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Papa_Complex 09-19-2011 08:15 PM

Quote:

Originally Posted by goof2 (Post 490628)
When it comes to long term investment income the US Government disagrees.:shrug:

And therein lies their error.

shmike 09-19-2011 08:40 PM

Quote:

Originally Posted by Papa_Complex (Post 490633)
And therein lies their error.

Give me a quick snapshot of your ideal tax code.

Is a repeal of the LTCG rate enough of a change?

Every penny of earnings (regardless of source) taxed via the current progressive brackets?

Higher brackets for extra-wealthy folks?

In all seriousness, what do you envision as "fair"?

goof2 09-19-2011 10:37 PM

Quote:

Originally Posted by shmike (Post 490636)
Give me a quick snapshot of your ideal tax code.

Is a repeal of the LTCG rate enough of a change?

Every penny of earnings (regardless of source) taxed via the current progressive brackets?

Higher brackets for extra-wealthy folks?

In all seriousness, what do you envision as "fair"?

Somehow .5% of people who file taxes shouldering almost 30% of the individual income tax burden while almost half the people owe no federal income tax is viewed as unfair; to the almost half that owe nothing.:shrug:

Homeslice 09-20-2011 12:16 AM

Quote:

Originally Posted by goof2 (Post 490669)
Somehow .5% of people who file taxes shouldering almost 30% of the individual income tax burden while almost half the people owe no federal income tax is viewed as unfair; to the almost half that owe nothing.:shrug:

And what % of our nation's wealth & income is accounted for by that 0.5%?

goof2 09-20-2011 12:19 AM

Quote:

Originally Posted by Homeslice (Post 490684)
And what % of our nation's wealth & income is accounted for by that 0.5%?

Around 14% of income.

Homeslice 09-20-2011 12:24 AM

From all sources, or just employment?

Papa_Complex 09-20-2011 09:51 AM

Quote:

Originally Posted by shmike (Post 490636)
Give me a quick snapshot of your ideal tax code.

Is a repeal of the LTCG rate enough of a change?

Every penny of earnings (regardless of source) taxed via the current progressive brackets?

Higher brackets for extra-wealthy folks?

In all seriousness, what do you envision as "fair"?

I'm made to wonder how much more they would pay in taxes, if their current REAL income was taxed at current rates?

RACER X 09-20-2011 10:10 AM

so whats more important, % of tax to income or $ amount?

shmike 09-20-2011 10:11 AM

Quote:

Originally Posted by Papa_Complex (Post 490715)
I'm made to wonder how much more they would pay in taxes, if their current REAL income was taxed at current rates?

How ironic that the system of taxation began as a way for the rich to subsist off the poor, no?

fatbuckRTO 09-20-2011 10:29 AM

Quote:

Originally Posted by RACER X (Post 490717)
so whats more important, % of tax to income or $ amount?

What's important is that the government can't build and maintain roads and bridges or provide for the common defense without tax money. If everyone got the tax breaks that some get then we'd have a real hole of a country.

That said, if someone makes more money than me, then I don't think it's fair that they pay less than I do towards providing funds for the country we both live in and benefit from. That doesn't mean I think they should necessarily pay more, but personally I don't have a problem paying more in taxes than someone who makes less than I do. Within reason.

I do think that people should not be coming away from tax season with a net gain, the way some lower income (and probably higher income) people do. Credits like the EIC often make that a reality. I don't have a problem with letting a lower income person slide on taxes, but they shouldn't be taking money straight out of the pot they aren't contributing to.

Problem is I have no idea how to frame those thoughts in legalese, and by association I have no idea how to prevent people with six or seven (etc.) figure salaries from hiding their income the way some do.


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