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The next sucking sound you hear may be the sound of capital fleeing the United States. God help us all...
Hillary Confirms Trillion Dollar Tax Hike Plan
Posted from atr.org
Politics
Election 2016
Hillary Clinton
Taxes
Economy
Posted 8 y ago
Responses: 6
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And yet Republicans are seemingly bending over backwards to make sure she gets elected.
In any case our currant tax structure is just awful, the poor pay nothing, the super rich don't pay much and the middle class has to shoulder almost all the burden.
Not saying we should soak the rich but at the same time someone making $10M per year should pay at least the same percentage of their income in taxes as the person who makes $75K per year.
In any case our currant tax structure is just awful, the poor pay nothing, the super rich don't pay much and the middle class has to shoulder almost all the burden.
Not saying we should soak the rich but at the same time someone making $10M per year should pay at least the same percentage of their income in taxes as the person who makes $75K per year.
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Maj John Bell
I keep hearing the percentage saw. There is capital gains tax, which is set up a particular way to foster monetary behavior that keeps capital active. There is income tax which is progressive (not as in liberal). When people claim that the wealthy are paying a lower percentage than the "not wealthy" it is a total misrepresentation designed to inflame the passions of those who do not check the facts.
The not wealthy typically have very little income that comes from capital gains. We can eliminate capital gains, watch what happens to the economy and jobs for the lower classes.
Politicians make a great show of taxing the wealthy with one hand and giving it right back with the other in the form of deductions and loopholes. We can and should eliminate legal loopholes and deductions in the personal income tax code. Then tax every thing above a baseline amount at a flat rate.
The not wealthy typically have very little income that comes from capital gains. We can eliminate capital gains, watch what happens to the economy and jobs for the lower classes.
Politicians make a great show of taxing the wealthy with one hand and giving it right back with the other in the form of deductions and loopholes. We can and should eliminate legal loopholes and deductions in the personal income tax code. Then tax every thing above a baseline amount at a flat rate.
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PO2 Robert Aitchison
Maj John Bell - I'm well aware of the capital gains tax structure and the supposed reason why it's set where it is.
I just think that the capital gains taxes being set where they are is about as effective at driving economic (in this country) activity as any of Obama's anti-gun executive orders are at reducing mass shootings or gun violence, that is not at all.
The capital gains tax rate is nothing but a scheme to allow the super rich to avoid paying taxes on the vast majority of their income in such a way that middle class or even "mere" millionaires never could.
Tax capital gains as ordinary income, then lower the overall tax rate, people will have more money to spend and spend it they will, that is what will drive economic activity and create jobs here.
I just think that the capital gains taxes being set where they are is about as effective at driving economic (in this country) activity as any of Obama's anti-gun executive orders are at reducing mass shootings or gun violence, that is not at all.
The capital gains tax rate is nothing but a scheme to allow the super rich to avoid paying taxes on the vast majority of their income in such a way that middle class or even "mere" millionaires never could.
Tax capital gains as ordinary income, then lower the overall tax rate, people will have more money to spend and spend it they will, that is what will drive economic activity and create jobs here.
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2015 tax receipts were the highest ever recorded and the deficit was $438B. At the current run rate, the 2016 budget will close in on $1T. And she wants more? BTW, most of the taxes were from individuals. Say again what Hill and Bill's effective tax was, not to mention the tax free status of the CFI. It is understandable, since someone has to pay the freight for all the illegals and refugees soon to become Democrat voters.
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CW4 Guy Butler
36% for 2015, about $10 million federal taxes paid.
Clinton put out 8 years of tax returns last July.
Clinton put out 8 years of tax returns last July.
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When I hear people say the "rich" don't pay their fair share, I just shake my head. This chart from the Wall Street Journal shows how the percentages of income taxes paid were distributed last year. The top 20% wage earners (over $134,400 per year) pay 83% of the income taxes! The bottom 40% of the wage earners GET PAID BY THE GOVERNMENT and pay NOTHING! The "Middle Class" pay just 19% of the total taxes.
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PO2 Todd Voge
CW4 Guy Butler - I agree that this is a success indicator. I"m simply replying to those that say the rich aren't paying their fair share. That is an incorrect statement. In our "progressive" tax system, they pay the most of anyone. And because I'm working 3 jobs and have worked to better myself overall, I'm fast approaching that top 20% and am tired of carrying the load for the bottom 40% that I end up subsidizing. The only way people will start to understand is if everyone starts to pay something to the government rather than being subsidized. One of these days, the government is going to run out of people to tax. Then what will they do?
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CW4 Guy Butler
PO2 Todd Voge Which brings up problem 2: if you want that 40% to pay to the government, you're going to have to raise taxes - because the current tax code says they don't have to pay any income tax.
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CW4 Guy Butler
PO2 Todd Voge Even Cruz (the only one proposing a flat tax) carves out exemptions for low income:
https://www.tedcruz.org/tax_plan_summary/
Why? Because the people at the bottom of the food chain have enough problems with their standard of living.
https://www.tedcruz.org/tax_plan_summary/
Why? Because the people at the bottom of the food chain have enough problems with their standard of living.
The Simple Flat Tax Plan Summary | Cruz for President
The Simple Flat Tax Plan Summary “Imagine 4.9 million new jobs. Instead of Obama’s income stagnation, imagine average wages rising 12.2 percent over the next decade. Capital investment rising 43.9 percent. And every income-level seeing double-digit increases in after-tax income. Imagine exports and manufacturing jobs booming. Our trade deficit falling as the tax bias against American made goods is eliminated. …
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