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Why should rich people pay a greater share of their wealth to taxes?

 
 
Cycloptichorn
 
  2  
Reply Wed 21 Sep, 2011 05:18 pm
@Linkat,
Linkat wrote:

Of course - but they pay up to the amount established.

Makes sense in I doubt the rich get medicare -

Also, it impacts many middle income people too - many middle income make over 108k especially in areas like NY, LA, San Fran and Boston.


Once again, I'm going to have to say, hmm. 108k a year in income for a single person is upper-middle class bordering on rich, even in NY and San Fran. But for those people, we're only talking about a small portion of their income which isn't subject to the tax. For the rich - those who make millions per year in income, or who make their living through cap gains - they pay a very tiny portion in these taxes.

Cycloptichorn
Cycloptichorn
 
  2  
Reply Wed 21 Sep, 2011 05:29 pm
@Linkat,
Linkat wrote:

Doing the math the "rich" would still pay a higher %. $1million income results in a tax of $327,314 + top of FICA $8262 = $335,576 which equates to over 33% of taxes. Middle income of $60k is federal tax of 11,125 with a 3,739 FICA 14,864 total taxes which is over 24%.


Naturally, this is before deductions.

Cycloptichorn
Linkat
 
  1  
Reply Thu 22 Sep, 2011 08:52 am
@Cycloptichorn,
According the federal taxes (granted prior to fica) the rich pay a higher percentage - other than the 1%. FICA as you can see does not have that much of an impact - what I was showing with the numbers - these are actual numbers that calculate.

I agree we should do away with these deductions as it is what causes that 1% to take advantage.
0 Replies
 
Linkat
 
  1  
Reply Thu 22 Sep, 2011 08:57 am
@Cycloptichorn,
$108k in NY and San Fran does not make one rich. One year I actually made over $108k - I am lucky if I can find a home to buy that has 3 bedrooms, 2 bath, 1700 square feet in decent shape and within a safe community within an hour commute to Boston that we can afford in a down economy where house prices are low. I know because I am going through this right now.

I don't consider that to be rich or even upper middle class. And Boston is cheaper than NY or San Fran.

And I've also said that it should be a flat tax all around including cap gains, interest and income with no deductions. That would close loop holes and be fair all around.
0 Replies
 
 

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