Super rich pay no taxes

reply to post by wildtimes


You fail to realize that the guy with assets probably already contributed more to the economy than you through income tax, capital gains tax, sales tax, property tax, gas tax etc etc. It's also possible he owns a business. If thats the case, he employs others who also pay taxes. Why don't you tell us how much you paid in taxes last year after write offs and tax credits. How about you stop expecting others to carry most of the weight and do more yourself.
You seem to be really good at identifying what others can do to help the less fortunate, let's hear some ideas of what YOU can do.

Income tax systems do not collect from the massive underground economy. It does not collect from the super-rich spending down their already-has-been-taxed incomes. A national sales tax on every single item and service sold in the country does. Even drug dealers have to buy food, clothes, bullets, whatever.

A tax on the poor? yup. The lower +50% income earner pay nothing for the protection of our military, the roads, everything. Time for everyone to pay up. Super-rich will pay more because they buy big ticket toys and items. Right now they pay nothing to the fedgov when they buy a yacht.

Foreigners will pay into the system when they visit. Right now their incomes are not taxed by the US.

Click here for more information.

reply to post by pavil


I am actually the one who wants to go after them both. To me they are both facets of the problem we are facing.

So let me get this straight. Say I hit the Powerball for 300 million dollars. By the time I pay Federal, State and Local taxes I might clear 180 million. Now I put that money in the bank at say 5% interest. If I live off that money in the bank for the rest of my life, the only thing that I pay taxes on is the 5% interest. With the standard allowed deductions I would pay very little if any INCOME TAX. I would still be liable for sales taxes. The majority of the so called "Evil Rich" are doing this. They have invested money that they have ALREADY PAID income tax on and are being taxed on what their investments earn.

By the way corporations don't pay ANY taxes, ever. One of the base rules of economics is "All costs are borne by the consumer.". Think about it. The REAL taxes occur when corporations pay dividends to their investors, who then are taxed.

*ATTENTION*

Get on topic, we're not discussing other members and certainly
not attacking one another.

Thanks.

Originally posted by glasshouse
reply to post by wildtimes

 

You fail to realize that the guy with assets probably already contributed more to the economy than you through income tax, capital gains tax, sales tax, property tax, gas tax etc etc. It's also possible he owns a business. If thats the case, he employs others who also pay taxes. Why don't you tell us how much you paid in taxes last year after write offs and tax credits. How about you stop expecting others to carry most of the weight and do more yourself.
You seem to be really good at identifying what others can do to help the less fortunate, let's hear some ideas of what YOU can do.

edit on 30-8-2012 by glasshouse because: (no reason given)

Wow. Just wow. Coming down on someone for them not being able to pay more taxes. I have a counter proposal. Stop taking replies that do not agree with your worldview and base attacks against their characters. Unless she is running for office her taxes are not any of your concern. Each person who pays taxes pays according to set rules. If you do not like it ask your congressmen to reform it. How about stop assuming a person does not pay their fair share? I do not suppose you Have A solution for the problem do you? If so please share.

The whole thing about this is jealousy of money. Money is just paper and cloth. People need to stop being so critical of another just because they have a higher bank account. The concept of class warfare needs to be buried as well as the hatchet.

Taxes are just a form of control used by the powers in washington to keep their voting blocks happy. Mayby we need a flat tax across the board. Then no one can say Im being taxed unfairly.

Originally posted by wildtimes
Oh, right. Heaven forbid you could help out a fellow human and still have plenty.
????
"No thank you". Kinda ironic.

You won't be getting a "thank you" because you aren't willing to do anything to deserve one. Ya know what I mean? But hey, millions of frustrated people who have no wealth yet are working their tails off don't deserve anything either.

edit on 30-8-2012 by wildtimes because: (no reason given)

Don't need anyone's thank you, I'm fine without.

First off, you don't know me. Second off, I most probably donate more in one year then you have in ten. Don't get all high and mighty on me. I employ many people, most of who have worked for me for years so I must not lash them with the whip too hard. I just had a talk with my business partner about increasing our managers salaries by about 15% plus a 50/50 split of excess profit after my managers hit my baseline profit number. I'm a real bad person, I know.

"Not willing to do anything to deserve one"? Exactly how many jobs have you created? Just curious. Myself I'm about up to 110. When you do that, then you can lecture me, alright?

Life is what you make out of it. I just got my 14, almost 15 year old started on his own Social Media business that is already getting him $400 a month profit, on about 8 hours of work per month, just since June. By the time he is in college, with low growth, he will be making at least $50,000 from it. If he keeps up his drive, he will be hiring people to work for him.

I've worked damn hard for what I have. I pay my share of taxes prescribed by law, no more, no less. I see no reason why I should pay even more taxes then I currently do. It's not like they spend it any better when they get more. I'm not Uber rich, but wealthy enough to be one of the ones you seem to look down upon for "having too much". A rising tides lifts everyone, putting a hole in your ship, sinks everyone. I make wealth for myself and in turn provide jobs and the opportunity for even more wealth for those who are willing to work extremely hard for it. First and foremost though, I make wealth for myself and my family, all the rest is simply of byproduct. When did being wealthy and successful become negative traits in America?

Stepping off my soapbox now.

There's a tax deduction for all that borrowed money so when MItt Romney and Bain Capitol want to take over a company....and borrow millions of dollars, that debt service is deductible.

A new article by reporter Matt Taibbi in Rolling Stone sheds new light on the origin of Republican presidential candidate Mitt Romney’s fortune, revealing how Romney’s former firm, Bain Capital, used private equity to raise money to conduct corporate raids. Taibbi writes: "What most voters don’t know is the way Mitt Romney actually made his fortune: by borrowing vast sums of money that other people were forced to pay back.

Democracynow news interviewing Matt Taibbi

Originally posted by MidnightTide
reply to post by pavil

 

I am actually the one who wants to go after them both. To me they are both facets of the problem we are facing.

Sorry, didn't see that. Good luck to you. You sure pick your fights big. I do agree with you to some extent.

reply to post by yuppa


I never accused anyone of not paying their "fair share". In fact that's what the person I was responding to was accusing others of. I was just making the point that the people she was accusing probably paid more taxes than her or myself ( considering I made less than 20,000 annual income.)
ON TOPIC: Close all the loop holes. That would be a good start.

reply to post by glasshouse and others

I was seriously impressed with wildtimes' description of the problem earlier in the thread:
www.abovetopsecret.com...
If we go back to it, we'll find that she was not calling for the confiscation of all "excess" goods, but pointing out the difference that a few dollars and caring people can make to Americans who are suffering badly.

She was also not calling for criticism of the government for taking either too much or too little for taxes. She was challenging me, and you, and all of us to see where our treasure is. If one is from any significant religious tradition, one will find a command to give alms to the poor, provide aid for the suffering, clothes for the naked, food for the hungry, water for the thirsty. One can ignore those commands, but they are there nonetheless.

Now, glasshouse, can you agree with her at least that far? If so, welcome aboard. Now how do we do it? The current solution is to forcibly take money from people, run it through D.C. and send the remains to wasteful programs. Prior to that, people donated to churches and to needy individuals.

How do we solve the problem? Ideally, people would give voluntarily. Being forced to give charity is no charity at all. It demeans the giver and the recipient. How do we encourage people to give voluntarily? Here, I'd like your ideas.

The problem, therfore, isn't really about the tax levels of the super rich. Change your focus a little. Help come up with a solution, instead of being defensive and aggressive. (Yes, I know I was defensive in the post that was ruled "off-topic," and I'm ashamed of that. But the point is still valid.)

You must be an influential guy, come up with a plan or idea that you can use your influence with others to help promote. If I can help, I will.

Loot the poor and blame everything on them at the same time.

reply to post by beezzer

A fair tax, a flat tax would eliminate all of this.

A flat tax is not fair. It affects the poor/middle class at a higher proportion than the rich.

reply to post by pavil


Are you a billionaire? If not, then no, raising taxes on the super rich wouldnt take money from you, by returning the illgotten gains of the super rich back into the flow of the market economy would put more money into your bank account.

It's not redistributing wealth, it's re-redistributing the wealth back to the middle class.

If you bothered to pay attention you would notice that as the US government has sank deeply on debt, the rich have gotten richer.

Seriously, why do support policies against your own best interests?

reply to post by glasshouse


We should also take all the wealth the super rich have hidden in overseas accounts, for the simple reason crime shouldnt pay.

I have been robbed by these corrupt institutions who have destroyed our economy so many times I couldn't even begin to count. Probably you have as well.

reply to post by glasshouse


We should also take all the wealth the super rich have hidden in overseas accounts, for the simple reason crime shouldnt pay.

I have been robbed by these corrupt institutions who have destroyed our economy so many times I could even begin to count. Probably you have as well.

reply to post by JIMC5499

By the way corporations don't pay ANY taxes, ever. One of the base rules of economics is "All costs are borne by the consumer."

Only when the rules are applied. Corporations should pay their fair share of the taxes, so the true costs of their goods and services are included In the price of the goods, like the cost of the US military to keep world trade going, keeping them supplied with slave labor. What you have been fooled into supporting is future generations being stuck with the bill to ship our jobs overseas.

Fact is that the super rich have been waging a war against the working class as long as civization has existed. That whole peacenik hippy thing didn't work for a reason, MAN.