"How can that be? We’re paying 35%?"
THAT my friend is one of the problems with the tax code. All us little folks are being taxed at a higer rate because we get paid on income; the rich make their money from dividends and capital gains, so they pay a lower rate. This is why people like Buffett says he pays less taxes than his secretary. Stricly speaking, it’s not true, but he’s taxed at a lower rate than she is because of the way she receives her income.
"Last time I heard this argument I heard it coming from President Obama in a class warfare argument to raise the capital gains tax to 28%. Are you suggesting we raise the capital gains tax and discourage capital investment to achieve growth?"
How can that be? Why incorporation. The elitists knew exactly what they were doing when they duped people into supporting an income tax. Abolish the income tax altogether, and return us to duties, excises and tariffs. Taxation of productivity stifles productivity. People don’t care if they’re sheared if the shearing comes out of the income before they ever even see it. Have them see a tax on every receipt and they’re more inclined to care. (Even them, some will baaa and turn back to the TV/Sporting event).
And this is why the OWS people want dividend taxes hiked.
Problem is...it would affect millions of middle-class Americans too and bar the way to greater wealth as one climbs the ladder.
Classic class warfare.
The problem with the tax code, in addition to how it manipulates the market, is that it deliberately twists and turns to hide things from people. So that Warren Buffet can pay himself less in nominal income than his secretary, and pretend the tax burden is somehow unbalanced. So that Democrats, progressive Republicans, and idiots everywhere can pretend the rich don’t pay their fair share, when we all know, deep down, they pay the lion’s share.
By the way, nevermind double taxation and tricks of the tax code. Does anyone else think it’s ridiculous that we refer to Buffet’s secretary as if she’s a just your regular, old neighborhood secretary? As if she doesn’t get paid way, way over market rate. I have no doubt she’s a one percenter. The only reason Buffet’s specious argument kinda, sorta, almost makes sense is that he uses her as an example, rather than your average secretary.
Mitt will get the nomination and THIS issue will torpedo his campaign. Independents will view Mitt as part of the problem and not the solution. Basically another Obama with an R by his name.
Obama will get another 4 years unless an alternative party comes in now. The Republican race for the White House is done. Tea Party where are you at?
Oh I would love to see a repeal of the republic-killing 16th Amendment.
“So Mitt the “Socialist” fired employees at Bain in order to put more money in his back pocket under the Trojan Horse of trying to save money for the company.
Then this very same guy wants people to pay more in taxes while he dodges taxes and pays a lower rate then the middle class”
Have you ever considered taking a job as a speechwriter for President Obama?
“And why are we comparing income tax to gains tax anyway?”
Because without doing so Buffet couldn’t proffer his false argument.
What you can’t handle the facts that your flip flopping, gun grabbing, Socialized Health Care pusher Mitt Romney is complete hypocrite???
Here this guy wants tax payers to pay higher taxes for Socialized Health Care. At the very same time Mitt loots a company and then dodges taxes (that he THINKS we should pay) and pays a lower tax than the middle class?
Oh but you think that’s okay right????
Texas does just fine without an income tax. I don’t see why the feds require one.
Tax consumption. Say they put a 5 percent tax on every purchase, rather than 300/month that I’m effectively paying, I’d see 300+ net on my check at the end of the month. As my expenses are not 6k a month spending, my expenses come out around 200 a month.
I’d net 280 every single month, and around 3k a year. That’s big, big money for someone like me.
“Buffet’s memo shows that federal revenue goes up as you lower tax rates, which still says the wealthy pay more tax than us little people do.”
Funny, I seem to recall Buffet saying more money in the hands of private investers won’t grow the economy. And it wasn’t just that they’d have little effect or a negligible effect. He literally said they’d have no effect. Which goes to show you how stupid Buffet thinks we are.
Mitt is worse than our old Robber Barons
The Robber Barons created and ran entire new industries like steel, coal, oil, railroads. They were brutal but they were innovators and creators and perhaps were needed at that stage of America's development. Mitt Romney did not create anything except for minor investments in Staples, Dominoes and Sports Authority. Mitts forte was financial paper shenanigans that enabled him and his partners to mine companies and extract millions from them
My biggest expense is rent, closely followed by Obama. It’s like I have a kid and I’m raising Obama...