Yes some rich will pay less tax in the % numbers but they won't get state and local tax deductions anymore. So they will end up paying more money overall.
The important thing is the middle class needs to get the majority of the tax cuts, and the biggest percentage of them. Otherwise, this will not have much of a practical positive effect.
The MC pay the lion's share now, so if you give them a considerable break, the money has to come from somewhere else and the corps/1%ers will not be picking up that slack. Unless you believe in the trickle down theory where giving the rich more of break means they won't keep those extra profits but instead reinvest in ways that promote positive income to people and thereby then to the government.
Call me a cynic, but the ultra wealthy like staying as wealthy as they can, generally speaking.
Yeah I'm not a supporter of the trickle down theory. It at best is a short term improvement that has very severe long term consequences, and in the end, the rich just end up hoarding the extra money anyways so it has no real benefit. It just sends more money to the rich on the backs of the middle class, and while some of these people may "create jobs", that doesn't generally last.
Really if you're going to have any meaningful tax cuts then the middle class needs to get them, and the small local business owners, while the wealthy pay more or you make up the means elsewhere (neither of which are likely to happen).
So the rich have to pay more, how much more can they pay at 39%, not including state and local? Which ends up being like 55%
Sure I'm all for taxing the rich, seeing as the rich whom have lobbiests to represent them (Amazon, Microsoft, Apple, Walmart) end up getting to right the tax laws. How do you may them pay more then 55% and call that fair?
And where is all the Rich people like Hillary, Obama, Buffet, Gates, why are they not lining up to pay more?
Because the not rich who do pay taxes pay the lion's share.
But sure, I'm all for everyone paying taxes, aside from special cases like someone being seriously disabled, the elderly in some cases etc.
I also feel we really need to hammer down on people who abuse the wealth fare systems we have, like food-stamps, disability payments, workers comp etc. Get those leeches who really don't need it and could work off our tax dollars. Shit, deport them to international waters for the crime.
Well Buffet has for years stated that he thinks he should pay more in taxes, and that his secretary pays a larger percentage than he does.
Something you may not be considering is that the rich also have the means to hire high end tax attorneys and find various loopholes in the tax code that they can exploit, that normal people simply don't have the means or the money to take advantage of.
I'm not really arguing that the rich NEED to pay more than they currently do. Just that if you are going to do tax cuts, they need to target the middle class. Targeting the rich is not going to offer a benefit for most people.
Loopholes, special interest, deductions for state and local taxes, slow the growth rate of Medicare, stop bringing in illegal immigrants, waste fraud and abuse.
11 million illegal immigrants generate 19 billion in tax revenue but cost the country $135 billion a year. How this makes sense on keeping them here is beyond me. At some point we have to say no.
$70 billion a year is spent on college education. If we cut illegal immigration by half, we could pay for every person to go to school.
AFAIK, nobody is stopping Buffet from writing he government a check.
__________________ posted by Badabing
I don't know why some of you are going on about being right and winning. Rob and Impediment were in on this gag because I PMed them. Silent and Rao PMed me and figured I changed the post. I highly doubt anybody thought Quan made the post, but simply played along just for the lulz.
Under this new code many of them will be paying less. As noted, if you're diverse and wealthy enough you can could claim your earnings and profits at a corporate status, which will now be taxed at a mere 20% from the previous 35%.
__________________ QUANCHI112:In between the passes Khan will tear out the orca teeth and use them as an offensive weapon. Khan has crushed a skull before so tearing a tooth off a whale should be no issue.
thanks bro. had shoulder decompression surgery. shaved some bone spurs. took out the CA ligament. cleaned up a torn bicep.
sucks. it's crazy how the same people are bickering back and forth.
__________________ QUANCHI112:In between the passes Khan will tear out the orca teeth and use them as an offensive weapon. Khan has crushed a skull before so tearing a tooth off a whale should be no issue.
Looking at the numbers some more, the top 10% is paying 70% of the taxes in this country.
"The top 10 percent of taxpayers paid over 70% of the total amount collected in federal income taxes in 2010, the latest year figures are available, according to the Tax Foundation, a think tank that advocates for lower taxes. That's up from 55% in 1986.
The remaining 90% bore just under 30% of the tax burden. And 47% of all Americans pay hardly anything at all.