August 13, 2011
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Tax the Rich
If you won a million dollars today, you would get approximately 640,000. The government would get the rest. That’s a 36% tax.
What percentage of tax should the rich pay?
If you won a million dollars today, you would get approximately 640,000. The government would get the rest. That’s a 36% tax.
What percentage of tax should the rich pay?
Comments (34)
Everyone should pay 10% and get nothing back. I think that decreases the amount everyone pays, except for the very poor. But I still think everyone paying 10% is fair.
@TiredSoVeryTired - As things are now, the government is so huge that a 10% tax would force a massive government shut down a cutoff of government payouts to all the interest groups that Congress pays off in exchange for their votes.
Therefore I LOVE the idea of a 10% flat tax for starters. Then maybe after everyone quits whining and starts working, the rate can be dropped to 1% like it was when the 16th Amendment was passed back in 1933. They said the rate would never go over 3%.
@TiredSoVeryTired - As long as it is only on income.
@LoBornlytesThoughtPalace - I didn’t know that about 1933
@Randy7777 - OH DRAT! It’s 1913! not 1933.
I like the flat tax idea to this extent–everyone pays. All organizations pay. There are no tax exempt organizations of any kind. If the take in money, they pay-not exemptions for anything. I am guessing about 5 to 10% would secure the revenue the government needs. I will not stop their excessive spending habits until the voters somehow, someway, someday keep kicking them out of office until the live withing the collected revenues.
You guys^^^^^ Referring to comments above are too smart for me. I have no idea, I just learned how to figure out a 20% tip lol. 36% is way too much, I know that.
As a single person with nothing to claim on their taxes and struggling to survive, I certainly feel over-taxed. If I work 52 hours in a week, the government takes damn near $300 from my paycheck for that week. If I had some of that money, I wouldn’t have to wonder how I’m going to pay to fill up my gas tank to be able to get to work.
As far as taxing the rich more, I honestly don’t know. I do know that they can afford it, but I don’t know if it’s fair. Some of them work damn hard for their money too.
i am in favor of a flat tax for every one no matter what you make. and no deductions. of course if you make more you pay more since it is based on what you make.
That sounds about right to me!! Randy7777 for the US Senate!! Yeah!! I;ll vote for ya!!
Top 1 percent? fifty percent, excluding lotto winners. they should keep it all. Unless they’re top 1 percent already.
@Randy7777 - I agree! Inheritance isn’t an income even if it is over that $250K limit. The taxes on that should have already been paid. (Welfare would be income IMO.)
I believe in a flat tax, maybe about 5 percent.
I wish I knew the answer to all of our economical woes but I’m not sure what would work successfully. I would love to see a flat tax but not sure that would solve our problems..
That’s not even a particularly high tax for the highest bracket. Anyway, I think the progressive tax schemes generally make more sense than a flat tax. The issue is more making sure the rich actually pay the taxes they owe society (instead of dodging them through various shelters mostly only they can access). That’s the most unfair part of it all, I think. Warren Buffet famously said his secretary paid a higher proportion of their income in tax than he did. There’s no way that meets any definition of fairness.
I’m pretty sure someone who makes a million pays more than a 36% tax… The tax bracket hits 35% once you’re making more than $379,150.
This is why I think we should have a flat tax of 10-15% for everyone. No deductions, other than true business expenses (very basic, nothing extravagant), close all other loopholes. It would force the government to live within it’s means and the rest of us would be better off keeping more of our own money.
Sounds good to me-what you said.
I don’t care.
I never have paid taxes. I get money back. What’s the point in filling out the form? I think that we shouldn’t get money back. Like I get like 2,000 back a year. There should be no tax returns. People claim the strangest things. It makes it unfair.
If you are self-employed, add a 15% self-employment tax to that 36%. Yes, for the privilege of owning a business, you get to pay 15% more in taxes to help other people. Total tax = 51% tax. Gotta love it. There’s no point in opening a business these days, because the money you spend to operate your business eats up most of your costs. And then they want to make it mandatory that employers pay for their employees health insurance. . . . is it any wonder that businesses are closing and having to fire workers? A flat tax would simplify things, but then accountants would lose business because of the lack of people needing to hire them to figure out the obfuscating tax code. And drug dealers and those who don’t report their income wouldn’t pay any tax at all.
A “fair tax” (not a “flat tax”) on anything purchased that is not essential (ex. non-food items, entertainment) would ensure that even drug dealers and people who do not report their income (ex. people who are visiting the U.S. or illegally immigrated) are paying taxes.
@ANVRSADDAY - I like that.
@momofjenmatt - LOL – you’re a good tipper.
@your_paper_heart - Thanks
@Stanelle - LOL – thanks but no thanks
@buddy71 - I agree with the flat tax. -makes sense and takes the power out of Washington
@dingdongdingbat - Flat tax would be great.
@NikBv - If Buffet felt bad why doesn’t he just write the government a check for what he thinks he owes.
@firetyger - agreed – we need to get to a simpler tax system
@Colorsofthenight - Thanks
@Devich - I like your idea. Make it just sales tax.
@Randy7777 - Really? I thought that was standard, I hope it’s not too much! No wonder I’m broke lol.
@Randy7777 - Well, because that isn’t going to create a very uniform system, simply relying on people to write checks to the government to pay what they think they owe, is it?
it makes no sense to tax organizations. All taxes on corporations do is drive up the cost of American products making us less competitive in a global marketplace. The tax gets paid by the consumer anyways. That’s why American products are so much more expensive than Chinese. I say tax everything at the cash register and make things more competitive.
Just remember, Companies don’t pay taxes, people pay taxes.
@mccanarie – exactly. I am on my feet applauding