Monday, April 18, 2011
Super rich see federal taxes drop dramatically
For period ended 22 April 2011. So who is paying the taxes these days?? Do the rich need more tax cuts?? Does the middle class need more tax cuts?? What would be your remedy for job creation and balancing the budget??? (good luck on this one!!)
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If those individual want to be taxed more, than let them give more money to the government. Make more contributions. The super-rich should be taxed reasonably however how can we decide where to mark the rich. What amount of income can be decided as the point at which you are rich. If you make over $250,000 or over $300,000 or over a million?
ReplyDeleteI think that the huge cuts to the rich are absurd but at the same time it seems anti-American to say that one should be punished for success (by paying higher taxes for greater income). What I find more insane, however, is that almost half of the country pays no income taxes at all. It seems to me that we should tax everyone, even if it is a very small percentage. I think its a lot like the discouraged worker situation, people get used to not paying taxes and it becomes a disincentive to find a job because making more money would mean having to give some up. Maybe if we did that we would actually be able to afford to give the middle-class (who seems to bear the worst of the taxes and is, incidentatly, disapearing) a break.
ReplyDeleteMy remedy to the tax problem would be a flat percentage income tax. The poorest of the taxpayers would be exempted from this however, those who made less that a certain amount. Deductions allow the many of the super rich to cut taxes while having other less well off taxpayers pick up the tab. The system would get the richer to pay more and the poorer to pay less while keeping rates proportional to the income. A corporate income tax should be initiated in a similar manner as the personal income tax. The system taxes those based on economic prosperity and does not discriminate to anyone.
ReplyDeleteThe classic argument against higher taxes on the very wealthy is that they should be allowed to keep that which they have worked so hard for. More precisely, that wealthy people are better at what they do, they have unique skills, therefore they deserve their wealth. Yes, sure, fine. But wealthy people still drive on the roads, still need emergency medical care, and still send their children to school. As those with more to give, they should, as Schoenberg is, be willing to give more. It is important that the wealthy people of America recognize that their social class used to pay 80-90% of their income in taxes, far beyond the 10-15% rates of today, and that was a time with far fewer government services for the rich! If the super-rich wish to hold on to their money, they need to begin effecting real change in the sectors that need it, the sectors that are time and time again seeking government aid, not in billion dollar law firms and investment banks on Wall Street.
ReplyDeleteIf so many people are against tax cuts for the rich, then an alternative would be for them to get tax deduction everytime they make a donation or start programs that can help benefit the public. Giving them tax breaks doesn't guarantee the fact that they will spend money in order to stimulate the economy. The more they spend through donations the greater their tax deductions are. The middle class needs more tax cuts on the other hand because their salaries are not enough to sustain their families. Even though the middle class doesn't pay much in taxes, it's still is a lot in proportion to their incomes. There needs to be a major reform in the service sector and the CEOs and corporations need to stop getting subsidized.
ReplyDeleteWho's paying taxes today? Answer: Not the wealthy. The wealthy are having many of there taxes cut. And although this may seem unfair to the rest of us, it may be helping to stimulate the economy. But there is a limit. The wealthy shouldn't have too many of their taxes cut. On the other hand, the middle class should have some of their taxes cut. A solution to help with the balance of this is to cut taxes from both classes but cut them at a reasonable amount.
ReplyDeleteTax cuts should not be given to the wealthy population. Instead, the middle-class should have a fair tax cut. The rich does not need any more tax cuts since they already earn so much money. I think the amount of money one earns should determine how much he/she pays in taxes.
ReplyDeleteEveryone pays taxes but some inevitably pay more than others. The rich do not need more tax cuts. A majority of them will end up using their money for personal benefits and not to stimulate the economy. The middle class should get more tax cuts because they're the ones who have to worry about whether they can put food on the table.
ReplyDeleteI don't have an answer and if I did I would be at the fed hanging out and saving the US from becoming a "third world country".
ReplyDeleteSorry for being cranky in these blogs, I just finished Easter dinner and I really want to go to sleep.
So anyways, how to save us from our crumbly economy. I don't know how to tax the super wealthy because they don't have an income usually and we can't require them to just make million dollar donations to the government. The middle class and semi wealthy should have decent taxes, because the only other alternative is to cut spending, and judging by the last blog I did in this never ending blog fest people aren't too thrilled with budget cuts. So if there's a way to take the rich's money I'm all for that Robin Hood stuff, I just genuinely don't know a feasible way of doing it.
The rich need to pay more than they have been. Most of their money goes to waste anyway, and they are the only ones who seem to be able to afford a cut in their pay check--that is, if they have one. The middle class, on the other hand, seem to be struggling quite a bit along with the poor and, in order to keep consumption high and get the economy back on track, it is important to keep the taxes pretty low for them. By raising the taxes on the super rich and lowering taxes on those struggling, economists will lower money being held and the economy will improve. Hopefully.
ReplyDeleteI find it insane that the wealthy are getting such huge tax breaks especially in a time like this. They should be paying a percentage of their income like every other American who is paying taxes. It's true that they "earned" their wealth and play an important role in the economy but by eliminating taxes for the very wealthy class this takes out a huge portion of taxes which the government so desperately needs currently.
ReplyDeletethe rich need to be taxed at a higher percentage. the counter argument is that they worked hard for their money but in a number of instances that just isn't true ie lottery, rich family etc, but also they are still utilizing governmental services such as highways and emergency medical care and therefor should be held to that stringent standard. it would help the government out a lot and in my opinion it is the fairest thing to do.
ReplyDelete