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Thread: How much is enough?

  1. #1
    Super Moderator UGLY's Avatar
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    Default How much is enough?

    What tax rate is appropriate for the rich. The rich already pay the vast majority of taxes with 50% of the nation paying no taxes at all. So how much should the rich pay. What do you think is fair?

    If you believe that the rich dont pay enough do you also believe it is fair that 50% pay nothing at all and in some cases receive money from the government?

  2. #2

    Default Re: How much is enough?

    I will not touch this topic with a ten foot pole, however, this area is one of my specialty areas at my job.

    To keep the topic thread in context, it is also important for folks to understand the data in the link that I've provided.

    For further information, do a google search for "the ability to pay principle," which is what U.S. taxation policies have ALWAYS been based on.

    http://www.businessinsider.com/15-ch...america-2010-4#
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  3. #3

    Default Re: How much is enough?

    Here is another important contextual article. Few actually know this to be true. It is also a significant reason as to why we have the deficit problems that we have.

    http://www.usatoday.com/money/perfi/...10-taxes_N.htm
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    World Champ ODH's Avatar
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    Default Re: How much is enough?

    Quote Originally Posted by UGLY View Post
    What tax rate is appropriate for the rich. The rich already pay the vast majority of taxes with 50% of the nation paying no taxes at all. So how much should the rich pay. What do you think is fair?

    If you believe that the rich dont pay enough do you also believe it is fair that 50% pay nothing at all and in some cases receive money from the government?
    This is one of the most polarizing and untrue statements and I see it everywhere and it is repeated so often that it has become excepted as fact.
    The last time I lookoed into this statistic is was that the net revenue from the bottom 50% in Federal income taxes was $0.

    Poor people pay all sorts of taxes including sales, state income, and property taxes. In general, they pay very little in Federal Income tax becasue they make so little.

    The people at the bottom of the income levels get more money back from teh government than they pay (however you feel about the EITC that is not what is being debated). So it does take a percentage of the lower income levels who are paying taxes to make up for this costs.

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    Super Moderator UGLY's Avatar
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    Default Re: How much is enough?

    Ban I would like your perspective if you have some expertise in this area.

    I can only go off is what is happening, the top 1% controls 29 or so % of the wealth and they pay 33 percent of all the taxes. The top 50 % pay 98% of all federal income tax while the bottom 50 only pays 2 % yet they receive the vast amount of help from programs that are offered by the fed.

    I just want to know how much money should the top earners pay in taxes. Should the wealthy pay all of the income tax or 90%. They dont actually have that much money but some seem to think oh well. Should the bottom 50% continue to pay next to nothing and reap all the benefits.

    Should we eliminate tax loop holes and deductions for all people in order to increase tax revenues.

    Ban I would suggest as your link does that a major contributor to tax revenue decline is higher unemployment and other factors not jut the tax rates. We know that when Reagan lowered the tax rates for all people in the 80's revenues went up. What screwed him was spending also went up.

    So again how much is enough, where would you set the limit

    I would be comfortable with the top tax rate being 28% with zero deductions.

  6. #6

    Default Re: How much is enough?

    Isn't about 60% of the federal budget spent on the military?

    Are you saying rich people don't benefit from the military?

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    Super Moderator UGLY's Avatar
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    Default Re: How much is enough?

    Quote Originally Posted by Ground&Pound View Post
    Isn't about 60% of the federal budget spent on the military?

    Are you saying rich people don't benefit from the military?
    No 60 percent of the budget is not spent on military it is 18% of the budget and has been sisnce Reagen.

    SS, Medicare, medicaid, unemployment and welfare make up 55% of the budget,

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    Default Re: How much is enough?

    Quote Originally Posted by UGLY View Post
    What tax rate is appropriate for the rich. The rich already pay the vast majority of taxes with 50% of the nation paying no taxes at all. So how much should the rich pay. What do you think is fair?

    If you believe that the rich dont pay enough do you also believe it is fair that 50% pay nothing at all and in some cases receive money from the government?
    I don't have a problem with cutting taxes. I do have a problem with yearly budget deficits in the 1-2 trillion range, and an overall deficit of 13 plus trillion. Yeah they help stimulate the economy, but the Bush tax cuts never paid for themselves even in the best of times. So we are borrowing and spending instead of tax and spending.

    The end result is the same..... ugly huge deficits. Politicians doing politically pretty things, without addressing the deficit. If we cannot discipline our spending, then cutting other revenues might look good in the short term, but eventually those bills become due. And the payment on the interest crowds out money from the private sector, as well as weakens the dollar, and helps finance our global competition (who carry a lot of the paper) as well.

    I am guessing you won't get this as the entire premise of the thread sounds just like the sound bites I hear on the various (shallow emotion driven) talk shows by celebrities making money off of the gullible.
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  9. #9
    World Champ ODH's Avatar
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    Default Re: How much is enough?

    Quote Originally Posted by UGLY View Post
    No 60 percent of the budget is not spent on military it is 18% of the budget and has been sisnce Reagen.

    SS, Medicare, medicaid, unemployment and welfare make up 55% of the budget,
    Don't all people who work pay the same SS and Medicare taxes?

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