Quote:
Originally Posted by The12thMan";p="
Quote:
Originally Posted by noetsi";p="
I am Joe Rich guy. I earn a million a year (not that much these days for many of the super wealthy). I spend 10 percent of my income on consumption (which is likely high for required consumption expenses). 10 percent of that is taxes. I pay 1 percent of my total income in taxes.
I am Joe Doe. I earn 30 thousand a year. I spend 20 thousand of that on required consumption expenses (things like housing, clothes, food etc that are not discretionary). This is a very low number of what actually would be spent by such an income earner but I do it to give the consumption tax types a decent break. I pay ten percent of that 20k in consumption taxes 2000 dollars. I pay 6.6 percent roughly of my total income in taxes far more than Joe Rich guy.
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What country are you talking about?
http://www.irs.gov/pub/irs-soi/03inrate.pdf |
Exactly. I'd like to know that as well.
I'm a CPA and have done lots of taxes. And I don't know of ONE rich person who pays only 1% in taxes on their total income. Like Bush and Cheney, they pay LOTS of money in federal taxes. A lot more in total and a lot more in percentages than the poor. In fact, the truly poor in this country pay NO FEDERAL INCOME TAXES.
I've been poor and I've been rich. And believe me, I can tell you from personal experience, I paid a LOT more in taxes.....both total and percentage.....when I was rich.
Plus, the more you make, they begin to take away most of your itemized deductions, all your personal exemptions, and the ability to contribute to an IRA. It's called "taking from the rich and giving to the poor." It's also called, "redistribution of wealth."
What it doesn't consider is this: while my husband and I were studying, making the sacrifices to put ourselves through college, NOT starting a family before we could afford it, NOT buying a new car every three years, and NOT taking nice vacations., and living within our means.......we get penalized for that; while another couple who did all those things.....didn't save and didn't plan.....are given a lower tax rate and are actually given some of my money.
Where's the fairness in that?