I posted earlier on another topic about the minimal impact that taxing the super-rich might have on our national debt. I regret to say that I have so far been unable to find the source for the article I was reading. BUT I do have some data that backs up what I read, and it comes from the most reliable source possible -- the US Govmint! :o

The article I read suggested that taxing the super-rich (millionaires and billionaires) at a 100% rate would yield just a little over $4 trillion. The knotty thing is deciding how to define "millionaire." (Billionaires are pretty much millionaires already, just on steroids.) The article made a pretty good argument that stripping all these people of their worldly goods would make a fairly small dent in our national debt.

But looking at data available on the www.irs.gov website, it's plain to see that confiscatory tax rates aren't the answer.

Based on TY 2008 data, tax filers with reported adjusted gross incomes over $1,000,000 earned just a touch over $1 trillion total. If the IRS took every penny of it -- which, of course, they'd just love to do -- it would pay for the porkulus bills (roughly $930 billion) with a little left over to put toward, say, a presidential trip to India.

The tricky part in this debate is how you define "millionaire." Is it someone with $1 million in net worth, or someone with that much in income? Since the federal government taxes income, not net worth (yet), I looked at the income side of it.

Hell, there are literally thousands of millionaires in this country (net worth) who are collecting unemployment checks right now, simply because, under the rules of the unemployment game, they qualify! I don't have to point out that the same situation applies to Social Security benefits, which, comically, have never been needs-tested.

What say you?

It's all about class warfare.  Rich versus poor.  White versus black.  White versus brown.  Conservatives versus liberals.  Heteros versus homos.  Men versus women.  And on and on and on and on.

The so-called "rich" people know all the tax loopholes, hide their assets, use offshore accounts, and if they are in the right "business", they pass along the cost of their tax liabilities to their customers by charging more for their goods and services.

What I say is that NOTHING liberals, Socialists,Marxists, Trotskyites, Democrats, Obamao or BelaLegosi Pelosi or their hired goons says or does makes sense. Do the exact opposite.


Billy

This one's a safe bet.

Quote from: AmericanFlyer on November 17, 2010, 04:04:02 PM
It's all about class warfare.  Rich versus poor.  White versus black.  White versus brown.  Conservatives versus liberals.  Heteros versus homos.  Men versus women.  And on and on and on and on.

The so-called "rich" people know all the tax loopholes, hide their assets, use offshore accounts, and if they are in the right "business", they pass along the cost of their tax liabilities to their customers by charging more for their goods and services.

Sure, it's about class warfare as long as the liberals/progressives -- essentially the Democrats -- have any input. That's the only way they can get elected, by assembling 'victim' groups into a voting bloc. The last Democrat president who won the votes of a majority of whites over the age of 29 (still the largest single voter class) was LBJ.

But one thing I would point out. Businesses of ALL types pass along their tax bills to their customers. Businesses do not pay taxes; businesses collect taxes. If we can get this simple fact through to folks, they'd be able to see the folly of "corporate taxes." There is simply no such thing! Individual taxpayers, wage-earners, Joe the plumber and Rosie the riveter pay ALL the taxes. There is no other source.

Quote from: tbone0106 on November 18, 2010, 12:16:57 PM
But one thing I would point out. Businesses of ALL types pass along their tax bills to their customers. Businesses do not pay taxes; businesses collect taxes. If we can get this simple fact through to folks, they'd be able to see the folly of "corporate taxes." There is simply no such thing! Individual taxpayers, wage-earners, Joe the plumber and Rosie the riveter pay ALL the taxes. There is no other source.

Precisely, tbone.  This is the liberal version of "trickle-down economics".  They don't understand this fact, either because of stupidity or ignorance.  Probably both.

Quote from: AmericanFlyer on November 18, 2010, 03:51:41 PM
Precisely, tbone.  This is the liberal version of "trickle-down economics".  They don't understand this fact, either because of stupidity or ignorance.  Probably both.

It's stupidity AND ignorance, you betcha!

    Soak taxed he needs some humility  :D

I feel like Aquaman.