An point that I gave my dad to consider and being the true Democrat he is, he disregarded it.

 

Let's say a person makes a $1 million a year in income. Tax rate is somewhere around 30%. So he paid around $300,000 in taxes.

 

Another person makes $30,000 and pays around 20% in taxes. That is $6,000 in taxes.

 

Government steps in and decides to give 1st guy a 1% tax break. So he is now paying $290,000 in taxes and saved $10,000.

 

Goverment decides to give the second guy a 75% tax break. His taxes are now around $1500 and he saved $4500.

 

But in today's world this plan would be sold by Democrats and the media as giving the rich the tax break because they saved the most money from their taxes. EVEN THOUGH, one got a 1% tax break and the other got a 75% tax break.

An point that I gave my dad to consider and being the true Democrat he is, he disregarded it.

 

Let's say a person makes a $1 million a year in income. Tax rate is somewhere around 30%. So he paid around $300,000 in taxes.

 

Another person makes $30,000 and pays around 20% in taxes. That is $6,000 in taxes.

 

Government steps in and decides to give 1st guy a 1% tax break. So he is now paying $290,000 in taxes and saved $10,000.

 

Goverment decides to give the second guy a 75% tax break. His taxes are now around $1500 and he saved $4500.

 

But in today's world this plan would be sold by Democrats and the media as giving the rich the tax break because they saved the most money from their taxes. EVEN THOUGH, one got a 1% tax break and the other got a 75% tax break.

It's class envy, plain and simple.

It's class envy, plain and simple.

 

Class envy by whom? Surely you don't think the poor are making the laws that establish the tax brackets do you? I would say that anyone passing these laws are taxing themselves. I would venture to say that Nancy Pelosi and Henry Reed are not envious of anyone else's wealth.

 

It might just be the Christian thing to do.

 

Didn't Jesus tell the rich young ruler to sell everything he had and give his money to the poor.

 

If I am making (as a family) 200,000.00 dollars per year and I take home 140,000 and I live in a 400,000.00 home, why would I scream for a tax break?

 

It would appear to me that my life is pretty good.

 

If I really want to reduce my tax burden I can give more money to charity and it will go way down.

Great article.

 

The president of our company emailed everyone an article that explained percentage of tax paid by each class. It was very interresting. Everyone complains about the rich getting all the breaks. But what is more interresting is that the top 1% of households pay more than 25% of the federal tax liabilities. The top 10% pay more than 50% and the top 20% pay more than two thirds of the federal tax liabilities.

Curious, then, that the top 1% control about 38% of the wealth last time I checked, the top 10% controls about 71%. On the flip side, the bottom 40% of Americans control about 1% of the nation's wealth.

 

Doesn't sound like an undue burden to me.

Class envy by whom? Surely you don't think the poor are making the laws that establish the tax brackets do you? I would say that anyone passing these laws are taxing themselves. I would venture to say that Nancy Pelosi and Henry Reed are not envious of anyone else's wealth.

 

Those in lower economic brackets suffer from class envy of the "rich", the left merely panders for votes by victimizing the "poor" and pitting them against those who have achieved success.

Curious, then, that the top 1% control about 38% of the wealth last time I checked, the top 10% controls about 71%. On the flip side, the bottom 40% of Americans control about 1% of the nation's wealth.

 

Doesn't sound like an undue burden to me.

 

The problem with that is that wealth isn't taxed. The top 10% don't make 71% of the income.

 

Class envy by whom? Surely you don't think the poor are making the laws that establish the tax brackets do you? I would say that anyone passing these laws are taxing themselves. I would venture to say that Nancy Pelosi and Henry Reed are not envious of anyone else's wealth.

 

It might just be the Christian thing to do.

 

Didn't Jesus tell the rich young ruler to sell everything he had and give his money to the poor.

 

If I am making (as a family) 200,000.00 dollars per year and I take home 140,000 and I live in a 400,000.00 home, why would I scream for a tax break?

 

It would appear to me that my life is pretty good.

 

If I really want to reduce my tax burden I can give more money to charity and it will go way down.

 

Ideally the rich would help out the poor. And believe me, some really do give a lot to charities and non-profits. However my problem with it is more of an economic problem. First, the government should provide a "safety-net" for its citizens, especially those who are most susceptible to job loss, to allow them to live during hard times, but help them get back into the workforce. However, it should not reward poor economic behavior or general lack of motivation by throwing money at the issue. The government's welfare program has been very inefficient. Also, taking more income from companies and people who make money has a negative impact on our economy, especially when it is used improperly after it is reintroduced. Punishing companies and people for success with higher taxes is going to stymie economic growth, which will hurt the poor more than help it.

The problem with that is that wealth isn't taxed. The top 10% don't make 71% of the income.

 

 

 

.

I think you mean to say some wealth is not taxed. Or I have a different version of wealth than you. Cause is not property taxes on wealth? Taxes on vehicles, wouldn't that be on wealth too?

I think you mean to say some wealth is not taxed. Or I have a different version of wealth than you. Cause is not property taxes on wealth? Taxes on vehicles, wouldn't that be on wealth too?

 

Yes, I meant the government doesn't add up your net wealth and tax it at a specific rate, depending on the size, like income is.

Yes, I meant the government doesn't add up your net wealth and tax it at a specific rate, depending on the size, like income is.

Sure they do. It's called the estate tax.

Sure they do. It's called the estate tax.

That's not a yearly thing like income, right?

I believe that is Habib's point. Except for those things that are taxed through a property tax, they don't have a ANNUAL tax.

 

For example, if I leave my child $10 mil, they will pay a one-time estate tax and then that is it on the $10 mil, right?

 

They will pay a tax on any interest earned on it but as far as the $10 mil, only one tax one time, correct?

It's still part of the Federal tax calculus. The original post by woodsrider made no distinction between income tax and other forms of Federal tax.

Class envy by whom? Surely you don't think the poor are making the laws that establish the tax brackets do you? I would say that anyone passing these laws are taxing themselves. I would venture to say that Nancy Pelosi and Henry Reed are not envious of anyone else's wealth.

 

It might just be the Christian thing to do.

 

Didn't Jesus tell the rich young ruler to sell everything he had and give his money to the poor.

 

If I am making (as a family) 200,000.00 dollars per year and I take home 140,000 and I live in a 400,000.00 home, why would I scream for a tax break?

 

It would appear to me that my life is pretty good.

 

If I really want to reduce my tax burden I can give more money to charity and it will go way down.

You're living in a dream world if you don't think the "poor" don't get a break. I'm not rich by any means, I don't think that those who have been more successful than I should have to shoulder my part of the tax burden, nor do I think I should have to shoulder burden of those less successful than I. I especially don't think any of the working class or the rich should have to pay for those too lazy to get up off their rear ends and quit living off of the system, in which we the tax payers foot the bill for. I, for one, am tired of that.

It's still part of the Federal tax calculus. The original post by woodsrider made no distinction between income tax and other forms of Federal tax.

Then by all means, let's also include the 15.3 percent tax paid by the working poor and middle class for SS and Medicare. That one is usually left out when the better off whine about how unfair the taxes are to them.

That's not a yearly thing like income, right?

I believe that is Habib's point. Except for those things that are taxed through a property tax, they don't have a ANNUAL tax.

 

For example, if I leave my child $10 mil, they will pay a one-time estate tax and then that is it on the $10 mil, right?

 

They will pay a tax on any interest earned on it but as far as the $10 mil, only one tax one time, correct?

 

Income is only taxed once also. For example, if you make $40,000 in compensation, you pay income tax on it one time. Assuming you were to save it all, you'd not pay income tax on that $40,000 again (of course, if you invested it, you'd pay income tax on the earnings, but as far as the $40,000 only one tax, one time). Until of course when you died, then the tax grabbing tax collectors would force you to pay estate tax on it and the beneficiaries to pay state inheritance tax.

 

Me, I don't for a moment think the estate tax is fair, or for that matter, the progressive income tax.

Lets say you earn $10,000,000 in 2011 and die within the year with only a child to inherit your estate. IRS would take $7,300,000 of the original $10 million. That's a tax rate of 73%.