I found this interesting study recently done by the Tax Foundation. It's in response to Warren Buffett's proposal to tax those making over a million dollars more, which has also been talked about by President Obama.
In summary, suppose we take away all their deductions and loopholes and tax all their income at 50% (right now they pay an effective rate closer to 20%, so this would more than double their taxes). If we did this, it would raise almost $120 billion and reduce the national debt by 1%, and the deficit by 8%. Of course this assumes they don't find a way to avoid it.
Now, let's also tax 100% of all income over $10 million. That would raise $186 billion and reduce the debt by 2% and deficit by 12%.
And if you want to solve our deficit problem with just federal tax increases, then just tax the first $200K everyone makes the same as now, then take 100% of their income above $200K. And we need to assume this wouldn't kill the economy.
I'm pretty sure someone here might agree with that idea.
That's a fantastic idea... If you want everyone with the means to generate new jobs, make significant investments in new businesses, and otherwise contribute to the economy to move overseas and stop paying taxes to the US Gumbment all together! What a boon this plan would be to Canada, Mexico, and plenty of other countries who would love to have this kind of wealth and investment in their infrastructure, jobs, and an over all boost to their respective economies. If it comes down to surrendering all of my income over a certain dollar amount instead of half of it (maybe less than half depending on where I set up shop and bride the local officials...) I'm taking the lesser penalty every time!
I can explain it to you but I can't understand it for you.
"Any man who thinks he can be happy and prosperous by letting the Government take care of him; better take a closer look at the American Indian." - Henry Ford
Corruptissima re publica plurimae leges; When the Republic is at its most corrupt the laws are most numerous. - Publius Cornelius Tacitus
Its hard to face reality for those living in a fantasy world. I'm with otisptoawater. My idea of busting my tail to realize a dream does not include everyone else in it. America is rapidly loosing it's claim to the land of opportunity.. unless you mean opportunity to live on the government at everyone else's expense. Why are so many liberals afraid of a flat tax for everyone? No loop holes, no deductions, just a percentage of whatever you make?
Rockdoc Franz wrote: Its hard to face reality for those living in a fantasy world. I'm with otisptoawater. My idea of busting my tail to realize a dream does not include everyone else in it. America is rapidly loosing it's claim to the land of opportunity.. unless you mean opportunity to live on the government at everyone else's expense. Why are so many liberals afraid of a flat tax for everyone? No loop holes, no deductions, just a percentage of whatever you make?
I think no politicians like the idea of a simple tax code. They curry favor & donations by handing out loopholes and exemptions.
I wonder if the Founding Fathers would have changed the US Constitution if they realized what Congress would become.
Thomas Sowell: There are no solutions, just trade-offs.
David Gibbons, executive director of manufacturing for GM in Shanghai, is "very similar. The processes are the same, the systems are the same, the quality systems are the same. Really, the only difference is the employees."
David Gibbons, executive director of manufacturing for GM in Shanghai, is "very similar. The processes are the same, the systems are the same, the quality systems are the same. Really, the only difference is the employees."
Since Detroit has a functional illiteracy rate of 50%, I wonder if the Chinese workers have better English skills.
Businesses are now starting to admit one of the reasons they aren't hiring is so many people don't have adequate skills for the open jobs.
Thomas Sowell: There are no solutions, just trade-offs.
Stewart: Help save ‘endangered’ millionaires like O’Reilly
You know it's pretty bad when even a U.S. Congressman is complaining that he only has $200,000 a year to feed his family, with $400,000 left over from a $6.5 million income.
As Stewart points out, he also has a lousy accountant.
The brainy fellow in the next cubicle over from he has been quietly saying, "Get out of the water" all morning. Didn't really understand why until I checked the markets. As I look at the present numbers, the Dow is down 441 points (3.97%) at 10,684
The way the market is acting now I think it's IMPERATIVE that we tax the rich to death-the sooner the better. Market trends are confirming just how happy investors are with recent economic news both domestically and around the world. I would say we have them on the ropes now. I'm starting to think this class warfare thing just may be the way to go. Don't you?
Dow industrials on course for worst week since October 2008
U.S. stocks slid sharply on Thursday, extending losses for the Standard & Poor’s 500 Index into a fourth day, as Wall Street’s worry about Europe’s debt trouble and the global economy intensified.
Just keep doing what your doing up there...it's working great.
Millionaire Republican presidential candidate Mitt Romney said Wednesday that he was seeking better tax policies for people in the middle class like himself. (He's worth over $250 million and just sold two of his six homes)
“I think it’s a real problem when you have half of Americans — almost half of Americans that are not paying income tax,” the candidate told a group of supporters at a town hall event in Florida. “My own view with regards to tax policy is that we ought to provide help to the people that have been hurt most by the Obama economy, and that’s the middle class.”
“It’s not those at the low end and it’s certainly not for those at the very high end. It’s for the great middle class, the 80 to 90 percent of us in this country.”
Earlier at the same event, he had promised not to pander or be “phony.”
