Quote:
Originally Posted by Relentless
Now post the figures for the top .01% and for the top 400 specifically.
Also, as I stated earlier, the brackets are what is broken.
An heir earning 2% tax free on 100 Million invested in municipal bonds pays 0 tax on their 2M payout per year.
A person who earns 2M as payroll pays 30%+ on the same amount, and had to actually earn their money.
I'm also curious how useful your chart is, and if they are including all forms of income or only including taxable income.
If it's only including 'taxable income' the numbers are badly skewed.
Warren Buffet paid 16.2% in federal income tax on around 50 Million in earnings.
That is not a guess or a fancy hypothesis from a convoluted economic model. It's on his actual tax return.
That is not right. He agrees it's not right. Yet you are here pissng up at your betters and telling him he is wrong.
When, not if, we move to a national sales tax and/or flat tax with zero loopholes the problem will be solved, along with a slew of other inefficient assanine and absurd tax policy pitfalls. Until then, a very simple and fair fix is to include 'an absolute' tax rate that no deduction or loophole will allow a person to ignore within their own bracket. A smilar 'absolute tax rate' on the corporate side would do a lot prevent asset shifting overseas and to prevent companies like Golman Sachs from paying 2% or less per year.
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When a private citizen is willing to invest his/her money in municipal bonds they are already doing something very good for their community. There are a few people that will do things like that only because they are civic minded and do care... or they want a statue of themselves built at the local library.
Local bonds for business is a really good thing. We have used them to invest in some machinery. Anyone that has the money to do it
should be rewarded by not paying income tax. I know that this money could be invested elsewhere for a lot better return and less risk than in bonds.