The "Rich" Pay Their Fair Share Of Taxes
It's incredible that taxes continue to be raised on those already paying the lions share of taxes. Those that pay no tax, or relatively little tax, enjoy the lions share of the benefits, but are the most vocal about the "haves" paying more taxes.
The top 5% of income earners pays over 50% of individual income tax, and earns 30% of all income, the top 1% pays 33% of all income taxes, and the top 50% pays nearly all income taxes, according to the Treasury Department. In spite of what liberals say, after Bush's tax reform the income tax burden continues to be pushed upwards, with those on the low end of the income scale paying even less than they did before the tax cuts.
So, who are the rich? And why doesn't society think the rich pay their fair share of taxes? Here's some IRS data, so you tell me. My guess is that who is "Rich" is a subjective determination. For many, they think "If you make more than me, you're rich". I think that iff you have enough money so that your passive income supports a lifestyle of your choosing, you're rich. For the many, they think "If you're rich you should pay more taxes". For me, if you're rich, I want to learn what you did.
IMHO, this is a reflection of society imposed morality, social subjectivism. You should be willing to sacrafice for the greater good, and to do otherwise is immoral. The "Rich" obviously have to spend more for there to be an actual sacrafice, so we feel justified in making them pay more taxes. It doesn't matter if they worked for their money (which most did) vs inheriting it...they should be joyful in giving it to society, for the common good. If this isn't socialism/communism, I don't know what is.
I think everyone should pay the same tax rate. It shouldn't be based upon how much you make, because then you're essentially placing a tax on success. The Russians now have something of a flat tax system. You pay 17% of all income, no deductions, credits, no loopholes, etc., if you make over a certain income, I think it's the equivalent of $20,000 US/year.
Tax prep is easy. Write in your amount of income. Multiply by 0.17. Send it in. No CPA, no tax prep, takes little time, and the economy can shrug off the load of the tax prep industry (if you've seen my earlier posts you'll laugh at this point), which is 10's of billions of dollars per year.
The top 5% of income earners pays over 50% of individual income tax, and earns 30% of all income, the top 1% pays 33% of all income taxes, and the top 50% pays nearly all income taxes, according to the Treasury Department. In spite of what liberals say, after Bush's tax reform the income tax burden continues to be pushed upwards, with those on the low end of the income scale paying even less than they did before the tax cuts.
So, who are the rich? And why doesn't society think the rich pay their fair share of taxes? Here's some IRS data, so you tell me. My guess is that who is "Rich" is a subjective determination. For many, they think "If you make more than me, you're rich". I think that iff you have enough money so that your passive income supports a lifestyle of your choosing, you're rich. For the many, they think "If you're rich you should pay more taxes". For me, if you're rich, I want to learn what you did.
IMHO, this is a reflection of society imposed morality, social subjectivism. You should be willing to sacrafice for the greater good, and to do otherwise is immoral. The "Rich" obviously have to spend more for there to be an actual sacrafice, so we feel justified in making them pay more taxes. It doesn't matter if they worked for their money (which most did) vs inheriting it...they should be joyful in giving it to society, for the common good. If this isn't socialism/communism, I don't know what is.
I think everyone should pay the same tax rate. It shouldn't be based upon how much you make, because then you're essentially placing a tax on success. The Russians now have something of a flat tax system. You pay 17% of all income, no deductions, credits, no loopholes, etc., if you make over a certain income, I think it's the equivalent of $20,000 US/year.
Tax prep is easy. Write in your amount of income. Multiply by 0.17. Send it in. No CPA, no tax prep, takes little time, and the economy can shrug off the load of the tax prep industry (if you've seen my earlier posts you'll laugh at this point), which is 10's of billions of dollars per year.
posted by cookies at 8:30 AM
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