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What exactly is meant by taxing the rich?
Question : What exactly is meant by taxing the rich?
Okay, so a person has $ 10 million and doesn’t need to work for a living. He or she puts the money in a non-interest bearing checking account. With no income, that person would never pay any taxes. So, just how can you tax the rich?
Doesn’t taxing the rich real mean taxing those people trying to become rich? Except for drug addicts and lazy toads, wouldn’t that be every single American?
interest bearing checking accounts
Best answer:
Answer by Joy Full
Since property is taxed, those rich people would be paying a lot on their expensive homes. There are other “luxury taxes” on expensive yachts, etc.
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#2 written by captainobvious_lj 1 year ago
funny how they seem to NOT mention that in 1416 days the sunset of the tax cuts that bush put in in 2001 and 2003 means EVERY TAX paying citizen gets hit with a tax avg $ 2090. And small and middle size business (the ones that create 80% of job creations) are hit even worse. but yea, lets take it to the man. like most things from the libs sounds good in rhetoric but on paper and in reality………not so much
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#3 written by Sailinlove 1 year ago
What is meant by “Taxing the rich”, is the fact that most of the tax cuts passed by the Bush administration favor the rich, with annual savings on income for someone making a million dollars a year of around $ 160,000.00, while and individual making about $ 40,000 per year hardly received any tax break. Wealthy individuals do not pay social security taxes on any income above about $ 90,000.00, again a tax structure that favors the rich.
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#4 written by msi_cord 1 year ago
That is why the income tax system we have set up is not the best possible system. A national sales tax would be much more logical. Of course you would have to exclude items which are necessities, like food and some clothing, but you could tax that big screen TV purchase or the purchase of that new Dodge Viper or maybe the purchase of that multi-million dollar mansion. Also, it really doesn’t matter where you got your money from. Under the current system, you sell drugs and buy that pimped out Escalade, you pay no tax on your income. Remove the income tax and replace with a sales tax and you are now paying taxes on the money you made illegally.
This will never be done for two reasons. The first, everyone will know and realize how much they are actually paying the government. When your $ 20,000 car ends up costing $ 27,000, you will realize what the government is actually taking versus having a couple hundred dollars taken from each paycheck, money that you never see in the first place. The second, it will eliminate the jobs of thousands. There would be no reason to file taxes, thus those that make a living doing tax accounting, reading tax filings, auditing people, thinking up new exemptions, and implementing new tax codes all lose their jobs.
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#6 written by Thomas K 1 year ago
Taxing the rich has to do with establishing the graduated income tax such that those with higher incomes pay more on the last dollar that they earn than those who are less wealthy.
The opposing view is the flat tax. Everyone pays about the same percentage but the wealthy pay more because their incomes are larger.
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#7 written by patrickctrombly 1 year ago
Yes, it’s an income tax, accumulation of income is how about 70% of us who are rich got rich (depends on your definition of rich but no matter what the definition, surveys on this question generally conclude that it’s about 70%), and so a progressive tax on income taxes those trying to become rich.
That is why since we’ve cut tax rates, more of us have BECOME rich.
Of course the notion that rich is something you BECOME rather than that it is some sort of feudal economy is the last thing the Libs want you to know. They don’t want people to become rich because rich means not financially dependent upon government, which means your vote can’t be bought with government largesse.
By the way, since the Bush tax cuts, the percentage of federal income taxes paid by the wealthy has INCREASED.
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#8 written by jpferrierjr 1 year ago
No, have you ever filled out your taxes at the end of the year? It means that if your income falls in between a certain range, you pay a certain percentage rate of taxe. The higher the income the higher the taxe. That’s taxing the rich. Do you think it’s fair if you make $ 18,000 dollars in a year and you have to pay $ 2,500 dollars in taxes that year, while someone else who makes $ 18,000,000 in a year only has to pay $ 2,500 in taxes that year. It doesn’t seem very fair, does it? The taxe creates a whole in your pocket while the rich man’s is unscathed.
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#9 written by pretender59321 1 year ago
This means that for some reason, some people feel that a person who has become rich doesn’t deserve the wealth and needs to have the government take it from them and redistribute it to the deserving poor who for some reason deserve it more than he/she does.
Bill Gates amassed a fortune from nothing, through his own brillance and made millioniares of those who wroked with him. People don’t seem to understand that to put a cap on his wealth might have made him say what the hell and just head down to a beach in the carribean after the first ten million. Somebody else might have come along 30 years later and we would all be able to get off windows 98. They would have made their money and moved on, the deserving poor would still be poor whether Bill Gates made all this money or not.
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#10 written by lltrix 1 year ago
Money at that rate should be taxed at 1950′s rates, 35% at least. they benefit the most from this culture and what this society has to offer, they should pay more. People who middle class and those who are working 3 jobs just to make ends meet are the ones being taxed the most. The rich have seen their taxation go way down in percentage compared to the middle class dramatically since the 1980′s and especially since GBW took office. They are the ones making money off this war through war profiteering and stock and/or through huge tax breaks and give aways this president has given them.
BTW, lots of millionaires don’t work these days. There are alot of trust fund babies out there who don’t work at all and get huge tax breaks for the houses, cars, and loop holes their tax accountants can get them. How do I know this? I know alot of trust fund babies who are multi-billionaires going on ‘vacations’ 6 to 8 months out of the year.
BTW, most self made million/billionaires liberals are rich. Ask Bill Gates and William Buffet and George Soros, both are huge liberals. and, they did it themselves and they still believe their own tax rates should be higher.
patrickct… None of those articles said anything about taxes for the wealthy increased. They said that there is more millionaires now than before. That’s a huge difference in information, dude.
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#11 written by Kokopelli 1 year ago
First of all, a person with $ 10 million would NEVER put the money in a non-interest bearing checking account, that would be the height of silliness. People with $ 10 million need income a lot more badly than you and I do. The odds are that very little, if any, of their money would even be in a bank account of any kind.
The rich are out to make as much as they can. Aside from certain tax sheltered investments, they can be liable for very hefty taxes indeed. So the rich can be taxed very well, and your whole question therefore is based on a false premise.
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#15 written by dead inside 1 year ago
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This little ditty by Walter E. Williams not only shows the absurdity of the rich getting an unfair tax break but one of the reasons they take their bussinesses elsewhere.
Suppose that everyday 10 men go to dinner. The bill for all ten comes to $ 100. If it was paid the way we pay our taxes, the first four men would pay nothing; the fifth would pay $ 1; the sixth would pay $ 3; the seventh $ 7; the eighth $ 12; the ninth $ 18. The tenth man (the richest) would pay $ 59.
The 10 men ate dinner in the restaurant every day and seemed quite happy with the arrangement until the owner threw them a curve. Since you are all such good customers, he said, I’m going to reduce the cost of your daily meal by $ 20. Now dinner for the 10 only costs $ 80.
The first four are unaffected. They still eat for free. Can you figure out how to divvy up the $ 20 savings among the remaining six so that everyone gets his fair share? The men realize that $ 20 divided by 6 is $ 3.33, but if they subtract that from everybody’s share, then the fifth man and the sixth man would end up being paid to eat their meal.
The restaurant owner suggested that it would be fair to reduce each man’s bill by roughly the same amount and he proceeded to work out the amounts each should pay.
And so the fifth man paid nothing, the sixth pitched in $ 2, the seventh paid $ 5, the eighth paid $ 9, the ninth paid $ 12, leaving the tenth man with a bill of $ 52 instead of $ 59. Outside the restaurant, the men began to compare their savings.
“I only got a dollar out the $ 20,” declared the sixth man pointing to the tenth, “and he got $ 7!”
“Yeah, that’s right,” exclaimed the fifth man. I only saved a dollar, too. It’s unfair that he got seven times more than me!
“That’s true,” shouted the seventh man. “Why should he get $ 7 back when I got only $ 2? The wealthy get all the breaks.”
“Wait a minute,” yelled the first four men in unison. “We didn’t get anything at all. The system exploits the poor.”
The nine men surrounded the tenth and beat him up. The next night he didn’t show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They were $ 52 short!
And that, boys and girls, is how the tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore. There are lots of good restaurants in Switzerland and the Caribbean