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That's a good example of why I say the rate has to be set to cost of living. Joel Send a noteboard - 03/09/2009 05:50:16 AM
FYI - come live in central NJ. My wife and I make more than $250k and we live well, but I doubt no where near you think we do. Add one or two kids to the pile.....wife stops working or we start using day care.....our extra monthly money goes bye-bye very quickly.

I despise class warfare.....I did everything right, worked my ass off in college and business school, took chances, and you know what, I am very good at my job.....better than almost anyone else.

40% of Americans don't pay ANY INCOME taxes.....and I am not paying my fair share? Care to comment on this?

That's one of the reasons we have progressive taxation, after all, and I'm told it's far less progressive than in Canada, just as an example. To elaborate, and this is second hand, I'm told that up there the rate of taxation varies not only with overall income, but on which part of it is being taxed, meaning that the highest rates are only assessed against that part of income that's above the particular threshold. It's more complicated, but I think it may also be more fair, because, rather than paying (just hypothetically) 50% of your $250k in taxes, you'd pay a lower rate on most of it and only pay 50% on, say, the $50k you earn above a $200k threshhold for 50%.

Honestly, given inflation over the past 30 years I think $250k is too low a threshold for the highest earners. I'd assess the highest taxes on those who are independently wealthy, which you certainly aren't. Turn it around: Why should you pay the same (or, in many cases, far less) tax as someone whose most onerous duty is opening interest statements on money inherited from their great-grandfather? And the same principle applies to the middle class in general: Every loophole, every tax shelter, every write off for the independently and opulently wealthy is another dollar out of middle and lower class pockets, either in the form of reduced services or higher taxes.

But, for the record, I despise class warfare, too, and the thing I despise most about it is that, as Warren Buffet famously said, his class is winning. It's only when that status quo is threatened that we hear about the horrors of class warfare, but it's being waged every day.
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For Europeans who don't understand why Americans are against ObamaCare - 03/09/2009 04:24:35 AM 1393 Views
I'd be happy to tax top "earners" more and suffer Europes economic "collapse. " - 03/09/2009 04:30:31 AM 828 Views
The US will never work with socialism. - 03/09/2009 04:40:21 AM 906 Views
Re: The US will never work with socialism. - 03/09/2009 04:58:47 AM 900 Views
I don't think the mistrust of the government is really all that overblown - 03/09/2009 05:04:34 AM 813 Views
It's advanced beyond what it was during the Revolution, I think. - 03/09/2009 05:18:22 AM 863 Views
I would say it's grown with the government - 03/09/2009 05:23:52 AM 841 Views
Re: I don't think the mistrust of the government is really all that overblown - 04/09/2009 03:30:23 AM 780 Views
If I lived in France I wouldn't trust the Government either. - 04/09/2009 03:44:55 AM 858 Views
*laughs* the point is taken. *NM* - 04/09/2009 04:24:07 AM 535 Views
Re: The US will never work with socialism. - 04/09/2009 03:28:24 AM 938 Views
How much more can we really tax the wealthy?? - 03/09/2009 04:41:14 AM 782 Views
Sadly, I think going back to the Clinton rates would help - 03/09/2009 04:42:54 AM 719 Views
I'm ok with that....not super excited....but ok with it - 03/09/2009 04:57:32 AM 754 Views
A lot; before Reagans "reforms" we already taxed them less than any other industrialized state did. - 03/09/2009 05:06:00 AM 861 Views
I'm in the lower-middle class tax bracket - 03/09/2009 05:13:39 AM 782 Views
It's both, IMHO. - 03/09/2009 05:29:41 AM 721 Views
I hear a lot of socialism coming from you..... - 03/09/2009 05:19:08 AM 734 Views
Re: I hear a lot of socialism coming from you..... - 03/09/2009 05:40:32 AM 812 Views
Nice non-answer answer..... - 03/09/2009 05:52:04 AM 807 Views
You want detailed answers that require detailed data I don't have. - 03/09/2009 06:06:55 AM 873 Views
Here are some facts and analyses..... - 03/09/2009 02:40:22 PM 949 Views
The Heritage Foundation, huh? - 03/09/2009 03:01:17 PM 951 Views
The non-working wealthy? Please quantify..... - 03/09/2009 03:31:58 PM 904 Views
Paris Hilton? - 04/09/2009 03:43:19 AM 814 Views
You're so full of shit on this issue I don't know where to begin. - 04/09/2009 03:15:55 AM 905 Views
Re: You're so full of shit on this issue I don't know where to begin. - 04/09/2009 03:59:21 AM 996 Views
Less than 200 people were said to be US persons with Swiss accounts - 04/09/2009 04:16:24 AM 797 Views
And yet account for many millions of dollars; what does that say...? - 04/09/2009 04:21:57 AM 786 Views
It's statistically insignificant and your hyperbole is reminiscent of screaming guests on CNN. - 04/09/2009 02:07:31 PM 724 Views
Well, look at this way: - 04/09/2009 02:24:03 PM 870 Views
That's not a solution. - 05/09/2009 02:39:12 AM 880 Views
The Soviets weren't socialist, or even communist, so it's a false comparison. - 05/09/2009 03:09:06 AM 810 Views
Okay, now you've just gone into Kool-aid drinking territory. - 05/09/2009 04:32:07 AM 935 Views
Communist THEORY is predicated on democratic participation at every level,totally absent in the USSR - 05/09/2009 04:55:00 AM 1036 Views
FINALLY!!! - 07/09/2009 10:22:53 AM 845 Views
Ever heard of the 20-80 rule? - 04/09/2009 04:28:54 AM 707 Views
Yes, and 90% of people are idiots. - 05/09/2009 02:41:35 AM 1045 Views
Re: Yes, and 90% of people are idiots. - 07/09/2009 10:09:30 AM 847 Views
Top earners? Please define.....what income and how much more? *NM* - 03/09/2009 04:52:25 AM 531 Views
That would be open to definition, and should change with inflation. - 03/09/2009 05:13:02 AM 970 Views
What is your justification for taking over 50% of anyone's income? - 03/09/2009 05:28:22 AM 924 Views
That's a good example of why I say the rate has to be set to cost of living. - 03/09/2009 05:50:16 AM 952 Views
Still no comment on the fact that 40% of Americans don't pay any income taxes? - 03/09/2009 02:32:12 PM 850 Views
To what 40% do you refer? - 03/09/2009 02:42:55 PM 711 Views
Dude, you are not making this easy..... - 03/09/2009 03:38:01 PM 760 Views
No one "gets money from the IRS. " - 04/09/2009 02:55:02 AM 764 Views
Actually with EIC you can get money back that you never paid in. - 04/09/2009 02:56:43 AM 760 Views
It MIGHT be possible with the EIC, but in practice few people get more than they paid. - 04/09/2009 03:43:36 AM 811 Views
I don't know, I've known plenty of people that have gotten more back than they paid in - 04/09/2009 03:46:29 AM 891 Views
A neat trick then. - 04/09/2009 04:09:58 AM 891 Views
To be fair - 04/09/2009 04:50:20 AM 836 Views
Ah, gotcha. - 04/09/2009 04:53:58 AM 833 Views
Yet another example of your ignorance on tax policy. - 04/09/2009 03:19:39 AM 714 Views
The word I notice is "welfare" - 04/09/2009 03:57:01 AM 840 Views
I wouldn't say that's what it means.... - 04/09/2009 04:02:40 AM 821 Views
It's what welfare means to me... - 04/09/2009 04:32:17 AM 832 Views
I was just talking about EIC as a form of welfare, not welfare welfare. *NM* - 04/09/2009 04:45:13 AM 470 Views
yes, I get that now. *NM* - 04/09/2009 05:02:53 AM 457 Views
*NM* - 04/09/2009 05:14:01 AM 452 Views
Not necessarily - 04/09/2009 04:11:41 AM 788 Views
*shrugs* I have a soft heart. *NM* - 04/09/2009 04:30:52 AM 457 Views
It's a credit for people who file a return on income that's been taxed. - 04/09/2009 04:19:57 AM 754 Views
It is only for the WORKING poor, yes. - 04/09/2009 02:12:55 PM 762 Views
Mean it may be, but hardly illegal. - 04/09/2009 02:31:16 PM 771 Views
How does the business benefit? - 04/09/2009 04:54:27 PM 787 Views
I didn't realize you meant literal withholding. - 05/09/2009 03:03:32 AM 795 Views
That's a no-no, Joel - 03/09/2009 07:32:03 AM 763 Views
Europe impresses me for one simple reason: - 03/09/2009 09:21:28 AM 815 Views
No real comments, just 100% agree with you....plus the $12 trillion is terrifying to me. *NM* - 03/09/2009 04:33:39 AM 371 Views
If that scares you, check this out! - 03/09/2009 04:48:56 AM 917 Views
Excellent post - the US government is not capable of running HC..... - 03/09/2009 04:40:19 AM 706 Views
There is one thing the government did right - 03/09/2009 04:41:36 AM 822 Views
The bailout, some of it, was necessary..... - 03/09/2009 04:51:03 AM 814 Views
I still think it was too one sided. - 03/09/2009 05:21:45 AM 845 Views
It depends on your level of cynicism - 03/09/2009 05:38:53 AM 875 Views
when have they ever cut the fat? - 03/09/2009 08:35:36 PM 796 Views
Contrary to popular belief, they are quite good at it - 03/09/2009 09:05:15 PM 821 Views
Well there is only one catch *NM* - 03/09/2009 10:56:00 PM 450 Views
This doesn't make sense to me. - 03/09/2009 08:33:18 AM 815 Views
The key phrase is "should be. " - 03/09/2009 09:38:15 AM 985 Views
Re: The key phrase is "should be. " - 03/09/2009 09:47:39 AM 850 Views
That sounds like a good stop gap to me. - 03/09/2009 09:50:57 AM 875 Views
In fairness, most Europeans don't seem to realize what ObamaCare is. - 03/09/2009 02:34:01 PM 844 Views
What makes you think we do? - 03/09/2009 09:11:06 PM 859 Views
Oh, you don't either. I thought that went without saying. *NM* - 03/09/2009 09:25:54 PM 474 Views
As far as most people I know are concerned, opposition to ObamaCare isn't the issue. - 03/09/2009 11:04:36 PM 949 Views
It's hard not to be horrified with a government as wasteful as ours - 03/09/2009 11:24:59 PM 714 Views
I can understand horror of governments. - 03/09/2009 11:30:23 PM 718 Views
a bit, yes. *NM* - 04/09/2009 04:08:37 AM 474 Views
For Americans who don't understand why Canadians like their public healthcare. - 04/09/2009 04:23:11 AM 843 Views
Correction - 04/09/2009 04:44:32 AM 830 Views
Re: Correction - 04/09/2009 05:05:11 AM 958 Views
In all honesty.... - 04/09/2009 05:18:23 AM 771 Views
Re: In all honesty.... - 04/09/2009 07:19:28 AM 856 Views
Re: Correction - 04/09/2009 05:24:49 PM 783 Views
Re: Correction - 07/09/2009 10:11:45 AM 995 Views
That's a nice theory. - 04/09/2009 02:49:34 PM 875 Views
It's a fact - 04/09/2009 05:21:59 PM 830 Views
Re: It's a fact - 05/09/2009 03:18:39 AM 796 Views

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