Originally Posted by HIFLYER2:
Originally Posted by Jankinonya:
Originally Posted by HIFLYER2:
Originally Posted by Jankinonya:
Oh sorry, I re-read it and now I see that zerohedge is ASSUMING that amount by each of the members of the Patriotic Millionaires.
Donations by men like Buffett is not the answer to our debt problem. Tax reform, and government spending cuts are.
I wonder why so many Republicans seem to dislike Warren Buffett? Are they jealous of his wealth? Do they abhor his wealthy lifestyle?
Tax reform? I will ask you again how much is enough of someones income to take? I am sure you are well off compared to some; how would you like if someone just took something of yours to give to someone more needy in their eyes. To me it seems that most clamoring for higher taxes would not have to pay them themselves.
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You don't want tax reform? It is so convoluted and bloated that it only works in favor of those that can afford expensive tax attorneys or accountants. The average person going down to the local H&R block has no idea if they are getting all the deductions they are allowed. Most of the time they are not even eligible for the best deductions because they don't make enough money. I'm sure I pay more than some one living in poverty. Since they need to keep as much of their income as possible to pay for essentials like food and housing, it doesn't bother me in the least. If I were worth 50 million dollars I doubt I would notice the comparatively small increase. I'm not greedy. If I have 10 apples and you don't have any...I would gladly give you some of mine.
If you mean tax reform so I pay more and the ranks of those who pay no federal income taxes grows from around 43% in 2013, then my answer is no. I would gladly give to you if you were in need but that is not what we are talking about. I will ask again how much is enough of a percentage of ones income to have to give to the Government in Income taxes?
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I don't think there is a hard and fast percentage that should never change and apply across the board. There was a time that a flat tax looked good to me. Then I researched it and gave it a lot of thought. I realized that it would only benefit the very rich and put the poor in a worse place financially then they are right now.
The 67% of the 43% are families making 30,000 or less a year. With paying just the basics to live and work there is no way they can pay taxes. You do the math and tell me how they have ANYTHING that they can contribute to federal revenues. However, they do pay taxes, everyone does. They pay local and state sales taxes. No one pays 0 taxes.
You say that in a flat tax system they would give people a refund on living expenses. How would that be any different than what we have today then? Then we are back to deductions and credits.
If we did a true flat tax...The flat tax rate I see banded about the most is 20%. Take a family making 20,000 a year, they would suddenly have a tax increase and pay 2,000 a year in taxes. Leaving them with 18,000 to pay for the essentials. That is nearly impossible. Someone making 200,000 a year would pay 20,000 a year. Leaving them with 180,000, I think ANYONE should be able to live on that. Does that seem fair to you?