1,470 people who made more than $1 million in 2009 paid $0 in federal income tax.

I am shocked. I'm certain the repukes will soon offer a new amendment to their proposed budget that will ensure that these poor folks get some sort of tax refund.

You can't look at this superficially and make the conclusion that this is horrible and we must have the Buffet rule. Without knowing the answers to many of the questions already asked this data is meaningless. Originally Posted by Laz

Yup....which can also be said in response to the whole "49% of all Americans don't pay any taxes" nonsense.

Right?

RIGHT?

Yup....which can also be said in response to the whole "49% of all Americans don't pay any taxes" nonsense.

Right?

RIGHT? Originally Posted by Doove

Oh Snap!

My question is, if the super rich are using loop holes, where is the money going, or better, being spent? And, if they are forced to pay it in taxes, will the entities that are recieving this money then suffer?

I will put a lot more credence in what Warren Buffet says when he advocates that ALL income comes under the same tax code as does the everyday worker whose primary income is from an hourly wage. That would mean all of his millions that are made through investments and other "unearned" sources would be subject to the same rate as his W-2, if he even has one.

Yup....which can also be said in response to the whole "49% of all Americans don't pay any taxes" nonsense.

Right?

RIGHT? Originally Posted by Doove

You are correct in that they are paying taxes. The tax they pay is hidden in the prices of products they purchase so they do not see it. They are fed bs about taxing rich companies or rich people so that they believe that the democrats are taking care of them. It is all bullshit. The tax cost rolls downhill to the consumer but now they don't know it and they are being led around by the nose while being bribed with their own money and getting fucked by those who are supposedly looking after them.

That is why I like the fair tax. It will be clear, fair, and obvious to everyone what they are paying. The rich will not be able to avoid it, no IRS and makes doing business in the US more competitive with other nations.

My question is, if the super rich are using loop holes, where is the money going, or better, being spent? And, if they are forced to pay it in taxes, will the entities that are recieving this money then suffer?

I will put a lot more credence in what Warren Buffet says when he advocates that ALL income comes under the same tax code as does the everyday worker whose primary income is from an hourly wage. That would mean all of his millions that are made through investments and other "unearned" sources would be subject to the same rate as his W-2, if he even has one. Originally Posted by Jackie S

Jackie I don't think they are taking the money and spending spending and thereby helping the economy.. I think they are hoarding hoarding and saving and a lot of it is going into Wall Street investments like say CDO's and those wonderful Monster Bonds..lol

Generally people with that kind of money are smart enough to keep it in investments. So I don't think it gets put back into the economy in the way you suspect.

In other words "its not being trickled down to the little people"..

Well then my second suggestion would solve that. Make ALL income, regardless of how it is earned, subject to the same tax rate as standard income earned on wages.

With no deductions.

Well then my second suggestion would solve that. Make ALL income, regardless of how it is earned, subject to the same tax rate as standard encome earned on wages. Originally Posted by Jackie S

So what if someone is poor, disabled, or on a very fixed income and say makes at or less than the national poverty rate? How do you think your going to get taxes out of a person/family like that? They won't have the money to give on a flat tax rate.

NA

Yup....which can also be said in response to the whole "49% of all Americans don't pay any taxes" nonsense.

Right?

RIGHT? Originally Posted by Doove

Wrong. How many times are we going to drag up this old shit? You know damn good and well you are leaving out 2 very important words in your statement

"49% of all Americans don't pay any FEDERAL INCOME taxes"

FEDERAL INCOME You know...the one that pays for all the shit talked about here everyday.

I am not talking about a flat tax. Just make all income, regardless of the source, taxed at the same rate as W-2 income. That means, the bricklayer, the teacher, the doctor, and the CEO all are subject to the same rate.

Here is how it will work. Say a small business man makes about $400,000 a year. He will pay a 10% rate on the first 8500, a 15% rate on the the next up to 34,500, 25% from there to about 84,000, 28% from there to about 175,000, 33% from there to about 380,000 dollars. Above that is taxed at 35%.

So, Warren Buffet, George Clooney, Donald Trump, Katie Couric, and so on will be paying a full 35% on anything they make OVER $380,000, regardless of the source.

Wrong. How many times are we going to drag up this old shit? You know damn good and well you are leaving out 2 very important words in your statement

"49% of all Americans don't pay any FEDERAL INCOME taxes"

FEDERAL INCOME You know...the one that pays for all the shit talked about here everyday. Originally Posted by Chica Chaser

You're either trying to be funny, or you just ain't very smart.

It's not "my statement" you're referring to. It's my quote of the statement of those on your side who want to insist "half of all Americans pay no taxes" (their phrasing, not mine).

Where were you all the times on here when i was the one making the argument that the statement should, in fact, include the words "federal income" to properly reflect the reality of the matter? You were nowhere to be found, that's where.

So bite me.

Where was I? I was the mod watching all you guys being idiots! LOL! Had to stay above the fray. How many threads have there been saying mods need to stay out of the discussions? How soon they forget who designated this place the wild wild west and set up the rules of this little section of the board so everyone could have a little fun.

Ah well, I agree that you did try to clarify the terms. Things get so casually thrown around in here its hard to keep up with who said what and when.

FTR, I take no "sides", both parties have philosophies that I agree with and both have many I disagree with.

Why don't we scrap the income tax, after all it is a main tenet of the Communist Manifesto, and does nothing to promote freedom or protect liberty. Laz is right, even though I don't like the name, the FairTax is the best solution for our economy and our way of life. Read about it before you start arguing against it, or you will sound stupid.

http://www.fairtax.org/site/PageServer

It still won't ever happen. Politicians are just not going to give up the amount of control the current tax code gives them and return that power to the people.
It replaces federal income taxes including personal, estate, gift, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes.