Obama "Time for the richest to BEGIN paying their fair share"

The flaw in your argument is that it allows gov't (a special class of rich) to grow in size (by pitting the classes against each other) until it bankrupts the nation. That's what we are seeing now in the US at all levels of gov't and in the EU.

If everyone paid a national sales tax instead of an income tax, there would be a built-in incentive for voters to demand a lean gov't. A lean gov't would keep more capital in the private sector and create more jobs.

The current idiot in the White House is trying to create jobs with narrow gov't programs and is an abject failure.

A low national sales tax would also encourage saving and tax the rich as they consume their luxury goods. Remember, John Kerry tried to buy a yacht out of Massachusetts to avoid a sales tax on luxury items. So, the rich (even Democrats) will always try to avoid paying "their fair share". Right now, they enjoy loopholes and lower taxes on their investment income than a new business owner paying income tax on their new wealth. Note that Obama and the Democrats had near total control of the gov't (when they passed Obamacare) and they did not touch the rich nor the corporation's tax schemes. People who support the Democrat party out of a hope for fairness aren't paying attention to what they actually do.

 

Obama climbed to the top of the slimy Chicago political machine by having the media take his Republican opponent to court to open his sealed divorce records involving the married couple's custody battle in which the wife made claims of sex clubs, etc. That had Axelrod written all over it. Look at the hidden camera video used on Romney (47%) and the current bugging of a GOP meeting. Obama makes Nixon look like a clumsy neophyte. Obama's rhetoric is also filled with agitation and violent imagery.

 

You are so "WISE" that you don't understand that statement?????????????

OK, what is their fair share??

Another post with no answer and not even a question. What is "their fair share"?

And without the top 20% letting you work in the big building that THEY built and paying you to pretend to work; how would you survive???

So because a person has earned, through his hard work and long hours, more than a subsistence, you would take from him and give more and more money to welfare queens who lay on the couch all daylong waiting for some worthless punk to come by and make them another baby?

Please; tell us how many people starve to death on the streets each hour of the day??? Must be a lot??

Let's agree to bet $10K that you are lying or just ignorant.

That's true and if they paid just a small amount of taxes we could wipe out our debt and they would kindly ask BH Obama to stop spending so much of their hard earned money.

 

Given the bottom half pay nothing to our society I find his remarks typical liberal jibberish. They are guaranteed left votes tho, that's why they pay nothing and collect handouts only.

 

No you don't, the purpose of it's creation was to reimburse low wage earners their FICA contributions.

From the IRS

"EITC, the Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low to moderate income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work."

 

That is the question, as Obama stated they need to start paying their "fair share". And when asked those who agree can never say what their fair share is, or refuse to because it is just smoke and mirrors and don't want to admit it.

Do you believe they are not paying their "fair share" as Obama proclaimed?

 

Obama only proves he is an idiot when it come to taxes and the economy. The top 1% NOW pay almost 40% of all personal income tax. How the hell can he say the rich are not paying their fair share? Obama is a joke!!!!

 

It's not about plus anything. The government takes in revenue, Obama says the highest earners are not paying their "fair share" of it even thought the top 1% pays 40% of it and the top 25% pay over 80% of it.

There is no plus........................what percentage of tax revenues is their "fair share" of them?

 

evading taxes is a crime, are republicans supporting tax evasion?

why do republicans feel the rich are entitled not to pay the same tax per dollar they earn as the working class does


.

 

Based on how they blow our tax money, I always suggest evading paying taxes as much as possible.
How much more do you want to be taxed.

 

Three decades ago, the richest Americans paid 28% to 40% of their income in taxes, after taking advantage of legal tax loopholes. Now the richest Americans pay 15% to 21% of their income in taxes after taking advantage of legal tax loopholes. By that math, I would argue that Obama is saying the richest Americans should be paying an additional 13% to 19% of their income in taxes.

 

Having spent much of my life in the bottom half, I would have to disagree. Ever bought cigarettes or booze? BIG tax on the bottom half. How about sales tax on everything? Everyone pays that. Every bought gasoline? Do you think the bottom half get out of paying those high excise taxes? And FICA is withheld from everone. The EITC doesn't apply if you have no children, and you don't get the money back. Ever bought an imported item? Then you're paying the import duties in the prices of the item. Ever registered a vehicle to get plates? More taxes there, in some states quite high.

So be careful not to confuse the income tax with the total tax bite from all levels of government. Those who pay no income taxes at all, still pay at least 15% of their income in taxes of one form or another.

 

I love when liberals complain about taxes. You vote for high taxes all your life and then complain.

 

Do you believe you should pay more tax than you owe or should you use every LEGAL method available to lower your tax bill? And money in offshore accounts is subject to income taxes.

Why do you believe they don't? Post the effective tax rates of the income groups to prove they don't?

 

"For tax year 2012, a worker with no children who made less than $13,980 can receive up to $475. Single parents with three or more children who made less than $45,060 are eligible for $5,891. Married couples must file taxes jointly. Couples earning less than $19,190 qualify for a credit of $475. Those with three or more children qualify for $5,891 if they made less than $50,270. The IRS estimates that more than 26 million citizens received over $60 billion in federal, refundable credits in 2011."
http://www.ncsl.org/issues-research/labor/earned-income-tax-credits-for-working-families.aspx
And FICA deductions are CONTRIBUTIONS, they go into the retirement system the federal pension you will get back when you retire and your government medical cost. Low income workers get back more than they put in while higher earners never get back what they put into the system so spare me the FICA is unfair nonsense.

This is about INCOME taxes to fund the general revenues required by government to operate and the claim that the highest earners are not paying their "fair share". Obama got his tax increase on them last January which was suppose to make them pay their so-called "fair share". So now he claims they have never paid their "fair share".

What what percentage of the government revenue IS their "fair share".

If you or those who believe they are not paying their "fair share" can't say what it is then how do you know they aren't paying it?

 

No they didn't, those are the marginal rates, they paid in their effective rate.

But that is of no matter, what is their fair share of the cost of government, the tax revenues it needs to operate? The top 1% are paying 40% of that, if that is not fair what would be?

 

That's just code for we are about to (*)(*)(*)(*) the middle class yet once again my republican brethren.

At least republicans make sense when they have no intention of getting more money out of the richest of the rich, with their fingers crossed behind their back.

The tax code needs revamping and the corporate welfare train needs to be derailed, but neither party will accept the consequences of such disobedience from their rich/elite masters.

When he cuts loopholes, establishes a basic minimum cut off like 16-18% after deductions for the richest of the rich, then you guys can call him anything but the corporatist that he obviously is.

 

I made 70,000 dollars last year. I was taxed 25%. I am single,, no children, no mortgage.

Let's start by getting rid of loopholes and deductions. People with children should pay more taxes. Capital gains should be taxed at 25%. I have no problem paying the same % as the rich. I have a problem paying relatively more.

 

Income tax? Effective rate? Get a better accountant. Your effective rate should be between 11-15%

And lower rates.

Anyone who pays for the support of another person should get a standard deduction for the cost of that person.

Why? It is already taxed 28% at the corporate level and historically we have never collected as much capital gains revenue as he did at the 15% level

So you want your taxes to go up then.

You don't.

 

When you become one of the deserving class, you can dictate policy, until then you will pay what they tell you to pay. [sarcasm off]

 

All Obama dialogue about federal taxes is BS.

It is 100% political with zero goals to accomplish anything beneficial for the USA.

FACT is the federal government is spending $3.8 trillion this year and taking in maybe $2.5 trillion...this is a $1.3 trillion spending problem!

When Obama talks about extracting more from the wealthy, why is it he never says how much? I'll tell you why; because the how much will probably be $100 billion at best...and for those with 5th grade math skills, this leaves $1.2 trillion in deficit spending!

So if we have $1.2 to $1.3 trillion in 'remaining' deficit spending, what are Obama's choices? Well, he could greatly reduce government spending but he refuses to do this. He can finally be honest with Americans and tell them that ALL of them need to pay much higher taxes. Or he can do his political chicken dance, which fascinates the followers, and just let the national debt continue to rise...and from his perspective this seems to be the best path to keep his supporters in place.

The tragic aspect to all of this is the USA will be $20 trillion in debt in less than four years. At a 3% interest rate the payment on this debt is $600 billion per year! What do Americans get in return for paying $600 billion in interest payments...absolutely nothing...

 

Telling that you fail to mention how much of the income and wealth said top 1% and 20% have. It turns out to be considerably more than 40% and 80%, respectively.

 

This is almost funny considering Obama just turned back a whopping $20,000 of his $400,000 presidential salary to the treasury! This from someone who gets virtually everything FREE over the last 4 years AND the next 4 years. Mitt Romney would not have taken ANY salary.....and if the president really wanted to make a strong statement, he would have done the same. And yes, he's a rich man and will become super rich once he's out of office and they begin to write their books and make their speeches. Liberals always want to go after the rich......but personally they hire lawyers and accountants to find every loophole and deduction they can to avoid taxes, while demonizing the other side politically.

 

*Analogy*

I am living with a friend
While living there she introduces me to someone that changed my life
She fed me, cared for me when I got the Flu
Allowed me to be alive
Due to her I made millions writing my book on quantum theory implications in the animal kingdom

I married the person she introduced me to
Bought a house in California
One in the Hamptons, and a small island in the tropics (which I made a country and so never had to tell her I was rich because I turned it into a tax haven)

She never asked for anything, but I took her out to lunch every other week
Last week I got a letter
She got Cancer and wanted to say she loved me
Because she cannot afford Cancer Treatment Centers in Colorado TM

I own it...sorta
Anyway, all I need to do is spend a couple bucks to help the sweet woman that allowed me to become who I am, what I have, and literally gave me everything in the world.


Biatch!

 

Actually at $70,000 the average would be around 5.7% if he was taking advantage of all the tax breaks available within an average household, but like he says he doesn't get those loophole advantages, which means he pays way more than the average rich person percentage wise.

In the meantime the average for the people who make over a million annually at the highest rate only pay about 18.9%. But that is only if you include the people at the bottom of that rung. What you are eluding Bluesman is the fact that most people who actually fall at the top of that bracket, make a lot of their money from tax-advantaged investments, not regular income, such as capital gains and tax-free bonds. And they tend to have a lot of itemized deductions, which can greatly reduce how much they owe the tax man. Some of these guys pay as little as 6-8% on that income (and it is income) and when you combine both (regular and tax advantage incomes) they can reduce their tax burden down to the 8-10% margin overall while making hundreds of millions or even billions. And since that is just the average this means that about half of the richest people in the USA pay anywhere from 0% to 14% of their entire income, and that is only what they are required by law to claim, and doesn't cover anything that they do not claim or are able to launder over seas, or through their company accounts as hidden expenses. Something only the richest of the rich can do without raising any red flags. Let's face it, the white collar criminals are the most lucrative since they are the least likely to be caught. Especially when they own most of the elected politicians in office, and they would never bite the hand that feeds them.

Nope the tax code is written for and by the richest of the rich and the best government corporate money can buy, and that is the problem. If we are being honest.