Trump: No Tax Cuts For The Rich (+3)
says Maze on Sep 14th 17 (#814428)
Excellent. I hope this ends up happening. The middle class always gets screwed.
says Thibault on Sep 14th 17 (#2653256)
It better at least close some loopholes that are only assessable to the rich. He should know about them.
says Will_Janitor on Sep 14th 17 (#2653381)
I have always found it amusing when people claim that the 10% of people, who pay 53% of all taxes, don't pay their share.
says JustJimColo on Sep 15th 17 (#2653847)
The reason I feel this way is because the top 10% of people in the U.S. own 75% of the wealth.
says PhilboydStudge on Dec 1st 17 (#2699562)
So what? Do you propose redistribution of the wealth so that everyone has the same amount? I believe many of those with wealth, have earned it. Where would we be without the Bill Gates, Jeff Bezos, Steve Jobs, Donald Bren, and Michael Dell's of the world?
Just because a person has worked hard all their life, and been successful, doesn't mean they should pay everyone else's way.
says JustJimColo on Dec 1st 17 (#2699572)
A flat tax with no deductions or loopholes (a.k.a. unicorns and rainbows).
I can't say who has or has not earned their billions. The flip side of your question is: where would we be without the Warren Buffets, David and Charles Koch, and Sam Walton's children - James, Robert, and Alice?
I have read that the the top 1% in the U.S. now own more than the bottom 90% combined. At what point does this become unstable or even immoral?
says PhilboydStudge on Dec 1st 17 (#2699579)
At what point does less than a thousand corrupt politicians dictating the everyone in the country follow rules they are exempt from become unstable ot immoral?
There will always have to be deductions for some businesses. You want my sons to give 1/2 of the farm to the government when I die. A new tractor is 250K + and all the equipment adds up as well. It wears out and has to be replaced as a regular business expense. Meanwhile, the profit margins of farming are getting smaller and smaller. What happens when there is only 1 farm in the US, owned by a corporation? They WILL get any price they want for their products because there aren't a million other competitors. If they want to charge you $15 a pound for hamburger, what option will you have? The same for a loaf of bread.
I am for a flat tax, but there has to be deductions for certain businesses.
What are your comments on farms or other businesses?
says JustJimColo on Dec 1st 17 (#2699593)
Government corruption is the biggest problem we face. I also believe it's immoral. On that point..
It takes money to get elected, so I suspect our government is full of people whose number one qualification is fund raising. Politicians are servants to their donors.. not the voters.
Do you farm for a living? I know very little about the industry but I thought big corporations already owned nearly all of the farms in this country.
I do not want you to have to give half of whatever portion of the (expensive) equipment you own when you die to the government. I thought this was covered by estate taxes, and that the first $5M or was tax free. Is that not the case? (However, it does seem unfair that the Walton children, who did nothing but win the parental lottery, are now multi-billionaires).
My situation: Our household income is a little over $100K. I have three daughters. My eldest graduated from college with (only) $20K of debt, works two jobs, and still has to live at home.
This is an old article but still seems relevant, and it does a good job explaining why I worry about our economic future.
We are rapidly moving toward an America where there will be a small group of "haves" and a very large group of "have nots".
That is at least as true today as it was in 2010.
says PhilboydStudge on Dec 1st 17 (#2699675)
I would be in favor of a tax plan that truly simplified the tax code - a plan which, in phases, would remove all tax deductions and completely flatten income tax, including capital gains.
I am a member of the middle class, and according to this market-watch tax calculator (https://www.marketwatch.com/sto...e-2017-10-26), my taxes will be going up.
says PhilboydStudge on Dec 1st 17 (#2699560)
Why would you be against eliminated capital gains taxes? That would essentially eliminate all privately owned farms in this country. A farm is generally passed on from generation to generation. What happens when each generation has 1/2 of their farm taken away by the government? Do you really want all farms and ranches to be owned and operated by huge corporations?
says JustJimColo on Dec 1st 17 (#2699575)
I tried addressing this in my response to your other comment.
says PhilboydStudge on Dec 1st 17 (#2699677)