Stu Ghatze
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Binary_Digit said:I think it's inherently unfair to tax the rich more than the middle class. We are a capitalist society, we shouldn't punish people for being successful in capitalism. To say they make more, thus they should pay a higher percentage, is an exploit of their personal money. IMO
Binary_Digit said:I think it's inherently unfair to tax the rich more than the middle class. We are a capitalist society, we shouldn't punish people for being successful in capitalism. To say they make more, thus they should pay a higher percentage, is an exploit of their personal money. IMO
Simon W. Moon said:I'm still looking for the debate and the connection to today's news.
If I can't find these things before I move this thread to the Basement, I'm going to move this thread to the Basement.
hipsterdufus said:What we have in place here is a regressive tax which hurts the lower class more than the wealthy. Four out of five Americans pay more in payroll taxes, than they do in income taxes. Those taxes are in effect for the first dollar of every worker, but stop around $80,000. Income earners over 80K a year only pay a small medicare portion. In effect, the system is rigged against the poor and helps the rich disproportionately.
Thanks for finding the connection, such as it is, to Today's News.Stinger said:With the tax issues currently on the table in the Congress this is a very current and "in the news" topic.
The subject matter is not in question. What's in question is the style of expression. This seems to be merely a rambling rant.Stinger said:And certainly more worthy of discussion than another "No WMD" thread of which there are many. Or another "Bush lied" thread, I don't see them questioned.
Can you say 'partisan moderating'?Stinger said:With the tax issues currently on the table in the Congress this is a very current and "in the news" topic. And certainly more worthy of discussion than another "No WMD" thread of which there are many. Or another "Bush lied" thread, I don't see them questioned.
KCConservative said:Can you say 'partisan moderating'?
Simon W. Moon said:The subject matter is not in question. What's in question is the style of expression. This seems to be merely a rambling rant.
I'd forgotten about this thread til you bumped it.
hipsterdufus said:What we have in place here is a regressive tax which hurts the lower class more than the wealthy. Four out of five Americans pay more in payroll taxes, than they do in income taxes. Those taxes are in effect for the first dollar of every worker, but stop around $80,000. Income earners over 80K a year only pay a small medicare portion. In effect, the system is rigged against the poor and helps the rich disproportionately.
Stinger said:I don't think you put in consideration the Earned Income Tax Credit which credits back those payroll deductions. I do find it amusing that when the left wants to support those programs they call those deductions "investments" but when they complain about people actually having to pay for their benefits they call them taxes and want someone else to foot the bill for them. Payroll taxes cover the cost of the government health insurance and retirement insurnace programs, do you think it would be fair for insurance companies to charge people based on their incomes? Or is it more fair that everyone pay the same amount, you know so that no one is descriminated against.
Inuyasha said:What is the concencise of opinion on the "flat tax"? It has many positives.
Iriemon said:The payroll taxes are too high.
They generate $150 billion in surplus extra tax reveneus every year that the Govt uses as general revenues.
To whom does that money belong to?
Why wasn't the SS surplus taxes subject of tax cuts the way the income tax surplus was?
Simon W. Moon said:Thanks for finding the connection, such as it is, to Today's News.
Did you happen to find the debatable proposition while you were looking?
The subject matter is not in question. What's in question is the style of expression. This seems to be merely a rambling rant.
I'd forgotten about this thread til you bumped it.
Can't really say. You didn' mention any in particular. So it's possible that there're some that would make you correct and some that'd make you wrong. Can't really make specific judgements w/o specific info.Stinger said:Like the "Bush lied" threads I mentioned?
Didn't make much of an impression on me obviously.Stinger said:Really? It's only two days old.
Stinger said:Neither Social Security nor Medicare/Medicaid can meet their liabilities so your statement is flat our false, they are too low.
How they are used is a different debate, how do you think they should be used, what should the government do with the "excess"?
Because SS has unfunded liabilities. How do you propose to pay for the liabilities down the road when SS does not have surplus funds?
Iriemon said:The payroll taxes are too high.
They generate $150 billion in surplus extra tax reveneus every year
that the Govt uses as general revenues.
To whom does that money belong to?
Why wasn't the SS surplus taxes subject of tax cuts the way the income tax surplus was?
Stinger said:Too high for whom? You want to cut the payroll taxes on the wealthy? The poor don't pay them, so whose payroll taxes are you going to cut?
Well most insurance programs or private pensions and retirement plans do just that, they generate surpluses so they can pay for benefits in the future.
So your complaint is what is done with the money?
Well it belonged to whomever earned it until the government took it. Then they gave it to someone else. The govenerment only transfers money.
Because it's a ponzie scheme to begin with, it's a ripoff and until we, the people, are allowed to keep those surplus funds and invest them in accounts the WE control that belong to US it will continue to be a ripoff and will go broke.
So what's your plan?
I can rebut this by speaking of investment. When you pay SS taxes you are fully vested after 10 quarters, the payroll taxes from your check are supposed to be paid to you as a pension/healthcare package. Only problem is, as you mentioned, the funds have been dipped into and now the program is in deep trouble. When you pay an income tax, you essentially pay other things, some of those paid have an returning value, most don't(like pork projects, social programs). Essentially, when the non returning "investments" are wasted through ineffeciency, your hard earned tax dollars are basically flushed down the toilet, naturally, those who don't pay the income tax haven't lost anything because their taxes went to programs that will go to them, whereas, those who could be given the break finally have more of their hard earned money to either buy, invest, or directly hire, which stimulates the economy, rather than their tax dollars going into money vacuum programs.Iriemon said:That is exactly right. Many millions of Americans pay *only* SS tax and do not pay income tax. The SS is too high -- it generates about $150 billion in surplus tax revenues each year (remember the talk about the "surplus" taxes belonging to the people as justification for the Bush tax cuts?). Yet the SS taxes, the taxes the working poor pay, have *never* been cut by Bush and the Republicans, and for that matter they have never even proposed cutting them.
Think about it, if someone came up to you and said "hey, I know you don't know me, but I want you to give me 110k$ to start a business, I won't pay you back, and you won't share in the returns, but I really need this contribution", you would have either one of two responses, either riotous laughter or anger, if he forced you to do it only anger could be the response. So, with this example, why is it ok for the federal government to take more of your money than someone else's and waste it on non returning programs.
And the economy, and the job market, and the national treasury. The wealthy create jobs, which increases the tax base. How many poor people have created employment opportunities?The income taxes are progressive taxes, paid more by the wealthy. These have been the subject of drastice tax cuts. Oh sure, the middle classes may have saved a few dollars, but the very wealthy have really made off with Bush's tax cuts -- benefitting both by the income tax rate reductions and the cuts in income earned from investments.
Because they don't pay excessive taxes.Bush/Republicans cut taxes that wealthy pay, but didn't cut the taxes the working poor pay.
How much do you want to tax the wealthy?! They already pay obscene income tax and their cap is at more than most people see in a year, 90K$ is alot of money to pay BEFORE the income tax, which is around 37-41% depending on deductions. This starts at 205K BTW, I'll ask you this, would you want to have the ability to enter the "wealthy" class and have damn near 50% of your income taken back just by the federal government which makes your 205K worth less than 100K? I don't! Also, say I wanted to expand my business or invest, and then all of that is taken away from me, why then, should I bother when everything I work for or gain from investment gets whittled away, if anything, the only way the tax structure is geared toward(since at least the 70's) is keeping people right where they are at, that's why it's such a big issue.Iriemon said:The very wealthy don't effectively pay SS as a percentage of their income. The tax is not levied after the first $90k or so.
Which will not be enough if left alone, the SS working to retired ratio is approaching the tipping point, and the trustfund is depleted, meaning that surplus is essentially worthless.Taxes are too high in the sense that the Government is collecting $150 billion more per year than need to pay benefits.
No argument.If our govt did that I'd agree you have a point. Instead, they steal the SS surplus revenues and use them as general revenues because of the deficits.
Didn't work then and won't now, as far as raising taxes goes. Freezing spending is a great idea, but won't happen, and the surplus never existed, it was based on projections that were nullified in the last quarter of Clinton's administration.Raise taxes to 90s levels. Cut spending 5% across the board. That should balance the budget, hold spending until there is a a surplus again to start paying down the debt. Save the excess SS taxes in a trust fund that will actually help finance the boomer's SS needs.
Means testing won't happen, because people who invested more will complain, whether we like it or not, those who paid the suggested cap have paid more into the system and thus have as much of if not more of a right to it. The best way to do it would be risky, but, first, FICA taxes must be dedicated to an SS/Medicare account, it has to be a federal crime to use those funds for any other purpose(and an impeachable offense), then, to make up the losses from prior abuse, privatize a small percentage since the private sector typically has better returns, currently SS has a 1% rate, that is pathetic considering the low average guaranteed private rate is around 2.5-3%.I also think we need to look at the benefits side of SS. Making SS means tested will help a lot.
Try 60 years(FDR and the New Deal started the whole thing).Those things will help prepare America for the future. For the past 5 years our Govt has been hocking our future.
LaMidRighter said:How much do you want to tax the wealthy?! They already pay obscene income tax and their cap is at more than most people see in a year, 90K$ is alot of money to pay BEFORE the income tax, which is around 37-41% depending on deductions. This starts at 205K BTW, I'll ask you this, would you want to have the ability to enter the "wealthy" class and have damn near 50% of your income taken back just by the federal government which makes your 205K worth less than 100K? I don't! Also, say I wanted to expand my business or invest, and then all of that is taken away from me, why then, should I bother when everything I work for or gain from investment gets whittled away, if anything, the only way the tax structure is geared toward(since at least the 70's) is keeping people right where they are at, that's why it's such a big issue.
Do you have a source that shows the income tax rate is 37-41%? I don't believe it is that high.
A person making $200k doesn't pay anywhere near $100K in taxes. More like half that.
I don't like to pay taxes. I don't know anybody who does. On the other hand, the alternative path we have been following since Bush was elected -- borrow the difference -- creates a growing burden on the economy, is ultimately unsustainable, and simply passes the buck -- the cost of our government -- to the next generation, and is therefore immoral, IMO.
The tax rate we had in '93-00 didn't seem to quell incentive. Economic growth during that 8 year period was higher than any time since the 60s. And it generated enough revenue to balance the budget and have a surplus, based on spending levels at that time. With 2 new wars and 2 new major spending programs, taxes should have been raised, not slashed.
Which will not be enough if left alone, the SS working to retired ratio is approaching the tipping point, and the trustfund is depleted, meaning that surplus is essentially worthless.
True statement. The surplus is worthless because the Govt has stolen everything from it to finance the deficits.
If our govt did that I'd agree you have a point. Instead, they steal the SS surplus revenues and use them as general revenues because of the deficits. No argument.
This is a national scandal. But you seldom hear about it in the liberal media.
Didn't work then and won't now, as far as raising taxes goes.
Empirically and historically, it did. The Govt ran huge deficits after the Reagan tax cuts. Clinton and the Dems raised the top rate to 39% in 1993, which was a major reason the budget balanced and went into surplus in 2000.
Tax revenues plummeted and the deficits skyrocked after the Bush tax cuts.
Freezing spending is a great idea, but won't happen, and the surplus never existed, it was based on projections that were nullified in the last quarter of Clinton's administration.
Politically, spending cuts or freezes will never work when people perceive that the rich keep their tax cuts. But if you combine them both as a package, and sell it as necessary to balance the budget, it could fly, I (optimistically) believe.
There was an actual surplus in 2000. A real one, not counting the SS surplus. See CBO.gov showing the budget surplus; and look at the decrease in total public debt in CY2000.
Means testing won't happen, because people who invested more will complain, whether we like it or not, those who paid the suggested cap have paid more into the system and thus have as much of if not more of a right to it.
Entitlements like this is a 60s liberal concept that even most liberals don't support today.
The best way to do it would be risky, but, first, FICA taxes must be dedicated to an SS/Medicare account, it has to be a federal crime to use those funds for any other purpose(and an impeachable offense),
Strongly agree.
then, to make up the losses from prior abuse, privatize a small percentage since the private sector typically has better returns, currently SS has a 1% rate, that is pathetic considering the low average guaranteed private rate is around 2.5-3%.
Privatizing SS won't solve the funding problem. We already have private accounts.
Iriemon: Those things will help prepare America for the future. For the past 5 years our Govt has been hocking our future.
Try 60 years(FDR and the New Deal started the whole thing).
Actually, in 2000 the Govt had a budget surplus, and we were not hocking our future.
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