Buffet and Taxes

[bj229r]

Originally posted by Elfie
Don't the rich folks still pay a large percentage of the total income tax while still being a very small minority?

Pretty much

http://www.heritage.org/Research/Taxes/BG1415.cfm

Myth: The rich do not pay their fair share of taxes and therefore should not get a significant share of a tax cut.

Reality: According to data from the Internal Revenue Service, 1 the top 1 percent of income earners pay nearly 35 percent of the income tax burden; the top 10 percent pay 65 percent; and the top 25 percent pay nearly 83 percent. The bottom 50 percent of income earners, on the other hand, pay barely 4 percent of income taxes. By definition, then, it is impossible to cut taxes without the so-called rich receiving a share of the benefits.

Myth: Lower tax rates will mean that the rich pay less.

Reality: This outcome depends on how much tax rates are reduced. History indicates that the revenue-maximizing rate is less than 30 percent. 2 In other words, when marginal rates are higher than 30 percent, the rich probably will pay more taxes if rates are lowered. The reason? There is less incentive to hide, shelter, or underreport income.

Consider what happened in the years following each of the three times Americans enjoyed significant tax rate reductions.

    *

      The 1920s: The top tax rate fell from 73 percent to 25 percent, yet the rich (in those days, individuals earning $50,000 or more) went from paying 44.2 percent of the tax burden in 1921 to paying more than 78 percent in 1928. 3
    *

      The 1960s: After President John F. Kennedy slashed the top tax rate from 91 percent to 70 percent, those making more than $50,000 annually saw their tax payments rise during the next three years by 57 percent and their share of the tax burden climb from 11.6 percent to 15.1 percent. 4
   
* The 1980s: The top tax rate fell from 70 percent in 1980 to 28 percent in 1988 during the Reagan years. What happened to the "rich"? The top 1 percent went from shouldering 17.6 percent of the income tax burden in 1981 to paying 27.5 percent of the total in 1988. The top 10 percent saw their share of the burden climb from 48 percent in 1981 to 57.2 percent in 1988. 5

[lasersailor184]

Originally posted by Toad
One again Laz provides a clear, concise evaluation of the situation.

You keep using that word. I do not think it means what you think it means.

[Mark Luper]

Originally posted by lasersailor184
You keep using that word. I do not think it means what you think it means.

  Babylon English-English      

concise[con·cise || kən'saɪs]
adj. succinct, short and to the point, brief yet comprehensive
 
Seems to say what I understood Toad to intimate about Lazs post.

Mark

[Toad]

Originally posted by lasersailor184
You keep using that word. I do not think it means what you think it means.

If you think that then I know you do not know what it means.

Know what I mean?

[lazs2]

neeeener neeeeener neeener... they said lazer was stupid... neeener neeener neeener...

lazs

[SaburoS]

Originally posted by Silat
His political party membership has nothing to do with his assertion about taxes.. You guys really ought to get away from the ManCoulter school of discussion:)
But without talking points you guys really have nada:)
The rich got a huge break. Time to fess up and admit it. Percentage wise, they pay less then you. I pay less than you.
No its not equal.

 

Fixed it as some don't get it.

[SaburoS]

Originally posted by bj229r
Buffet is a big time lib, which is funny, because if the policies he espouses had been in play the last 30 years he never would have become rich. Aside from that, most of his ASSETS are hidden from taxation---if he wants to pay more taxes, let him write a squealing check

You sure about that?
IIRC he made most of his fortune playing the stock market.
 
Which assets? So maybe he would still be extremely rich.

[ROC]

So, why is it wrong to want to keep what you make?  Run that by me again?

[SaburoS]

Originally posted by ROC
So, why is it wrong to want to keep what you make?  Run that by me again?

So there should be NO taxes?
How will this country even exist?
Show me even one country that prospered with all of its populous keeping all of its earnings.
You make your salary because you live in a country that:
1) Safeguards its borders.
2) That makes sure the food and medications you consume don't make you sick or kill you.
3) Puts criminals behind bars so we don't have to worry about getting robbed/killed.
4) Educates our kids/adults so they can be more competitive and actually contribute to our being a competitive nation to continue to prosper.
5) Allows you to buy a house and live in relative safety.
6) The products you buy won't harm or kill your family.

I pay 32.28% in total taxes. I'm not complaining about it either.
I'm grateful to our wonderful country that rewards smart, hard work.

If you think that the above comes at no cost, then I have a bridge to sell you.
Is this system perfect? No, but it is good.

[Yeager]

This conservative believes everyone should pay an equal percent of what they make to the federal system.  Whether its ten thousand dollars or ten billion dollars.  Everyone should pay the same tax.

Same goes for local county and state taxes.  And once you own your property you should no longer be taxed on its value.

[john9001]

Originally posted by SaburoS
1) Safeguards its borders.
2) That makes sure the food and medications you consume don't make you sick or kill you.
3) Puts criminals behind bars so we don't have to worry about getting robbed/killed.
4) Educates our kids/adults so they can be more competitive and actually contribute to our being a competitive nation to continue to prosper.
6) The products you buy won't harm or kill your family.
 

those points are open for discussion.

[Elfie]

Fixed it as some don't get it.

The rich still pay more total money than the rest of us do. Why is the percentage of what they pay an issue?

The top 10% of income earners pay 65% of all income taxes.

I pay less than you.

Silat if that really bothers you, why not write out a check to the IRS for however much you feel you should be paying. I'm pretty sure the IRS won't turn you down.

[SaburoS]

Originally posted by Elfie
The rich still pay more total money than the rest of us do. Why is the percentage of what they pay an issue?

The top 10% of income earners pay 65% of all income taxes.

So let me get this straight....
Someone making $50,000.00 paying $20,000.00 in taxes is as fair as one making $1,000,000.00 paying the same $20,000.00 in taxes?

LOL how's someone making $10,000.00 a year going to pay the same $20,000.00 in taxes?

That's fair, right?

[SaburoS]

Originally posted by john9001
those points are open for discussion.

Oh, not saying they are perfect.
Lets remove all taxes and see what we're left with.

[bj229r]

Originally posted by SaburoS
So let me get this straight....
Someone making $50,000.00 paying $20,000.00 in taxes is as fair as one making $1,000,000.00 paying the same $20,000.00 in taxes?

LOL how's someone making $10,000.00 a year going to pay the same $20,000.00 in taxes?

That's fair, right?

Taxes are income based. If you make $1,000,000 but only NEED $50,000 to live on, your goal is to use the vast U.S. tax code and figger out how to shield the rest.

An adult making $10,000 a year isn't going to PAY any taxes, and is probably the recipient of welfare, food stamps..at the very least the Earned Income Tax Credit. The endless litany of 'tax breaks for the rich' for the last 20 years has rewarded us with a system where half the population contributes next to nothing for the tax base, yet has the voting ability to steal money from the  afore-mentioned evil rich people