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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 1447 Views
I'd be happy to tax top "earners" more and suffer Europes economic "collapse. " - 03/09/2009 04:30:31 AM 876 Views
The US will never work with socialism. - 03/09/2009 04:40:21 AM 953 Views
Re: The US will never work with socialism. - 03/09/2009 04:58:47 AM 952 Views
I don't think the mistrust of the government is really all that overblown - 03/09/2009 05:04:34 AM 865 Views
It's advanced beyond what it was during the Revolution, I think. - 03/09/2009 05:18:22 AM 918 Views
I would say it's grown with the government - 03/09/2009 05:23:52 AM 892 Views
Re: I don't think the mistrust of the government is really all that overblown - 04/09/2009 03:30:23 AM 826 Views
If I lived in France I wouldn't trust the Government either. - 04/09/2009 03:44:55 AM 907 Views
*laughs* the point is taken. *NM* - 04/09/2009 04:24:07 AM 559 Views
Re: The US will never work with socialism. - 04/09/2009 03:28:24 AM 999 Views
How much more can we really tax the wealthy?? - 03/09/2009 04:41:14 AM 828 Views
Sadly, I think going back to the Clinton rates would help - 03/09/2009 04:42:54 AM 761 Views
I'm ok with that....not super excited....but ok with it - 03/09/2009 04:57:32 AM 802 Views
A lot; before Reagans "reforms" we already taxed them less than any other industrialized state did. - 03/09/2009 05:06:00 AM 907 Views
I'm in the lower-middle class tax bracket - 03/09/2009 05:13:39 AM 834 Views
It's both, IMHO. - 03/09/2009 05:29:41 AM 766 Views
I hear a lot of socialism coming from you..... - 03/09/2009 05:19:08 AM 789 Views
Re: I hear a lot of socialism coming from you..... - 03/09/2009 05:40:32 AM 858 Views
Nice non-answer answer..... - 03/09/2009 05:52:04 AM 869 Views
You want detailed answers that require detailed data I don't have. - 03/09/2009 06:06:55 AM 922 Views
Here are some facts and analyses..... - 03/09/2009 02:40:22 PM 1001 Views
The Heritage Foundation, huh? - 03/09/2009 03:01:17 PM 999 Views
The non-working wealthy? Please quantify..... - 03/09/2009 03:31:58 PM 955 Views
Paris Hilton? - 04/09/2009 03:43:19 AM 861 Views
You're so full of shit on this issue I don't know where to begin. - 04/09/2009 03:15:55 AM 951 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 1043 Views
Less than 200 people were said to be US persons with Swiss accounts - 04/09/2009 04:16:24 AM 847 Views
And yet account for many millions of dollars; what does that say...? - 04/09/2009 04:21:57 AM 846 Views
It's statistically insignificant and your hyperbole is reminiscent of screaming guests on CNN. - 04/09/2009 02:07:31 PM 779 Views
Well, look at this way: - 04/09/2009 02:24:03 PM 934 Views
That's not a solution. - 05/09/2009 02:39:12 AM 923 Views
The Soviets weren't socialist, or even communist, so it's a false comparison. - 05/09/2009 03:09:06 AM 858 Views
Okay, now you've just gone into Kool-aid drinking territory. - 05/09/2009 04:32:07 AM 1006 Views
Communist THEORY is predicated on democratic participation at every level,totally absent in the USSR - 05/09/2009 04:55:00 AM 1080 Views
FINALLY!!! - 07/09/2009 10:22:53 AM 889 Views
Ever heard of the 20-80 rule? - 04/09/2009 04:28:54 AM 752 Views
Yes, and 90% of people are idiots. - 05/09/2009 02:41:35 AM 1099 Views
Re: Yes, and 90% of people are idiots. - 07/09/2009 10:09:30 AM 887 Views
Top earners? Please define.....what income and how much more? *NM* - 03/09/2009 04:52:25 AM 556 Views
That would be open to definition, and should change with inflation. - 03/09/2009 05:13:02 AM 1014 Views
What is your justification for taking over 50% of anyone's income? - 03/09/2009 05:28:22 AM 971 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 996 Views
Still no comment on the fact that 40% of Americans don't pay any income taxes? - 03/09/2009 02:32:12 PM 893 Views
To what 40% do you refer? - 03/09/2009 02:42:55 PM 756 Views
Dude, you are not making this easy..... - 03/09/2009 03:38:01 PM 809 Views
No one "gets money from the IRS. " - 04/09/2009 02:55:02 AM 810 Views
Actually with EIC you can get money back that you never paid in. - 04/09/2009 02:56:43 AM 804 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 853 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 941 Views
A neat trick then. - 04/09/2009 04:09:58 AM 936 Views
To be fair - 04/09/2009 04:50:20 AM 883 Views
Ah, gotcha. - 04/09/2009 04:53:58 AM 877 Views
Yet another example of your ignorance on tax policy. - 04/09/2009 03:19:39 AM 760 Views
The word I notice is "welfare" - 04/09/2009 03:57:01 AM 884 Views
I wouldn't say that's what it means.... - 04/09/2009 04:02:40 AM 868 Views
It's what welfare means to me... - 04/09/2009 04:32:17 AM 880 Views
I was just talking about EIC as a form of welfare, not welfare welfare. *NM* - 04/09/2009 04:45:13 AM 496 Views
yes, I get that now. *NM* - 04/09/2009 05:02:53 AM 479 Views
*NM* - 04/09/2009 05:14:01 AM 475 Views
Not necessarily - 04/09/2009 04:11:41 AM 832 Views
*shrugs* I have a soft heart. *NM* - 04/09/2009 04:30:52 AM 478 Views
It's a credit for people who file a return on income that's been taxed. - 04/09/2009 04:19:57 AM 799 Views
It is only for the WORKING poor, yes. - 04/09/2009 02:12:55 PM 803 Views
Mean it may be, but hardly illegal. - 04/09/2009 02:31:16 PM 823 Views
How does the business benefit? - 04/09/2009 04:54:27 PM 837 Views
I didn't realize you meant literal withholding. - 05/09/2009 03:03:32 AM 845 Views
That's a no-no, Joel - 03/09/2009 07:32:03 AM 807 Views
Europe impresses me for one simple reason: - 03/09/2009 09:21:28 AM 858 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 397 Views
If that scares you, check this out! - 03/09/2009 04:48:56 AM 964 Views
Excellent post - the US government is not capable of running HC..... - 03/09/2009 04:40:19 AM 755 Views
There is one thing the government did right - 03/09/2009 04:41:36 AM 868 Views
The bailout, some of it, was necessary..... - 03/09/2009 04:51:03 AM 865 Views
I still think it was too one sided. - 03/09/2009 05:21:45 AM 890 Views
It depends on your level of cynicism - 03/09/2009 05:38:53 AM 920 Views
when have they ever cut the fat? - 03/09/2009 08:35:36 PM 858 Views
Contrary to popular belief, they are quite good at it - 03/09/2009 09:05:15 PM 875 Views
Well there is only one catch *NM* - 03/09/2009 10:56:00 PM 476 Views
This doesn't make sense to me. - 03/09/2009 08:33:18 AM 870 Views
The key phrase is "should be. " - 03/09/2009 09:38:15 AM 1028 Views
Re: The key phrase is "should be. " - 03/09/2009 09:47:39 AM 896 Views
That sounds like a good stop gap to me. - 03/09/2009 09:50:57 AM 922 Views
In fairness, most Europeans don't seem to realize what ObamaCare is. - 03/09/2009 02:34:01 PM 891 Views
What makes you think we do? - 03/09/2009 09:11:06 PM 899 Views
Oh, you don't either. I thought that went without saying. *NM* - 03/09/2009 09:25:54 PM 500 Views
As far as most people I know are concerned, opposition to ObamaCare isn't the issue. - 03/09/2009 11:04:36 PM 1000 Views
It's hard not to be horrified with a government as wasteful as ours - 03/09/2009 11:24:59 PM 759 Views
I can understand horror of governments. - 03/09/2009 11:30:23 PM 768 Views
a bit, yes. *NM* - 04/09/2009 04:08:37 AM 499 Views
For Americans who don't understand why Canadians like their public healthcare. - 04/09/2009 04:23:11 AM 890 Views
Correction - 04/09/2009 04:44:32 AM 884 Views
Re: Correction - 04/09/2009 05:05:11 AM 1013 Views
In all honesty.... - 04/09/2009 05:18:23 AM 824 Views
Re: In all honesty.... - 04/09/2009 07:19:28 AM 904 Views
Re: Correction - 04/09/2009 05:24:49 PM 833 Views
Re: Correction - 07/09/2009 10:11:45 AM 1033 Views
That's a nice theory. - 04/09/2009 02:49:34 PM 931 Views
It's a fact - 04/09/2009 05:21:59 PM 879 Views
Re: It's a fact - 05/09/2009 03:18:39 AM 838 Views

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