The U.S. Already Soaks the Rich In 2021 the richest 1% paid 45.8% of income taxes, up from..

Well it's taken 10 pages of posts and you STILL haven't answered the man. What level of taxation would meet your benevolent opinion as being "FAIR"? Pretend you actually were a self-appointed deity as you seem to suppose. At what levels would you unilaterally decide to set the income tax rates?

 

Because everybody has to pay taxes. Some people will earn incomes but not have much in the way of assets, others will be asset rich but income 'poor' (depending on your definition of income). The idea should be to create a fair system that treats all form of assets more or less equally and which block's loopholes that let those rich enough to afford it redefine 'assets' as some other entity that is either not taxed at all or failing that, is taxed at a significantly reduced rate.

 

Socialism in other words.

And REDUCED RATE? I beg to differ. I'm starting to get the idea this internationally respected university you spoke of is Moscow University?

 

What you think only some people have to pay taxes? (Let me guess your not one of them right?) If you earn an income or own assets why shouldn't you pay taxes? Expecting a State (any State) to function and provide all the public goods and services expected/required by modern society without taxes? That's communism! Because absent taxes the only way for the State to provide those things is to force its workforce and factories to provide them for free.

Talk about getting things backwards.

 

Free public goods and services huh? Sounds like socialism. Maybe the state shouldn't be providing so much free goods and services. Nor should you continue to demand them from other-peoples-money (OPM). You sound like a Russian. If so, you really have no business here trying to spew out propaganda in an attempt to convince Americans to screw up their country in the same manner you have. If not, then you really should take the time to investigate what it means to be an American. What you are professing is in no regard the American Idea (which is why all appearance is you aren't American). Either that, or you are a left-wing liberal who has been duped by the same.

Everyone is STILL waiting by the way. What rates would you deem "FAIR"? You can't change it later. I'm going to talk to my folks and set the rate as you suggest. Don't come back later and claim it wasn't enough. When socialist pollicies fail to produce the results socialists desire/predict they always come back and claim the reason it failed so miserably is because it wasn't enough. They always claim they needed MORE to make it work. Greed has a way of doing that. I want more! I want more! It's never enough to satiate their greed or fix the "unfairness" they see around every corner. Socialism harms, it doesn't help.

 

I have answered it more than once. It is the wrong question. The problem is not the wrong rate of an unjust and economically destructive tax, but how to raise public revenue justly and efficiently, whatever the rate.

 

That's not an answer. Claiming the question is not valid is just a dodge.

I made between $7 and $8 Billion last year inside the US (supposedly). What percentage would you consider fair? Forget about the method. No loopholes, just straight up what should I pay.

 

1) Not Russian.
2) I have no idea what sort of paranoid mental gymnastics are required to come to the conclusion that taxing all assets equally (so that rational investment decisions in a free enterprise economy aren't distorted by incentives to move capital into under performing assets on the basis of tax breaks) amounts to socialism.
3) So every asset and service bought paid for by the Federal Government is 'socialist' is it? Do tell. Explain away.
4) And as for the tax rate? How about we start with one that just approaches balancing the budget, along with measures expenditure cuts where feasible/fair or is that a bad idea and socialism to?

 

red herring alert

 

there is no justification for saying someone should pay 70% of their next dollar to the government

 

you want to make people sell appreciated assets to pay the tax.

why do people who complain about the rich pretend they know more about economics than those of us who are wealthy. Gee, I suspect I forget more about economics than you have ever known. I am not the one complaining about the rich

 

no, but they shouldn't be in a position to demand others pay for their existence. if you don't pay federal income taxes, you shouldn't be able to vote for those who want to raise them on others

 

OMG this is a real winner. musicians DIDN"T earn the money people pay to watch them perform.

think about this argument for awhile

 

Crickets? I made between $7 and $8 Billion last year inside the US (supposedly). What percentage would you consider fair? Forget about the method. No loopholes, just straight up what should I pay.

 

ten percent-like everyone else. that would mean you are paying far more than you will ever use but when everyone pays the same rate, the government doesnt' get the extra constitutional power they grabbed through the progressive income tax

 

Low wage workers are not slaves. They get paid for what they do and if they don't like it, they are free to go somewhere else. When you are a worker that adds $1 of value to your widget, why would you think that the company owes you $1.50? If the worker thinks that he deserves to be paid $1.50, then he is free to work for someone else or free start his own company. In the latter case, he would be free to pay his employees $1.50 for every $1 worth of work. He is also free to go to school and gain more skills. In many cases, he could go to school for free.

 

First of all, thank you for answering. Unfortunately, it wasn't directed at you to answer. You obviously aren't one of the socialists on this site. Can I trouble you for another response?

I created a Roth-IRA LLC in 2009. I transferred $22k from a self-directed Roth-IRA I had placed money in over the previous 4 years. I purchased $22K worth of BitCoin at the market price of $0.011 per coin. It had recently imploded down from just under 1$ per coin. As you know, my Roth-IRA LLC holdings are after tax so there is no tax when you finally take it out at retirement. 5 years later I was able to start withdrawing. If I had held onto it until today, it would have a market value of 2.0M X $66K = $132 Billion. I've been slowly selling it off since. An amount somewhere in the neighborhood of $65-70B. What if any tax should be paid?

 

I'll be honest-as Clint Eastwood says A man's got to know his limitations. I have a tax attorney and a tax accountant do my family's taxes because we have all sorts of complications. Even though I have a law degree, I defer to experts. I was a civil rights, affirmative civil enforcement, criminal appellate and employment discrimination expert. Not taxes, not wills and estates. two areas where I hire those who specialize to handle such issues

 

LOL, I missed this one. Ringo wasn't that great of a drummer but he was the drummer that was in demand. Because of that, for whatever reason, he deserves to have whatever money people wanted to throw at him. He offered a service and people gladly paid for his service. You are free to do the same. Come up with something that everyone wants and they will throw money at you. Why would you think it would be ok for anyone and everyone to take his work and sell it as is they owned it? Would you think the same thing about other artists or craftsmen? Bankers take billions and loan billions. They shouldn't get a government handout. Same goes for junkies. Take a person that has miss used their natural resources and gambled or smoked it away. Why should the government bail that person out? Maybe the bank needs a safety net also? Try to be consistent in your arguments.

 

I wasn't asking for tax advice. The tax owed (like I said) was 0$. I had already paid taxes on the 22K I put in. Just curious what the greedy ones thought should be owed. Or curious if any of them had IRA's.

 

ok my bad, I think you shouldn't be taxed twice

 

I like how the partisans always have to qualify taxes by saying "income taxes".

Most taxes are paid for by the middle to lower classes.

Most subsidies are for the upper half of income makers.

Inflating the supply of currency benefits anyone with capital investments and those who get the money first. And there has been a lot of inflation. Inflation is a form of tax BTW. Inflation is a regressive income tax which deletes small saving people may have put away for a rainy day in a bank account <$10,000.

 

can try this one

https://money.cnn.com/2005/10/26/news/fortune500/walmart/

 

No one is suggesting paying a tax on wealth with anything but cash.

I define the monetary value of assets accruing in value beyond the rate of inflation over a prior year as income, because it is non liquid income, in my view.

I know that's probably not the standard, but it should be, in my view.

 

It is the children of the least wealthy that protect the vast riches of the most wealthy. The taxes paid by the rich are only a sound investment. If they were wise, they would share more intelligently.