The Liberal Myth that the Rich Pay "Virtually No Taxes"

[Sun Devil 92]

Remember MIT romneys taxes ? And this was a guy setting up for a prez run!

Why do the Romneys pay so little in taxes? - CNN.com

By now, most of us have probably heard that Mitt and Ann Romney paid just under $2 million in taxes on income -- virtually all from investments -- of just under $14 million for 2011, an effective tax rate of 14.1%. This is a low tax rate, lower than the typical middle-class American worker pays, especially when one considers payroll taxes, the largest burden for most Americans. It should concern us that individuals of Romney's wealth -- analysis has put his personal fortune as high as $250 million, not counting some $100 million in trusts set up for his five children -- pay so little as a percent in taxes.

Do you remember how much he donated to charity ?

 

[Sun Devil 92]

Whydo some protect the rich at all costs? Is it the idiotic false belief that everyone has the chance to be rich? Dummiesthey are. Half witted dummies. Working g 80 hours per week will result in being poor you morons.

What I don't get is why you think you can't get some of that money through the open market ?

You can't start your own business ?

You can't do things to cut into their profits /

Why is it that you have to let them make it and then take it from them ?

 

[Sun Devil 92]

Please define who are the rich.

I think they should pay more.

I also think everyone should pay a minimum of 2% of their gross to federal income tax.

I also think we should be cutting government spending.

I'll tell you what....

I'll vote to raise taxes on the wealthy if you vote to create a minimum 2% fed tax regardless of income.

Whose up for it ?

 

[initforme]

I can and I did. But I am not such an elitist jerk as to look at workers as vermin like you do.

 

[edthecynic]

What exactly do the rich get for pulling the weight of everyone? Their vote doesn't count for more, they don't get more rights, so why should they be expected to pay for more just because they can?

Well, who benefits more from the government protecting the right to possess private property, the pauper who owns nothing or the billionaire?
If the billionaires didn't have the government protecting their property from threats both domestic and foreign, would they not each have to pay for their own private armies and possibly shed their own blood to protect it?

I think the truly wealthy are getting away cheap!

 

[initforme]

Yes cuts are good. Start with the dept of commerce, education, and trim the military ad well.

 

[Timmy]

Remember MIT romneys taxes ? And this was a guy setting up for a prez run!

Why do the Romneys pay so little in taxes? - CNN.com

By now, most of us have probably heard that Mitt and Ann Romney paid just under $2 million in taxes on income -- virtually all from investments -- of just under $14 million for 2011, an effective tax rate of 14.1%. This is a low tax rate, lower than the typical middle-class American worker pays, especially when one considers payroll taxes, the largest burden for most Americans. It should concern us that individuals of Romney's wealth -- analysis has put his personal fortune as high as $250 million, not counting some $100 million in trusts set up for his five children -- pay so little as a percent in taxes.

Do you remember how much he donated to charity ?

1) church is not charity
2) who cares .

 

[edthecynic]

I'll vote to raise taxes on the wealthy if you vote to create a minimum 2% fed tax regardless of income.

Do you mean like the already existing payroll taxes?

All of the working poor who pay nothing in "income" taxes pay payroll taxes on their income, and 2/3 of all who pay income taxes pay as much or more in payroll taxes, while capital gains tycoons pay nothing in payroll taxes no matter how many billions they make in capital gains and get a reduced income tax rate on their capital gains to boot.

 

[Wyatt earp]

What exactly do the rich get for pulling the weight of everyone? Their vote doesn't count for more, they don't get more rights, so why should they be expected to pay for more just because they can?

Well, who benefits more from the government protecting the right to possess private property, the pauper who owns nothing or the billionaire?
If the billionaires didn't have the government protecting their property from threats both domestic and foreign, would they not each have to pay for their own private armies and possibly shed their own blood to protect it?

I think the truly wealthy are getting away cheap!

Yup

Norway, Denmark ........

 

[edthecynic]

Now, for perhaps the 6th time....who said that the rich pay 'virtually no taxes'?

Only the Right say that by taking out of context anyone who points out the fact that the "truly wealthy," like the Rockefellers, Melons, DuPontes, etc., pay little or no taxes on their billions in capital assets, and spins "truly wealthy capital billionaires" into the "rich making $250k in wages."

 

[rightwinger]

If the rich pay "virtually nothing" in taxes, as liberals continue to claim, how is it that they pay the majority of federal personal income taxes? According to federal income tax data, the top 1% pay about 45% of all federal income taxes. The top 10% pay at least 60% of all federal income taxes. And the top 20% pay over 80% of all federal income taxes.

Top 1% pay nearly half of federal income taxes

Top 10 Percent of Earners Paid 68 Percent of Federal Income Taxes

Top 20% of Earners Pay 84% of Income Tax

STEPHEN MOORE: Do the rich pay their fair share of taxes?

Do the rich pay lower taxes than the middle class?

The Rich Pay More than Their Fair Share of Taxes | Economics21

What's more, the top 1% pay around 24% of all federal taxes (income taxes, corporate taxes, tariffs, etc.). The top 10% pay over 50% of all federal taxes.

1 Percenters Pay 24 Percent and Top 10 Percent Pay 53.3 Percent of All Federal Taxes

And this is on top of the huge amount of county and state taxes that the rich pay, especially rich people who own businesses. I have two relatives who own businesses, and I can't believe how much they get soaked in county and state taxes, especially property taxes.

Liberals who go around peddling the kool-aid myth that "the rich pay virtually no taxes" or that "the average rich person pays less than a middle-income earner" obviously don't know any rich people and/or any business owners and are basing these silly claims on grossly misleading "studies" churned out by liberal think tanks and economists.

Who says that the rich pay 'virtually nothing'?

Virtually nothing? maybe not

Ridiculously low tax rates? Hell yes

 

[rightwinger]

So capital gains would be taxed the same as earned income?

Yup

Are you sure? Steve Forbes applied his flat tax scheme only to wages. Not capital gains. Cruz only mentions income in his flat tax, not capital gains. The Heritage Foundation's flat tax proposal goes to elaborate lengths to avoid even mentioning capital gains rates, never including them in the myriad of taxes that the flat tax will replace. Rand Paul at least includes capital gains.

So......I guess the question would be, whose flat tax?

Mine.

It's the only fair way and in all honesty by getting rid of all deductions and tax credits etc and taxing all income from dollar one the rate could very possibly be less than the current capital gains tax

Yours isn't the one being promoted by the GOP front runners, those most likely to have a snowball's chance in hell of actually enacting it. They either carve out specific exemptions for capital gains or they get really, really vague about the topic. While being very specific about other forms of taxation.

Which tells you that capital gains isn't going to be treated the same. With the aforementioned exception of Rand Paul.

I think a fair scheme would be based on one's ability to pay. A method adopted by pretty much every 1st world nation on the planet.

why is captial gains on the table?

Why shouldn't capital gains be on the table?

The fact that we tax investment earnings at a lower rate than sweat earnings is criminal

 

[edthecynic]

BTW if one has an income one has the ability to pay income tax

And unless that income is capital gains, they all pay payroll taxes on that income up to a cap of $100,000+. The government collects an almost equal amount in taxes from the regressive payroll taxes and the progressive income tax, but other than you, the Right only harps about the income tax.

 

[jc456]

I'm alright with that. Everyone should have skin in the game, not just those with cash.

Fair share means fair share, not let that guy pay the tab for everyone.

So a massive, massive tax cut for the wealthy and a huge tax hike for the poor and middle class is 'fair'?

Yes because everyone will be paying the same percentage of their income

That's the most stupid tax plan I've ever heard. You think someone who's earning barely enough to feed the family should be taxed at the same rate as a bastard who lives in a 20 room mansion with two dozen bathrooms. It's never been that way and as long as there are enough Democrats around it never will be.

see, here you go, the libturds just don't understand math. Campbell, Thanks for proving my point. you wouldn't know the difference between a dime and a million would you? funny stuff the libturds.

We're smart enough to know that you money hungry pricks will never win the white house again. You can't gerrymander the popular vote.

Practice saying "Madame President"

Why?

 

[Arianrhod]

For the Wealthiest, a Private Tax System That Saves Them Billions

 

[Skylar]

Yup

Are you sure? Steve Forbes applied his flat tax scheme only to wages. Not capital gains. Cruz only mentions income in his flat tax, not capital gains. The Heritage Foundation's flat tax proposal goes to elaborate lengths to avoid even mentioning capital gains rates, never including them in the myriad of taxes that the flat tax will replace. Rand Paul at least includes capital gains.

So......I guess the question would be, whose flat tax?

Mine.

It's the only fair way and in all honesty by getting rid of all deductions and tax credits etc and taxing all income from dollar one the rate could very possibly be less than the current capital gains tax

Yours isn't the one being promoted by the GOP front runners, those most likely to have a snowball's chance in hell of actually enacting it. They either carve out specific exemptions for capital gains or they get really, really vague about the topic. While being very specific about other forms of taxation.

Which tells you that capital gains isn't going to be treated the same. With the aforementioned exception of Rand Paul.

I think a fair scheme would be based on one's ability to pay. A method adopted by pretty much every 1st world nation on the planet.

why is captial gains on the table?

Why shouldn't capital gains be on the table?

The fact that we tax investment earnings at a lower rate than sweat earnings is criminal

Its not 'criminal'. Its a concrete demonstration of the wildly disproportionate power and influence of the wealthy on our law. As its one of the primary methods of earnings for the top 1%. But not for the public at large.

And given the wildly disproportionate influence of the wealthy, tax policy flagrantly favors of the methods of income that the wealthy use to generate their income: investments.

While far higher rates on methods that most everyone else uses: actual work.

 

[Skylar]

And when you think about stock trades, what is being produced? What is being made? What is being improved? Nothing. It creates nothing, improves nothing, refines nothing. Its sole product......a split second faster liquidity. A benefit that 99% of the time (literally) benefits the very traders who are producing it. Its one of the most useless professions imaginable.

As its sole purpose is to leech wealth in exchange for nothing.

Where actual labor, actual work, actually *earning* money adds value. Its how virtually every good and service in our nation is produced. Its how roads are built, how planes are made, how schools are built, how children are educated.

And yet in defiance of all reason, we offer a *fantastic* tax discount for uselessness that enhances nothing, nor builds a thing........while charging much higher tax rates for the work that builds everything.

Why? Because it favors the wealthy.

 

[initforme]

Facts are facts. The system is set up to work against the average working guy and set up to make the rich richer without having to work one iota. Just accept it.

 

[Sun Devil 92]

I'll vote to raise taxes on the wealthy if you vote to create a minimum 2% fed tax regardless of income.

Do you mean like the already existing payroll taxes?

All of the working poor who pay nothing in "income" taxes pay payroll taxes on their income, and 2/3 of all who pay income taxes pay as much or more in payroll taxes, while capital gains tycoons pay nothing in payroll taxes no matter how many billions they make in capital gains and get a reduced income tax rate on their capital gains to boot.

Everyone pays 2% federal income tax....regardless.

As your income gets up there...you pay more....it's a floor....no deductions pas that point.

 

[Sun Devil 92]

And when you think about stock trades, what is being produced? What is being made? What is being improved? Nothing. It creates nothing, improves nothing, refines nothing. Its sole product......a split second faster liquidity. A benefit that 99% of the time (literally) benefits the very traders who are producing it. Its one of the most useless professions imaginable.

As its sole purpose is to leech wealth in exchange for nothing.

Where actual labor, actual work, actually *earning* money adds value. Its how virtually every good and service in our nation is produced. Its how roads are built, how planes are made, how schools are built, how children are educated.

And yet in defiance of all reason, we offer a *fantastic* tax discount for uselessness that enhances nothing, nor builds a thing........while charging much higher tax rates for the work that builds everything.

Why? Because it favors the wealthy.

And they use government to protect that position.

Debt and credit are a necessary part of our financial system.

Stocks are part of that........