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Shop: Original Sensible Seeds Bulk Cannabis Seeds   Unfolding Nature Unfolding Nature: Being in the Implicate Order

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The wealthy pay less taxes because of loop holes?
    #8993127 -

My girlfriend thinks that all the senators and rich congressmen and all the people in the goverment making a whole lot of money don't pay nearly as much in taxes as us middle and lower class Americans. She says they take advantage of loop holes in the system that help get around paying high taxes.

Does anyone agree or disagree?


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"With an abundance of Cyanescens... i would never touch another Cubensis again."

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Re: The wealthy pay less taxes because of loop holes? [Re: pscyanescens]
    #8993149 -

well Obama agreed last nite abuot that in the debates
mccain said cooporations pay 35% taxes
just under japan in the globe
but in reality due to loopholes they pay almost the lowest taxes


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Re: The wealthy pay less taxes because of loop holes? [Re: Coaster]
    #8993162 -

Gotta love how these people don't have a problem blatantly lying on television. (Well I guess McCain's blink-tick might be a problem.)


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Wildflower seed on the sand and stone, may the four winds blow you safely home
Curriculum vapidum (dry herb vapes)

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Re: The wealthy pay less taxes because of loop holes? [Re: NizzyJones]
    #8993364 -

If they do, good for them. I'm not going to get mad at the rich for being hard-working, or in the case of socialites, lucky. If anything, it's an incentive for me to work harder.

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Re: The wealthy pay less taxes because of loop holes? [Re: pscyanescens]
    #8993455 -

Americans in the low tax brackets pay zero federal income tax (myself included).  In fact, last year I got $50 for something, so I paid negative income tax.  :lol:

Rich people pay nearly all the taxes.  The tax bracket is highly progressive.  The bottom 50% of Americans only contribute a pittance (less than 10%) to the yearly tax income.

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Re: The wealthy pay less taxes because of loop holes? [Re: DieCommie]
    #8993484 -

DieCommie said:
The bottom 50% of Americans only contribute a pittance (less than 10%) to the yearly tax income.


Do you know how much wealth the bottom 50% holds?  Ideally, they would contribute less than 10% because they don't have any money.


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...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436

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Re: The wealthy pay less taxes because of loop holes? [Re: badchad]
    #8993507 -

Its income tax, not wealth tax.  :wink:

Again, the tax bracket system is highly progressive.  Meaning that the more you make, your taxes go up disproportionally higher.  And no, rich people do not pay less taxes than the middle and lower class because of loop holes.  They do however pay less taxes than other rich people who dont use loopholes, I would imagine.  Right or wrong, thats the way it is.


EDIT - Let me clarify what I mean to 'disproportionally higher' to those who dont know.  It means that the low income group who only earn 10% of national income pays much less tan 10% of income taxes.  And the rich group that earns over 50% of national income pay well over 50% of income taxes. 

Edited by Qubit (09/27/08 12:36 PM)

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Re: The wealthy pay less taxes because of loop holes? [Re: DieCommie]
    #8993584 -

im by no means republican or democrat, but i think income tax should be abolished.

Really, for example, I make 800 dollars and some a week at 11 dollars hr at 40 hrs a week.

i take home like 600 though.

I could stimulate the economy more with that money.

And the wealthy do pay higher taxes, in some ways they can afford it, but they get punished disproportionaly for being more succesful.

And then Washington doesnt have incentive to cut stuff that doesnt work and balance the budget in a way that works well for the economy and the country as a whole.

Tax Consumption, not income.

More income, more to consume, slightly higher sales tax perhaps, but people being able to keep their money drives up the economy, not a socialist give unto stalin system of stealing from everyone who works.


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This section of the signature line has been intentionally left blank.

Remember to always courtesy flush

  we could all use a little more sunshine.

:shrug: yeah, she's funny and somewhat interesting.  not a beauty queen, but not bad lookin.  i'd feel quite honored to fuck janine garofalo. -tiny_rabid_birds

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Re: The wealthy pay less taxes because of loop holes? [Re: pscyanescens]
    #8993608 -

http://www.amazon.com/Free-Lunch-Wealthiest-Themselves-Government/dp/1591841917

Quote:
From Publishers Weekly
Johnston, a New York Times investigative reporter, has spent his 40-year career exposing collusion between government officials and private sector entities as they enrich the rich and ignore consequences for middle-class laborers and the poor. In Perfectly Legal, he focused on hidden inequities in the tax system. This volume is a broader examination of collusion and unfairness, ranging from subsidies for professional sports stadiums to secret payouts to multinational corporate chief executives. At the base of Johnston's journalistic indictment are the highly paid lobbyists working Congress, state legislatures, county commissions, city councils and government regulatory agencies. Johnston also cites the culpability of George W. Bush in his roles as professional baseball team owner, Texas governor and U.S. president, and targets well-known tycoons such as Donald Trump, Warren Buffett and George Steinbrenner as well as lesser-recognized beneficiaries who own golf courses and insurance companies and energy consortiums. Heroes appear occasionally, such as Remy Welling, an Internal Revenue Service investigator who blew the whistle on improper tax breaks for the wealthy and lost her job. Johnston writes compellingly to show how government-private sector collusion affects the middle class and the poor. (Jan.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.



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Re: The wealthy pay less taxes because of loop holes? [Re: Cannabischarlie]
    #8993617 -

I think that if income is taxed, it should be done progressively, with a much gentler slope.

I think its ridiculous someone making 400k and Bill Gates are both taxed 35%.  That doesn't sound progrsseive at all, more like a cutoff point.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436

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Re: The wealthy pay less taxes because of loop holes? [Re: NizzyJones]
    #8993669 -

in order for one become a 'politician'
one must possess skills of cunning persuasion


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STFU and go eat some mushrooms :greenshroom:

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Re: The wealthy pay less taxes because of loop holes? [Re: pscyanescens]
    #8993732 -

They pay less taxes on a percentage basis.

Typically the rich people know how to employ "tax minimization" 

All you have to do is read the IRS code and you can deduct and save too...

Do you want to do that?

They don't so they hire tax experts...

Do you want to hire a tax experts? 

It is not "loopholes" per se... 



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Re: The wealthy pay less taxes because of loop holes? [Re: Astral_JL]
    #8993751 -

what really gets me is that not only do they tax the money when you make it, but they tax you when you spend it as well. i've been middle class all my life and there's nothing that pisses me off more than seeing 45% of my income lost to taxes when my family and i are busting our asses every day to put 3 kids through college just so we can get a decent job.

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Re: The wealthy pay less taxes because of loop holes? [Re: JT]
    #8993767 -

Yea man, low taxes FTW.

But dont think the rich politicians pay less percentage wise... they dont.  I looked at McCains, he paid 37% in income tax alone.  I couldnt find Obama's, but Im sure its comparable.

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Re: The wealthy pay less taxes because of loop holes? [Re: DieCommie]
    #8993784 -

warren buffet definitely pays less percentage wise.

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Re: The wealthy pay less taxes because of loop holes? [Re: DieCommie]
    #8993824 -

Quote:
The bottom 50% of Americans only contribute a pittance (less than 10%) to the yearly tax income.


Less than 4%, actually.





Phred


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Re: The wealthy pay less taxes because of loop holes? [Re: Phred]
    #8993904 -

Does alot to show how much more money the rich really have in this nation.


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¿Check out some art m8?


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Re: The wealthy pay less taxes because of loop holes? [Re: Phred]
    #8993935 -

i dont like the notion that rich people "work harder"  it's simply not true in most cases.

"it takes money to make money"

once you have yourself a nice chunk of money, life becomes easier, and it becomes easier to make more.

If you are unable to save money because your wages cant keep up with your basic expenses, you will never be able to become wealthy no matter how hard you work.

excessive wealth beyond what is necessary or reasonable for one person to have,  should not be rewarded with tax breaks.

let me give you an example;  my boss always goes on about "how hard she works" to random people.  meanwhile she spends most of the day working the till (easiest part of the job) and takes frequest breaks for an hour or more, once or more times a day,  it frequently late,  and slacks off on the ordering and accounting.

meanwhile I'm the one doing all the real hard work stocking, managing inventory and deliveries, cleaning, helping customers etc. 

and guess who takes home the bulk of the dough? not me, even though the place would fall apart if i left.

so you see rich people like to TALK about how hard they work, while all the people on salaries working for them are doing the real work.


either way. there is no way that 90% of the wealth should be in the hands of the top 5% people while good people are going broke, homeless, starving, etc.


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http://yourlogicalfallacyis.com/

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Re: The wealthy pay less taxes because of loop holes? [Re: Shins]
    #8994666 -

exactly ^

modern day slavery...


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Everybody's a ninja...

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Re: The wealthy pay less taxes because of loop holes? [Re: Phred]
    #8995344 -

Phred said:
Quote:
The bottom 50% of Americans only contribute a pittance (less than 10%) to the yearly tax income.


Less than 4%, actually.





Phred


true, but they can afford it more.

like i said, imagine you make 800+ dollars a week and keep 600. What could you do with that extra 200? stimulate the economy. buy more stuff, more sales tax revenue.

then you wouldnt mind slight increases in sales tax

and you the government would have to be more fiscally responsible than they are now


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This section of the signature line has been intentionally left blank.

Remember to always courtesy flush

  we could all use a little more sunshine.

:shrug: yeah, she's funny and somewhat interesting.  not a beauty queen, but not bad lookin.  i'd feel quite honored to fuck janine garofalo. -tiny_rabid_birds

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