Any of you seen the flick I.O.USA?
Fixing the tax system is something that should be done, but it's not nearly enough to fix the deficit crisis.
Topic: ‘Patriotic millionaires’ demand higher taxes, but unwilling to pay up. (Read 988 times)
November 19, 2011, 08:08:49 AM
November 19, 2011, 07:31:21 AM
http://dailycaller.com/2011/11/17/patriotic-millionaires-demand-higher-taxes-but-unwilling-to-pay-up-video/#ooid=9qcG4wMzqAYp0d-USgHvosm1FKEyxk0t
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
Correct me if I an wrong.
The top 1% of Americans earn about $700 billion and pay about $200 billion in federal taxes so their effective tax rate is 28%.
48% of Americans pay zero federal income tax. Those who do pay have an effective tax rate of over 30%.
So if the rich paid the same as everyone else, an extra $14 billion would be raised.
The US deficit is over $1 trillion per year. So fixing the tax system would eliminate 0.14% of the deficit.
While its obviously unfair that the top 1% are able to avoid 2% of their taxes, it seems like a distraction. Its low taxes on the middle classes and high expenditure on social security and the military that is causing the problem. But if any major politician says that this side of the 2012 election, I'll eat my shorts.
The majority of the "rich" are paying MUCH less than their designated top tier rate, because of all the deductions and loop holes.
And the reason why 48% of American's don't pay taxes, is because they barley make enough to SURVIVE, let alone pay taxes from an under-paid and over-worked corporate slave-check.
Warren Buffet pays less than his secretary http://www.post-gazette.com/pg/11317/1189189-455.stm
But the $200 billion is correct isn't it? So even though they pay less if they were salaried employees, they still pay about 28%.
Obviously Buffett will be lower as a lot of his income comes from capital gains.
EDIT TO ADD SOURCE: http://www.nytimes.com/2011/11/13/magazine/adam-davidson-tax-middle-class.html?pagewanted=print
As you can see, even a 100% tax on the incomes of the rich won't fix the deficit.
November 19, 2011, 05:08:54 AM
http://dailycaller.com/2011/11/17/patriotic-millionaires-demand-higher-taxes-but-unwilling-to-pay-up-video/#ooid=9qcG4wMzqAYp0d-USgHvosm1FKEyxk0t
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
Correct me if I an wrong.
The top 1% of Americans earn about $700 billion and pay about $200 billion in federal taxes so their effective tax rate is 28%.
48% of Americans pay zero federal income tax. Those who do pay have an effective tax rate of over 30%.
So if the rich paid the same as everyone else, an extra $14 billion would be raised.
The US deficit is over $1 trillion per year. So fixing the tax system would eliminate 0.14% of the deficit.
While its obviously unfair that the top 1% are able to avoid 2% of their taxes, it seems like a distraction. Its low taxes on the middle classes and high expenditure on social security and the military that is causing the problem. But if any major politician says that this side of the 2012 election, I'll eat my shorts.
The majority of the "rich" are paying MUCH less than their designated top tier rate, because of all the deductions and loop holes.
And the reason why 48% of American's don't pay taxes, is because they barley make enough to SURVIVE, let alone pay taxes from an under-paid and over-worked corporate slave-check.
Warren Buffet pays less than his secretary http://www.post-gazette.com/pg/11317/1189189-455.stm
November 19, 2011, 03:05:20 AM
http://dailycaller.com/2011/11/17/patriotic-millionaires-demand-higher-taxes-but-unwilling-to-pay-up-video/#ooid=9qcG4wMzqAYp0d-USgHvosm1FKEyxk0t
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
Correct me if I an wrong.
The top 1% of Americans earn about $700 billion and pay about $200 billion in federal taxes so their effective tax rate is 28%.
48% of Americans pay zero federal income tax. Those who do pay have an effective tax rate of over 30%.
So if the rich paid the same as everyone else, an extra $14 billion would be raised.
The US deficit is over $1 trillion per year. So fixing the tax system would eliminate 0.14% of the deficit.
While its obviously unfair that the top 1% are able to avoid 2% of their taxes, it seems like a distraction. Its low taxes on the middle classes and high expenditure on social security and the military that is causing the problem. But if any major politician says that this side of the 2012 election, I'll eat my shorts.
November 18, 2011, 11:01:54 PM
Lol "Unwilling to pay up". 
There's a reason why I stopped coming to this politics section.
There's a reason why I stopped coming to this politics section. November 18, 2011, 12:52:39 PM
Since when [do] you not believe that earned wealth and inherited wealth are the same thing?
He's got ya there, Atlas.
Ah shit, my bad on the grammatical screw up there.
Regardless, I thought he considered them one and the same, especially since the inheriting child brings some kind of "value" to their parents.
November 18, 2011, 11:03:23 AM
Since when [do] you not believe that earned wealth and inherited wealth are the same thing?
He's got ya there, Atlas.
November 18, 2011, 10:47:33 AM
http://dailycaller.com/2011/11/17/patriotic-millionaires-demand-higher-taxes-but-unwilling-to-pay-up-video/#ooid=9qcG4wMzqAYp0d-USgHvosm1FKEyxk0t
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
No point in paying unless everyone does it - the money will just just get spread around poorly. Might as well donate to the poor or something so you can directly affect the causes you want to until the government can effectively tax and therefor take over supporting the poor or whatever.
Since when you you not believe that earned wealth and inherited wealth are the same thing?
November 18, 2011, 10:03:37 AM
http://dailycaller.com/2011/11/17/patriotic-millionaires-demand-higher-taxes-but-unwilling-to-pay-up-video/#ooid=9qcG4wMzqAYp0d-USgHvosm1FKEyxk0t
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
Interesting:
"FACT: These "patriotic millionaires" are Democratic Party activists pulling a political stunt. In fact, the group was created from a list of MAJOR CONTRIBUTERS TO THE OBAMA CAMPAIGN.
And not all of them made their own money either - many of them inherited their wealth and list "activist" or "philanthropy" as a full time profession. By the way, the website for Patriotic Millionaires is accepting donations - and they are TAX DEDUCTIBLE!"
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