Forget the actual number or percentage and forget Warren Buffett and his rule. My question is what is the argument for the wealthy to not pay at the same rate as those not wealthy?
Actually I think they do, if their income is derived proportionately from the same sources. (Salaries vs investment income)
I think those in the lower middle class actually pay less than the "rich" because of earned income tax credits.
__________________ "It is inhumane, in my opinion, to force people who have a genuine medical need for coffee to wait in line behind people who apparently view it as some kind of recreational activity." Dave Barry 2005
I am a firm believer in the Old Paths
Articles on such subjects as "The New Birth," will be accepted, whether they teach that the new birth takes place before baptism in water and Spirit, or that the new birth consists of baptism of water and Spirit. - THE PENTECOSTAL HERALD Dec. 1945
"It is doubtful if any Trinitarian Pentecostals have ever professed to believe in three gods, and Oneness Pentecostals should not claim that they do." - Daniel Segraves
That was not my understanding, but I do desire to learn more.
what i understand is that wealthy people pay high rates if their income is from salary and the low rates if their income is from stock investments/dividends. Income is income whether it is capital gains/dividends or salary. totally unfair.
At a campaign rally Wednesday afternoon, former House Speaker Newt Gingrich blasted the “Buffett Rule” President Obama proposed in his State of the Union address Tuesday night.
“I watched the president and … he said one thing which I want to directly challenge the White House about today because I’m not sure he understood what he was saying,” Gingrich said at the beginning of his address to a crowd of several hundred people.
“I know you could say that about large parts of his speech, but I want to focus on one part. When he proposed a 30 percent minimum tax, if he actually means it, that would double the tax on capital gains. That would drive the stock market down. It would affect every pension plan in the country. It would affect every 401k in the country. It would lead people to invest outside the United States. It would stop capital formation. It would block the development of new companies and it would be about as big a job killing proposal as any president has ever made.”
“Now I’m hoping the White House is going to clarify today that 30 percent didn’t mean 30 percent because if it meant 30 percent that would be so stupid even they couldn’t defend it,” Gingrich added.
“But if in fact it does mean 30 percent, every American needs to understand the president last night proposed doubling the tax on capital gains which is the engine which drives job creation in the United States so he is talking killing job creation in America — something he’s been really good at doing for three years and now wants to continue.”
po. I am not a financial expert, but this claim sounds totally bogus. if the stock market goes down because capital gains taxes go up, then stock prices are artificially high and less wealthy investors are being prevented from owning more stock. the value of stock has nothing to do with whether rich people have more money to invest. (just thinking without knowing) whaddya respond to that?
po. I am not a financial expert, but this claim sounds totally bogus. if the stock market goes down because capital gains taxes go up, then stock prices are artificially high and less wealthy investors are being prevented from owning more stock. the value of stock has nothing to do with whether rich people have more money to invest. (just thinking without knowing) whaddya respond to that?
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And not every one that makes millions is responsible for starting up new businesses or adding jobs.
However, I have a recommendation. If Warren Buffett and other rich people want to pay more in taxes, then why not volunteer to pay more? Make it so they can willingly pay a higher rate or just take less deductions
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And not every one that makes millions is responsible for starting up new businesses or adding jobs.
However, I have a recommendation. If Warren Buffett and other rich people want to pay more in taxes, then why not volunteer to pay more? Make it so they can willingly pay a higher rate or just take less deductions
what i understand is that wealthy people pay high rates if their income is from salary and the low rates if their income is from stock investments/dividends. Income is income whether it is capital gains/dividends or salary. totally unfair.
Maybe it is unfair. Unless there are purposeful incentives to encourage investment and groweth... If that is the case, then your pursuit of "fairness" would discourage investment and hurt retirees, and factory workers in a very serious way!
At any rate, the not so rich have the same incentives available to them. So they are charged the same rates on their investments.
__________________ "It is inhumane, in my opinion, to force people who have a genuine medical need for coffee to wait in line behind people who apparently view it as some kind of recreational activity." Dave Barry 2005
I am a firm believer in the Old Paths
Articles on such subjects as "The New Birth," will be accepted, whether they teach that the new birth takes place before baptism in water and Spirit, or that the new birth consists of baptism of water and Spirit. - THE PENTECOSTAL HERALD Dec. 1945
"It is doubtful if any Trinitarian Pentecostals have ever professed to believe in three gods, and Oneness Pentecostals should not claim that they do." - Daniel Segraves
Okay stew and DM I'll play your game. But before I answer your question, answer this question: is it "fair" for people who pay ZERO taxes get a refund check from the govt?
__________________
When a newspaper posed the question, "What's Wrong with the World?" G. K. Chesterton reputedly wrote a brief letter in response: "Dear Sirs: I am. Sincerely Yours, G. K. Chesterton." That is the attitude of someone who has grasped the message of Jesus.
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