you escape taxes altogether. sad but true.

That's easy, just borrow the money to donate. If you hit your borrowing limit just raise it and borrow some more. That's how the government seems to get by.

[tango]

How 'bout free-loading by the wealthy due to investments? Or is that not free-loading?

I guess it depends what you call "freeloading" by the wealthy.

I worked hard for many years, saved money by doing without things most of my peers were buying in abundance, which meant when I wanted to take some time out of work I had the money behind me to do it. Was I a freeloader, or merely enjoying the fruits of my labours in my own way?

If I'd worked harder and longer, saved harder, and was now sitting on a 7-8 figure bank balance and decided to retire and spend the rest of my life with my feet up sipping cocktails is that freeloading, or is that enjoying the fruits of my labours?

[ChristianCoffee]

I think this is what the "liberals" think of when they want to "tax the rich":

[Fenris]

That's easy, just borrow the money to donate. If you hit your borrowing limit just raise it and borrow some more. That's how the government seems to get by.

I can't print money or issue bonds, or maybe I would.

[NHL Fever]

The problem with "corporate rates" is that the vast majority of "corporations" in the U.S. are "S Corporations." This means that the owner or share holders pay tax on them personally. How can you separate corporate from individual? I personally pay the taxes on my corporations profits every year.

You're talking about the normal process of making personal income from corporate profits? Just want to be clear before responding.

[tango]

I can't print money or issue bonds, or maybe I would.

You could issue bonds if you could persuade people to buy them. Some might say that "the full faith and credit of Fenris" is probably worth as much as "the full faith and credit of the government" these days.

[Fenris]

You could issue bonds if you could persuade people to buy them. Some might say that "the full faith and credit of Fenris" is probably worth as much as "the full faith and credit of the government" these days.

You know, that's a good point. Government bonds sold by Spain have a higher interest rate than my home mortgage does. I guess banks would rather loan money to me that the Spanish government. Go me!

[Reynolds357]

You're talking about the normal process of making personal income from corporate profits? Just want to be clear before responding.

I am talking about how "Sub Chapter S" corporations in the United States operate. To simplifyit, and probably oversimplyify it, the owners of a sub chapter s corp pay all income tax. If my company makes $200K per year, at the end of the year (actually throughout the year in estimated quarterly installments) I personally owe income tax on that $200K. The company pays no income tax, the owners pay the income tax.

[keck553]

That's easy, just borrow the money to donate. If you hit your borrowing limit just raise it and borrow some more. That's how the government seems to get by.

Well they can just print more money. It's a felony for us though. Go figure.