And, this is what it wrong with our tax code. Taxed entities can manipulate the system and pay nothing or something close to it.
Our tax code is fundamentally unfair to those in the middle class that have good income, but don't have the resources to exploit the tax code.
Warren Buffet, to use an example, can pay hos accountants/tax advisors/wealth advisors a lot of money to keep from paying taxes on his income. So long as they save him more than he would pay the government, he's ahead. And, let's not forget, Buffett has already made his billions. He can stand to not make another dime (hence, not pay anymore taxes) and not change his life style one bit. We do not tax wealth, per se, here, we tax income.
I'm not saying we should tax wealth, what I am saying, is that whenever I hear one of these multi-millionaires say that we need to increase the tax burden on the rich, I tune them out. The increase on the tax burden is not on the rich, but on those who would like to be rich and are actually doing something other than buying lottery tickets.
|Quoting seb146 (Reply 23):|
Remember how the rich suffered under Eisenhower? Nixon? Johnson? Kennedy? Carter? Ford? The slums of the rich? How Rockafeller and Taylor and Getty had to stand in the soup kitchens just for a hearty meal? How many of us regular joes fall under the category of "rich"? How many of us regular joes would actually be affected if the tax rate on those making over $10,000,000 goes up to, say, 75%?
We would be affected becuase tax revenue would go down. How many of the multi-millionaires in the era of confiscatory tax rates actually paid those rates? I'd hazard that very few, if any did. They gamed and manipulated the system through accountants/financial advisors/lawyers/politicians. So long as they paid less to their advisors than they would to the government, they were ahead.
Close the loopholes and eliminate deductions and lower the effective rates. Revenues will go up and taxation would be simplified. Hell, the government could even make revenue projections more accurately which makes the budget process more accurate and less of the disingenuous witchcraft that is currently the norm.
I don't see a problem with taxing companies. They are citizens. They partake in the protections afforded by the government. They thrive (or die) under the same protections and services we do. They should pay taxes.
We have plenty of money...we just spend it on things tat government has no business spending on. Just for an example, and yes, it's a drop in the bucket, but it is a convenient example, but what compelling interest and what essential government function is being fulfilled by the funding of Planned Parenthood?
The government has long over-reached and has run out of money. Wasn't it Thacher that said (and I para-phrase) that socialism is great until you run out of other people's money? Well, guess what US government...you've run out of money.
When seconds count...the police are minutes away.