Should taxes be raised on the wealthiest people? (4 Viewers)

Now if there could be a law that somehow told rich people Okay, after you've done all your wheeling and dealing to get around the tax code legally, you still have to pay a minimum of __ % no matter what. (to avoid those who pay nothing or close to nothing). I might be in favor of that.

Because I do feel that the middle class is taxed too much. I'm taxed a LOT in my opinion, and I have no special ways / lawyers / accountants of getting around it, all I do is claim the usual things - if there is any education credit I can claim I will, mortgage interest, self employed expenses but they are very modest and that's about it - I always end up paying net thousands. And I am not upper class. I just bought a pair of shorts at Walmart for $5. Pretty damn excited about that price too, to be honest.
 
Isaac said:
Now if there could be a law that somehow told rich people Okay, after you've done all your wheeling and dealing to get around the tax code legally, you still have to pay a minimum of __ % no matter what. (to avoid those who pay nothing or close to nothing). I might be in favor of that.

Because I do feel that the middle class is taxed too much. I'm taxed a LOT in my opinion, and I have no special ways / lawyers / accountants of getting around it, all I do is claim the usual things - if there is any education credit I can claim I will, mortgage interest, self employed expenses but they are very modest and that's about it - I always end up paying net thousands. And I am not upper class. I just bought a pair of shorts at Walmart for $5. Pretty damn excited about that price too, to be honest.
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You guys carry the full load.

Middle Class Folks supporting reduced taxes for the top class; is about the same as poor white cotton farmers going to war to support the rich folks right to own slaves.

"So Billy Bob, how did it go at the Cotton Exchange"?
"Well Darrel, not so good, the prices were all driven down by those big Plantations over yonder in Louisiana. Yeah but its OK. You know, we'll be going to war with them damned Yankees pretty soon".
"That'll straighten it out".
"Yessir, it sure will"
 
Pat Hartman said:
There is already one of those. It's called the Alternative Minimum Tax. Not sure how much good it does though. It did catch me one year when we had a huge medical expense. You'd think that wouldn't be part of this but it is how they catch the non-wealthy with this joke of a rule.

www.bing.com

alternative minimum tax explained - Bing

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That stupid AMT never kept up with inflation. That's why regular middle class people got hit with it. One of my clients got hit. Try explaining AMT to a lady close to 80.
 
Thales750 said:
You guys carry the full load.
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That's nowhere near true. According to this chart the top 1% pay over 40% of all income taxes. Add the next 4% and you're over 60% of the total. It would be nice to see what income levels define the income groups, but I didn't see it right off.


1722637713583.png
 
pbaldy said:
That's nowhere near true. According to this chart the top 1% pay over 40% of all income taxes. Add the next 4% and you're over 60% of the total. It would be nice to see what income levels define the income groups, but I didn't see it right off.


View attachment 115455
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But not as a percentage of their earnings.
We have leaniant taxes on capital gains. The whole system is set up to reward investment income.
 
Thales750 said:
But not as a percentage of their earnings.
We have leaniant taxes on capital gains. The whole system is set up to reward investment income.
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Investment income is what keeps our economy growing. Corporations wouldn't exist if individuals didn't buy shares. Every business would be a Mom and Pop shop. These are great for shopping districts but who would build furniture, vehicles, appliances, etc? If Investment income was heavily taxed than businesses would fail.
 
AngelSpeaks said:
Investment income is what keeps our economy growing. Corporations wouldn't exist if individuals didn't buy shares. Every business would be a Mom and Pop shop. These are great for shopping districts but who would build furniture, vehicles, appliances, etc? If Investment income was heavily taxed than businesses would fail.
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Spending is what keeps our economy going. By definition the economy is spending
 
Thales750 said:
I think the rules should be to try to keep a line of conversation to a minimum of topics until that has been agreed upon or decided that their can be no agreement. No page long diatribes covering 12 different topics, no more ignoring direct question. If a person elects not to answer they should still address the question.

Does that sound fair?
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​

Should taxes be raised on the wealthiest people?​


Yes or no.
 
Thales750 said:
The dynamics have changed. And that message is now a great big lie.
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You offered that comment in response to my statement that investment is what enables businesses to form and grow.

You are incorrect. Spending by itself does no good. A business needs an initial capital outlay which requires an accumulation of wealth to provide the investment at once. Spending does not provide the "expendatory lump" needed to start a business. Spending SUSTAINS a business but investment STARTS a business. And if you deny that, the economists whose books you are reading deserve to have their degrees revoked. And perhaps the institutions that conferred the degrees need to be decertified as centers of higher learning. I'm sorry but I have absolutely no choice to intensely disagree with you.
 
The_Doc_Man said:
You offered that comment in response to my statement that investment is what enables businesses to form and grow.

You are incorrect. Spending by itself does no good. A business needs an initial capital outlay which requires an accumulation of wealth to provide the investment at once. Spending does not provide the "expendatory lump" needed to start a business. Spending SUSTAINS a business but investment STARTS a business. And if you deny that, the economists whose books you are reading deserve to have their degrees revoked. And perhaps the institutions that conferred the degrees need to be decertified as centers of higher learning. I'm sorry but I have absolutely no choice to intensely disagree with you.
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You are using metrics that have become obsolete in the last 40 years. Investment money supply is virtually infinite in our modern Global Economy.
This is the part where all of you people that can't distinguish between Micro and Macro economics, have to rely on propaganda for answers.

Government spending accounts for roughly 25% of our economy (GDP). Think about that. it is the main reason we still have Federal deficits.
I don't like talking that way Doc, but you add insults when you refuse see the complete picture.
 
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