I hope I did this correctly- no techie here! The first part of this link is chatter, but then the yearly calendar is looked at in depth. If you're willing to take 9 minutes, this is a pretty interesting way of looking at taxes and fixing the debt. Rich
p.s. If there is a techie that can just link this so it automatically comes up, please do so.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y
There are going to be tough decisions ahead. There is absolutely no way for the government to continue to spend at the levels they are. Each year we continue to dig a deeper hole which becomes more difficult to get out of.
More taxes, I'm afraid is only a delay tactic. It is a way of ignoring the real problems.
Many of the very wealthy have little tax because they can manage their taxable income. They have wealth and can use it (not taxable until after death).
I think we need to do more to help people to work or become entrepenuers. Social programs have become more of a crutch that discourages them from making it on their own.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
15y
Oh Rich, you are opening a ball of worms here!
I don't like paying taxes, but I do without fussing about it. I like paved highways, knowing we have people chaisng bad guys keeping my tail safe so I can make money.
I didn't read your post Rich, cause I'm not a techie either, I will if someone fixes it.
Knowing that I pay more taxes than GE doesn't sit well with me.
If it was about the top earners providing jobs, that is a load of _ _ _ P!
I'm pretty sure that no one on this site is in the top 1% and the chances of winning the lottery is better than them ever getting there, so how they can defend them is beyond me!
All I can say is that politicians must be selling themselves awfully cheap at a price lower than what taxes could and should be!
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
15y
Finance- I'll answer that justification you asked for from my friend Thorney(who needs an avatar).
It won't take care of problems we have, period. As this video shows(did you watch it?) there isn't enough money to tax and solve. I lived in rio grande valley, tx and saw the companies across the border that have moved there. The same thing is happening to businesses in NY- they're leaving. That will happen here, plus a lot of those over 250 are not rich.
Money mag says I'm in top 7%, don't know if it is top 1 or not. I pay little in taxes and if they raise my bracket (usually zero) it won't matter. Flat tax I'm all for. Class warfare and over burdening entitlements, I'm not on board.
Brian- good point and no answer. It is the holy grail. Rich
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y
There are going to be tough decisions ahead. There is absolutely no way for the government to continue to spend at the levels they are. Each year we continue to dig a deeper hole which becomes more difficult to get out of.
More taxes, I'm afraid is only a delay tactic. It is a way of ignoring the real problems.
Many of the very wealthy have little tax because they can manage their taxable income. They have wealth and can use it (not taxable until after death).
I think we need to do more to help people to work or become entrepenuers. Social programs have become more of a crutch that discourages them from making it on their own.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
15y
Right on Charles. Especially your last paragraph. As the video I posted today, You can't fix the problems with taxes,,,period. The insane spending must stop. Cut EVERYTHING 10% to start and rein in the entitlements.imo. Rich
Engineer · Bel Air, MD · Member since 2009 · 136 posts · 24 votes
15y
Originally posted by Financexaminer:
I'd really like to hear your line of reasoning Throney. Any justification? Maybe I missed something.....
Sorry for the delay in reply. I wasnt apart of this group.
So no I dont believe the rich and weathly should be taxed more. It will not change how America is imo. It may put a small dent in things but nothing to change anything like most people would think.
Secondly why should people who have done great in life be forced to give back just because of there success????
I mean if the rich and weathly choose to give back more then thats a great thing, but should not be forced to.
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
15y
charles hit the nail on the head..raising taxes is just a quick bandaid fix...it doesn't solve the real problem which is government overspending and people relying on the government for income
Note Investor · Pasadena, CA · Member since 2009 · 849 posts · 544 votes
15y
What exactly is "rich"? High income earners? $250K isn't exactly living the high life here in So Cal.
Some ideas:
Flat tax rate. Make everyone put in an equal share.
Make sure everyone pays what they're supposed to pay, and not a penny more, and not a penny less (GE).
Get rid of entitlement programs, domestically and internationally. When was the last time you read about a country or an individual telling the government "Thanks for your support, but we've learned how to be self-sufficient, and we no longer need your money."? Instead, it's more like "it's the 1st of the month, where's my handout?"
Get rid of tax-exemptions for religious organizations. For a country that was supposed to separate church & state, we give a lot of perks to churches/synagogues/temples, etc.
Borrow China's policy on corrupt politicians (i.e., shoot them).
Get rid of public unions. Period.
Get rid of services to illegal immigrants & anchor babies. Take care of legal citizens first.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
15y
I agree with much of what Rich and Charles said, even some from others. I don't really think you know how much could be raised if higher income folks paid with closed loopholes, no one does. As Charles said we don't take the income to be taxed! Let it ride!
Entitlements need closer management as too many have scamed the system, but to those who actually need assistance, I have noproblem with that.
$250K is not that much in many ways, OTH I had several very good years and did not forsee much of it and ended up payingmore than if I had planned better, that taught me a lesson!
I have no problem with getting a break after you have maxed out, it's when you don't pay diddely. Assets are not taxed, not by the feds, so where is this "they earned it let them off menatlity? I guess you would rather pay their share of public projects, highways, law enforcement, etc....so that the entire burden of support is off the wealty and supported by the little people.
Rich, I'm sure I'm up there as well, but we are not wealthy in my mind, I doubt anyone on BP is "wealthy" ....but maybe you are....in my mind, wealthy kicks in at 100M! I have three family friends here in town who have hit the mark. One in the hotel business, one in sporting goods and one in a small auto parts store (lol), one thinks there should be no income tax and go to a sales tax, with exemptions for corporations, LOL! He drives a company car....LOL
I'd be happier about it if they just paid in what they spend avoiding paying taxes!
Flipper/Rehabber · Seminole, FL · Member since 2010 · 859 posts · 316 votes
15y
Eliminate Federal Income Tax.
Cutting the Federal Income tax would put more money in the employees pockets immediately. And as Americans they will spend that extra money. Eventually this would fill the state governments coffers, allowing us to reduce the size of the Federal Government.
Real Estate Investor · Phoenix, AZ · Member since 2009 · 1k+ posts · 1k+ votes
15y
The corporate income tax should be abolished. It makes little sense to tax the corporation on profits and then tax the shareholders when that profit is distributed. Instead, tax only the shareholders for their share of corporate profits, similar to an LLC. This will accomplish two things:
1. Reduce the need for LLCs and other entities that exist mainly for tax purposes,
2. Increase dividend distributions as shareholders insist on getting sufficient distributions to pay tax on their share of the corporate profit. Presently, CEOs like to reinvest money even in useless / marginal projects because it makes their firms bigger and, thus, increases their future compensation. Issuing higher dividends will reduce this misallocation of resources.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
I could not possibly agree more Vikram. I also think that a side effect of what you are proposing is that the stock market would be less volatile and casino-like because people would be able to value companies on fundamentals again much more easily.
Drastically reducing or eliminating corporate taxes would FLOOD money into our country and create copious amounts of jobs for a populous that drastically needs them right now. Simply reducing the corporate tax rate 15% or so would do wonders for our competitiveness too. All of this new money would be put to use in productive projects, produce income, and raise "revenue" at the individual level for the gov-mint to tax. Seems pretty simple to me!
What is really cool is that this is being floated right now as part of the policy changes in the discussions I hear. I am an optimist about things getting done eventually. Hopefully the bond market won't force politicians to do what is in the best interest of the country....hopefully it will be done prior to some form of panic.