Obama Pushing for Tax Hike on Top Earners: If You Make $250K+ a Year, Should You Have to Pay More?
Chris D
2012/07/09 16:00:00
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Politicians love to raise taxes -- and it's not just the Democrats! Do you think that those who are successful and achieve greater income should have to pay a disproportionally greater share of the tax burden?
FOXNEWS.COM reports:
FOXNEWS.COM reports:
President Obama, amid charges of waging class warfare, is expected to push Monday for a tax hike on families earning more than $250,000 -- and an extension of the Bush-era tax rates for families making less than that.
Read More: http://www.foxnews.com/politics/2012/07/09/obama-t...
Top Opinion
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Rusty Shackleford 2012/07/09 16:13:16No
Your child achieves a 100% in a class. Since they have been successful and others haven't it is only fair that their effort be distributed to the rest who haven't done so well. Because they are only successful because the rest of the class is there taking up space.
So according to your Fairness Model
The child who achieves 100% must distribute 35% back to the class.
The child who achieved 90% must distribute 28% back to the class
The child who achieved 80% must distribute 25% back to the class
The child who achieved 70% must contribute 2% back to the class.
Anyone who didn't achieve 60% receives all the points the others contributed.
Now for the question. Would you tell your child that is not punishment for success?
That is our current tax system, by the way.
Equal percentages? OK let us pick a percentage.
Start with 18%
The person earning $1,000,000 pays $180,000
The person earning $24,000 pays $4,320
The current annual spending in the US is 3.4 trillion
305 million people in the US =$111,475 per person to cover the spending annually.
Only 63% of the population is currently participating in the labor force that equals 192,150,000 people working
3.4 trillion in s...
Your child achieves a 100% in a class. Since they have been successful and others haven't it is only fair that their effort be distributed to the rest who haven't done so well. Because they are only successful because the rest of the class is there taking up space.
So according to your Fairness Model
The child who achieves 100% must distribute 35% back to the class.
The child who achieved 90% must distribute 28% back to the class
The child who achieved 80% must distribute 25% back to the class
The child who achieved 70% must contribute 2% back to the class.
Anyone who didn't achieve 60% receives all the points the others contributed.
Now for the question. Would you tell your child that is not punishment for success?
That is our current tax system, by the way.
Equal percentages? OK let us pick a percentage.
Start with 18%
The person earning $1,000,000 pays $180,000
The person earning $24,000 pays $4,320
The current annual spending in the US is 3.4 trillion
305 million people in the US =$111,475 per person to cover the spending annually.
Only 63% of the population is currently participating in the labor force that equals 192,150,000 people working
3.4 trillion in spending.= $176,945 per working person just to pay for what the government is currently spending annually.
As you can see the person making $1,000,000 is covering his share.
If you want to further compound that consider that 47.3% of those working in this nation do not pay federal income taxes. Here is a little test for you(that I made my 12 year old calculate for her math project)
Tell me how many years a person making $40,000 would have to work just to cover their percentage of the annual burden of government? Then do it for every income bracket. You will find it is only the rich who are paying their share of the burden of government every year.
The point being you can tax everyone at 100% every year and without stopping the spending it will not matter.
Regarding the middle class, yes, for the majority, they are unproductive. They are only relevant to the amount of debt they carry. As we have seen the majority does not possess the skills to earn a living without some assistance. The only thing separating the middle class from the poor is a credit card, given to them by someone willing to take advantage of their fiscal stupidity.
I'm saying that the upper class should pay AT LEAST the same percentage as the middle class. Currently, they pay LESS by percentage.
Applying tax theory to child's grades is pointless. The analogy fails.
"Regarding the middle class, yes, for the majority, they are unproductive. They are only relevant to the amount of debt they carry. As we have seen the majority does not possess the skills to earn a living without some assistance. The only thing separating the middle class from the poor is a credit card, given to them by someone willing to take advantage of their fiscal stupidity." Unless you are a comfortable millionaire, you are insulting yourself (and, most of the people on this site).
The analogy is accurate it is just that most people in the dullard class do not realize what our tax system is.
I am wealthier than Mitt. I breezed through the middle class in my twenties with the purchase of my second business.
I will share with you since I just made my second quarter IRS payment, $236,831, that equates to about 16.2% of my personal income for the quarter. My businesses just paid $697,324 for the same quarter and that is about 35.4% of net.
The federal government will receive no more than that in any given quarter. If capital gains and income taxes are raised this year or next I will close all of my businesses and have the 300 employees of mine call Obama and ask him to find them work. There are plenty of nations abroad that will welcome my risk tolerance and will not expect to confiscate one third of my profit.
Until the middle farce contributes even a small percentage of the spending they vote for, I will continue to make sure the government cannot confiscate any more wealth than I am comfortable letting them.
People facing foreclosure, people laid off and living just above their means having cars repossessed and creditors hounding them. I feel for these people -- these families. I think that people like you and me CAN and SHOULD pay a greater percentage than what we currently do. I think we need to end Bush era tax breaks to the wealthy and look out for the middle class family.
This nation is NOTHING without the working middle class and the health of our economy depends on a thriving middle class. If you want to see your business succeed for years, you must also be concerned with this economy.
You must also recognize that without the working middle class, this nation as a whole fails.
You are correct the current tax rates should be ended, they should be lowered to 18% across the board. The federal budget should be cut to where that 18% is sufficient to pay down the national debt. So that would equal roughly a 1 Trillion dollar annual budget. But, because the nation is fiscally stupid, they will probably agree with you.
The working middle class is nothing to worry about, keeping those with a hunger to take on risk, doing so in this nation, will do more for the dullard class than anything government can make them dependent on.
Without a working debtor class this nation achieves real growth and real prosperity.
Low taxes for the wealthy leads to sustained prosperity is just another myth perpetuated by the Reagan conservatives for their own gain.
The numbers at the bottom are the tax rate, so if you look at Reagan's numbers in the 30% range on the left, you will see that real GDP growth was no where near as much as it was when the top tax was highest. The biggest growth occurs when the top tax is 75% or more.
Sorry to burst your conservative bubble, but Reagan's real growth was a one hit wonder, and amounted to next to nothing in LONG TERM growth. The long term effects of outsourcing, tax cuts, NAFTA, and union busting is directly connected to the recession we have now.
You fail to look at the long term effects of conservative economics, and have blinders on when faced with the truth that tax cuts have done nothing for the MAJORITY of the american people.
reagan also had the revenues go down near the end of his term as the long term effects of increased revenues was a short lived event. remember that he posted the largest deficit (up to that time) and remarked that "Deficits don't matter.".
Your history leaves a lot to be desired!
No one should have to pay more taxes, the government should quit spending like a drunken sailor!
Why is it that politicians feel that they can live the lavish lifestyles while we get taxed to hell and work like dogs. Why should politicians not have to play by the same rules we have to, they have even opted out of Obama care along with all their buddies.
As long as Obama can keep golfing, partying in the white house and going on these lavish multi million dollar vacations than no one should have to pay more taxes.
Is it really going to make people feel better knowing that the richer people are paying more taxes when the middle class will soon be getting hit with Obama care taxes, inheritance taxes, and losing all of the Bush tax credits? And by the way, the Bush tax credit helped the middle class not just the wealthier people.
All you little whining liberals that are trying to save face with this idiot in incompetence will be paying a huge amount of taxes when your so called save the poor health care tax goes into play for real. We all ready are paying all kinds of hidden taxes on it but the real tax is coming.
How does a physician, IT specialist, general contractor, restaurateur, or any other high earning profession use the infrastructure more than the clerk at the local convenience store?
Most of those tax breaks you speak of are a result of operating expenses. Do you think businesses should not only be taxed for profit but the cost of earning said profit as well? If so, you want to destroy all business.
Tax should be equal in percentage across the board. However, countries need to make it less easy for people to avoid paying. On average a poor person pays more than a rich person in tax, just because the rich have access to ways around the system. Tax dodgers are scum. Raping the country for all it has. They are the problems in society. Either leave the country, or pay your tax. No tax should be fair, everyone should pay the same. THat includes closing down tax avoidance loopholes.
If they choose to keep their money in their pockets, then tax but no more than 2% over. Remember, it's still their money. They made it, they should be able to keep it or we'll end up running them all out of the country.
This is the fastest way to create jobs.Then give additional tax breaks for companies that bring back offshored jobs. Reduce red tape & taxes to create jobs.
Only the wealthy can create jobs. Government gets in the way. Don't cook the goose that lays the golden egg.
Remember the good ole days when Eisenhower was in the White House, and the top income tax rate was 91%!
Nobody is proposing no government dummy. That argument is not even on the table and a piss pore argument to try to justify 40% of our GDP going to goverent spending, most of which is freaking waste. It shows that you can not even think of a good reason the government should be involved with every aspect of everything we do.