Obama and Warren Buffet thinks the tax system isn't fair. Buffet a billionaire says he pays a lower tax rate than his secretary, and thinks the rich should pay more to make the system fair. So, wouldn't lowering the rate of poor people have the same effect, and why isn't Obama pushing for a lower rate for the rest of us?
Obama is banking on the notion that people dont understand the difference between income and capital gain taxes....buffet paid more than his sec just maybe not in income taxes because he paid himself very low and then took his money through capital gains and paid the 15% rate on capital gains........Obama is an idiot!!!!!
Right, and if that isn't fair why not make 15% the top rate? Wouldn't we all then be paying the same rate and wouldn't that make it fair? Wouldn't we then have no reason to hate the rich?
There are two answers:
1.) Because lowering taxes when the budget is already $1.5 trillion short is dumb.
2.) How do you run a country if you need to cut everyone's taxes to zero, the same amount General Electric paid.
If you take away all the tax deductions (or ahem... "loopholes") then everyone would pay the same rate, say 15%, what Buffet pays and that would make it "fair". Isn't that Obama's goal? No one said anything about zero tax.
Yeah and GE that you mentioned......the CEO is also Obamas' head of council on new jobs...interesting isnt it....and buffett has tax problems for not paying going 10 years back
Evan, you keep coming up with this pretty meaningless statistic!
Do you mean 51% of the work force or 51% of the population, including children, stay at home mothers, the retired, the disabled etc?
And do these "none taxpayers" escape all sales taxes, property taxes and the like?
He's talking percentage of federal tax filers. The number I heard was 47%. Some filers actually get back more than they paid.
Thank you Lady L, but you neglected to answer the final point.
No one escapes all taxes, there are just too many!
So Evan is wrong to say that 51% pay no taxes.
No he wasn't. Generally when we (in the USA) talk about government and taxes we are referring to the federal government and federal taxes. We have a progressive (federal) system that allows 47% of tax filiers to escape paying any federal income taxes and in some cases make a profit by qualifying for a negative tax. No matter how you spin it a large portion of the population doesn't pay federal taxes yet enjoys the benefits of the government.
Here is the Associated Press' factcheck on the notion that the rich are taxed less ...
http://news.yahoo.com/fact-check-rich-t … 42868.html
is there a way to sort it out to come up with a blanket statement of who does or doesn't pay less?
by GA Anderson14 months ago
You work hard to build a fortune that you can pass on to your kids, or otherwise distribute however you desire on your passing. It is your money. Shouldn't you be able to do whatever you want with it, within our legal...
by Nick Lucas5 years ago
I don’t understand this concept that Obama and many liberals keep clinging to…..So allow me to make it simple. If everyone is taxed at say 10% people who make more do pay more as 10% of a greater amount is...
by SparklingJewel4 years ago
I don't claim to be a big financial, economics know it all (how could anyone, frankly, but the link here is a conservative version of the current presidents tax creation scenario for next yearcan anyone that...
by Tony Lawrence5 years ago
Is nobody going to call Peter Schiff on his "I pay 50% tax" crap?Recently, Peter Schiff marched into OWS and confronted demonstrators, claiming that he pays 50% of his income to taxes. Unfortunately, the...
by Susan Reid4 years ago
The Gish Gallup. Who knew?http://www.dailykos.com/story/2012/10/0 … ish-Gallop
by kerryg6 years ago
Republicans have repeated the lie that tax cuts are always good for the economy so often that all of Washington seems absolutely convinced that it's true. The conventional wisdom is so established on this that all a...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.