Define fair share

[Speedwell]

1) Only a few want to tax people with high rates because the rich has high net worth. The issue is income.

One test is whether the boss pays a higher overall percentage in income/payroll taxes than his admin, as clearly should be the case, and often is not.

Progressive income taxation is a reasonable approach. Most want an additional higher marginal bracket or two for the rich, perhaps one at $400K a year, and another at $1M a year. Also, all payroll should be subject to payroll taxes.
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HOW THE MONEY IS USED
How are you making this a taxation issue relating income tax rates on individuals?

I'm not. When I pointed out that the top marginal rate was 91% during the 1950s, hislegacy justified the high rate by pointing out that we "had a fraction of the social programs we have today." He did not explain what the connection was.

 

[Always in His Presence]

That $1M is revenue, not profit. The Buffett rule taxes profits, not revenues.

Show me where it states that it is on the net, not the gross. Please

 

[iluvatar5150]

Show me where it states that it is on the net, not the gross. Please

Businesses aren’t taxed on their gross income like that. Taxable income is what’s left after all the business and personal deductions are taken.

There’s nothing in here at all about gross business income:
https://obamawhitehouse.archives.gov/sites/default/files/Buffett_Rule_Report_Final.pdf

 

[Always in His Presence]

Businesses aren’t taxed on their gross income like that. Taxable income is what’s left after all the business and personal deductions are taken.

There’s nothing in here at all about gross business income:
https://obamawhitehouse.archives.gov/sites/default/files/Buffett_Rule_Report_Final.pdf

When people file using their SS# instead of a TIN

 

[iluvatar5150]

When people file using their SS# instead of a TIN

Well, I don’t think that’s how an LLC works, but either way, as a sole proprietor (which is what you’re describing) filing only a personal return, you still get to deduct all the business expenses. The LLC gives you liability protection, not tax protection.

 

[Go Braves]

Nope: why do you think it has changed?



Are you familiar with the issue that many people who make over 1,000,000 a year are small business people?

Take a local fast food franchise, they make just over 1,000,000 a year. It’s viewed as personal income because of how the LLC is set up. What does it do to his business if the min tax rate is 300,000 of his business?

It sounds great as a political statement, git those mean rich people and make them pay. The reality is that it hurts small businesses.

From your responses you've made it clear you don't understand what the Buffett Rule is. It'd be helpful if you tried to learn about it if you want to actually talk about it.

 

[Ana the Ist]

we will hear that the wealthiest do not pay their fair share of taxes.

Define what a fair share is.

In this case, I'd say it's a share proportional to how much one has benefited from the society.

Those who benefited the most should carry the largest obligation to that society. Those who benefited the least, carry the smallest obligation.

 

[Douger]

Nope: why do you think it has changed?



Are you familiar with the issue that many people who make over 1,000,000 a year are small business people?

Take a local fast food franchise, they make just over 1,000,000 a year. It’s viewed as personal income because of how the LLC is set up. What does it do to his business if the min tax rate is 300,000 of his business?

It sounds great as a political statement, git those mean rich people and make them pay. The reality is that it hurts small businesses.

If you have an income of 1 million, what's so bad about paying 300,000 a year in taxes?
Now being a pedant, I need to point out that there are probably zero fast food franchise owners making 1 million a year in taxable income, at least not from a single franchise.

 

[Always in His Presence]

n

 

[durangodawood]

Still looking for an answer for an answer.

$1000 $1000

 

[bhsmte]

we will hear that the wealthiest do not pay their fair share of taxes.

Define what a fair share is.

That would depend what kind of value one places on society as a whole and the importance of having; quality education, affordable and quality healthcare and to reduce poverty.

Once you establish the importance of the above, then you can start talking numbers.

 

[grasping the after wind]

I gave you quite a specific answer: return to the tax rates of the '50s.

Examples are not definitions.

 

[Belk]

They already do.

The top 1% provide 36% of revenues

In fact.

Top 20% of Americans Will Pay 87% of Income Tax

Do you understand that there is a difference between the percentage each person contributes and the contribution from a group as a whole? No one should be amazed that the people who have the most money are the ones who are taxed the most.

 

[grasping the after wind]

A higher percentage then I, a middle class man, pay in taxes.

Then they are already paying their fair share. We can expect to hear no more about it then?

 

[grasping the after wind]

We were also dealing with a post war economy. That had a fraction of the social programs we have today.

Are you supporting cutting back to those levels also?

No one actually paid those rates either. the deductions for the rich back then were immense compared to today.

 

[grasping the after wind]

We are talking about revenue rather than expenditure. Are you saying that a high top marginal tax rate is a "fair share" as long as none of the money goes to lazy poor people?

I think he was asking for a definition of fair share.

 

[Belk]

Then they are already paying their fair share. We can expect to hear no more about it then?

No, they are not. While they should pay a higher percentage multiple loopholes allow them to pay less of a percentage then I do.

 

[Always in His Presence]

$1000 $1000

Ok we read it. Now what?

No, they are not. While they should pay a higher percentage multiple loopholes allow them to pay less of a percentage then I do.

Ask you an honest question

Top 1%. If they have so many loop holes that they pay less than you. How do they pay 36% of total taxes collected?

 

[grasping the after wind]

Do you understand that there is a difference between the percentage each person contributes and the contribution from a group as a whole? No one should be amazed that the people who have the most money are the ones who are taxed the most.

If the percentages for everyone were the same that would still be the case. What would make a fair share if paying more than everyone else pays means one is not pulling one's weight?

 

[bhsmte]

Ok we read it. Now what?



Ask you an honest question

Top 1%. If they have so many loop holes that they pay less than you. How do they pay 36% of total taxes collected?

Because the top 1%, make so much money, even if they pay a lower percantage because of loop holes, it still adds up to quite a bit.

If person A make 1 million a year and person B makes 50,000 a year, it isnt hard to figure out.