Tax Cut

[catnipdipper]

I am ok extending the Bush tax cuts but I wonder if the "rich" should not have theirs expire?

I don't see from lots of experience that the level will effect small business owners and hurt their business.

[john_galt]

Define "rich". The Obama administration has defined rich as anyone making over 250,000 dollars a year. The problem with this definition is that no difference is made between an employee making a quarter of a million dollars and a small business who's gross is over a quarter of a million dollars before employee salaries, unemployment insurance, healthcare cost/copays, and over head is factored in. A small business person who is "making" a half a million dollars may only end up with 100,000 dollars after everything is deducted and now they get their taxes are raised to 40% on what is left over. In reality big businesses don't pay taxes, they just add their taxes to their overhead and charge it to their customers. It would better to stop taxing business in general and stop subsidies as well.

[Longermonger]

You first. Go ahead and define "rich" in dollar amounts.

[catnipdipper]

Galt;

Business does not pay taxes on Gross Sales or Revenue. It pays on net after expenses and perks are taken out. If they business was a sole proprietorship and netted $1oo,ooo and the owner took the profit in addition to a $100 grand salary he is still cool.

I cannot find the connection to hurting "small business."

[BigMikeinKC]

Rich is someone who makes more money than you do.

[dirty dog]

The problem with the statement "tax the rich" is that it puts forth the idea that the rich do not pay taxes. The fact is that a person making a million dollars pays more in tax than someone paying 100,000. The idea that because someone makes more money than most they should have to pay a higher percentage of there income in taxes. Why is this an acceptable argument, is it because the rich use more government programs, NO, is it because the rich are some kind of burden or drain on society? Or is it simply the idea that because someone is rich they have some moral obligation to take care of someone who makes less money than them. If so why do they have a larger burden for caring for the poor than someone making 200,000 a year? There has been an argument that many have put forth that they should pay it because they can afford it. If you support this argument would it then be the same if a homeless man walks up to you and says hey give me $20.00, you can afford it, would you give it to them?

The rich donate more in dollar amounts to charities and taxes, to single them out because they have been successful and tell them because you made the right decisions were going to bless you by taking more of your money does not make a lot of sense, contary to popular belief, its not mine or anyone else's responsibility to take care of anyone, they need to take care of themselves.

[Cheaper2buyit]

I don't how to say this right but the more money you make the more they tax you the more you donate to get off paying some taxes the more tax lawyers you have the more tax laws you know the less taxes you pay. But some people just go to h& R block & hope for the best.

[perpetualdesign]

Catnip, I don't know what you have been dipping, but I'm a sole proprietorship, and if I took 100,000 profit and 100,000 salary, I'd be paying a shit load of tax. That by definition is an obamanation.

[kcmark]

The facts are that the rich, those that make over 250k have an effective tax rate of 15 percent...which is lower than they tax rate everyone else pays....
the tax cuts were implemented with the idea that the rich would invest the money in to buisnesses...well if they had done that for the last 10 years then we wouldnt me in the mess we are in....remember this mess didnt start on 1/21/09 it started on 1/21/01 under bush and company...
it will take longer than 2 years to get out of it....

[dirty dog]

Originally Posted by Cheaper2buyit

I don't how to say this right but the more money you make the more they tax you the more you donate to get off paying some taxes the more tax lawyers you have the more tax laws you know the less taxes you pay. But some people just go to h& R block & hope for the best.

And even after all of that they still pay more in taxes than you and I or anyone else on this board. So basically your of the belief that because they make more than you not only do they have to pay the normal amount of tax per there income they should have to pay an additional amount, thats just plan poor man jealousy, "i cant make as much as you, so therefore you should pay more than the already more than I pay". I bet if I checked your taxes I would see donations for tax benefits you took. While you took a $1000.00 they took 10,000. So while you gave $1000.00 to the red cross they gave 10,000. Seems to me that have already paid mroe than you or I. Just poor mans envy playing out. The president paid a lot in taxes, I bet if you look and actually did the numbers what he paid in percentage of his income and what you paid in percentage of your income, I bet you will find they are very similar.

I am done with this so peace out.

[dirty dog]

Originally Posted by kcmark

The facts are that the rich, those that make over 250k have an effective tax rate of 15 percent...which is lower than they tax rate everyone else pays....
the tax cuts were implemented with the idea that the rich would invest the money in to buisnesses...well if they had done that for the last 10 years then we wouldnt me in the mess we are in....remember this mess didnt start on 1/21/09 it started on 1/21/01 under bush and company...
it will take longer than 2 years to get out of it....

Spoken like a true democrat, actually mr talking points, it started in 1998 with the tech bubble burst.

[john_galt]

kcmark It started with Clinton...no wait, it started with Carter...no, that's not right either, it started with LBJ when he raided social security...no, maybe it was FDR when he started social security, no, no, no I know who it is... this should demonstrate that only a fool would try to pin down the economy on just one person or administration.
I didn't read any bumper stickers in there and my tea is almost ready to drink.

[catnipdipper]

Mr. Sole Proprietor; of course you pay taxes according to your earnings and the tax schedule. It is not Obama that set the current rates so why is that an Obamanation? You just don't like to pay taxes is my guess.

The rich might pay more in total taxes but they are also able to use the system for avoidance, sheltering/hiding income in offshore or Swiss accounts, hire the finest, most expensive tax accountants and lawyers and write off the expenses. If you lease or buy an expensive car for example is that just an expense or should you non business use be taxed? It is taxed as it should be.


I would support extending the tax cuts for everyone if we were able to revise the tax codes to close or eliminate the loopholes. Be able to tax corporations that shift profits to overseas entities and reward those that invest at home.

I am in no way opposed to the concept of "rich." In the broader view we should be looking at the overall contribution to society based on what you get from it.

The is a tax overhaul proposal that is being written on a bi-partisan basis in the Senate. Very commonsensical approach but crowded out by the political campaign posturing and general bullshit of the election season.

Galt your cup of tea will be bitter. You keep nominating candidates that are going to be so scary to the overall public that you will have accomplished nothing but your own defeat and for that I am very grateful.

I am watching a master of "rope a dope" do his stuff.

[john_galt]

Better my tea than your Kool Aid...

Then again if the left is really, truly, sincere about how bad TEA (Taxed Enough Already, for those who never knew) candidates are going to be then why are you spending so much time and money trying to defeat them? hmmmmm. If you were sincere then they will defeat themselves but the evidence is that you are really scared that they are coming to get you.

[catnipdipper]

Actually it is an ice cold sip of a very dirty martini and with blue cheese olives too.