That has nothing to do with what I said. The wealthy pay a much lower percentage of their income on goods and services than the poor or middle class. Understand what I said now?
The top 5% is not rich. The money is concentrated in a very small fraction of the top .1% The rich have many orders of magnitude more than you. The power of zeroes makes you and me pimples on their asses. They are running away from us. Raising income taxes on guys making $500k will do nothing but widen the gap
It is rich enough. And the one thing for certain is that lowering the rate n guys making 500K plus as Trump proposed is going to widen the gap even further. And torally eliminating inheritance tax and the AMT will only make it worse. But I do not envy those more wealthy than myself. I could be much much richer If I had spent the last thirty years as I did my first twenty instead of becoming an artist ehich has made me much happier in life than just having a few million more. That said to me it just isn't right to change the tax system so it even more benefits the wealthy while penalizing or a best doing very little for the working middle class.
Exactly my point.substituting a sales tax for income tax hurts the poor more and is regressive. Income tax is progressive which is why the statutory rates are higher the higher your income.
I suppose the no loopholes thing is not attractive to you. Most states exclude food and medicines for that very reason. The rich often are not spending income, but rather capital gains, savings, trust money and the like. Now when they spend its taxable.
By a simpleton's measure property taxes are regressive because it takes a higher proportion of a middle class person's income to pay than a rich person. Gee, I have to pay the same rate on gas too.
Realized capital gains are taxable. And loopholes somehow always end up favoring the rich and making the ststem more complicated not less. If anyone has a real rational why sales tax is more fair than progressive income tax I have yet to see it.
Not sure you are right on property taxes since usually the value of property owned increases with wealth.
You're absolutely correct, the wealthy spend a lower percentage of their income on the SAME goods and perhaps even most services as the poor or middle class. However, few poor and middle class spend any of their income on a great many goods and services that the wealthy purchase that provide jobs for a great many people who would otherwise not be employed.
And by taxing the value of the property those who have spent their life paying off their house loan find they are unable to pay their property taxes as they grow larger than their original loan payment, forcing them to have to sell, pay taxes on the profit, and find a new residence which may require spending all or more than the after tax profits from the sale of their home. I've always felt that the value of a home should be assessed at the time of sale and only be reassessed when resold, and property tax rates might be increased they would only apply to the value of the home when originally purchased by the current owner. Older people could then live out their lives without having to move due to property value increases which do not produce any income unless sold.
All men, and women, are created equal. While the process is equal in creating, inequality exists in both the sperm and the egg which it ultimately fertilizes. Many people seem to feel postpartum cloning is possible by government.
That is basically what happens in Florida. A very good system that does allow people to stay in their homes and also allows preservation of large pieces of land which would otherwise be unaffordable in the face of development.
Did you fail to comprehend my post. I am in favor of a highly progressive tax system that treats all income equally. Am also in favor of eliminating stepped up basis for inheritance and taxong all inheritance as income. In a perfect world the tax ststem I think would actually be the most fair is a wealth tax, but that will never happen in a country owned by the rich.
If America had anything even close to equality of opportunity equality of taxation might be more pallatable.
Progressive systems don't treat each dollar of income equally. You want subsidized. Step up to the plate and take credit for your greed
It's not the job of your fellow citizens to proviDE you opportunity. They provide you equality under the law. That is all you need
Why are you talking about my greed. And what do you mean by subsidized. Try and make sense for a change. If you want to advocate a flat tax that is gine but every dollar of income should then be treated equally including inheritance, long term capital gains etc.
Income is income, I don't care where you get it from. Wage earners should not have to take in the ass for the benefit of everyone else. That rate could be quite low.
What about birthday presents, Christmas presents, child allowances? I favor a simple flat tax which would apply to ALL people equally. All wages, salaries, interest, dividends, and cash received in exchange of non-spendable property should be taxed equally. A wealth tax would be very difficult, if not impossible to apply equally and fairly to everyone, and transferring wealth to a poor person in many if not most cases simply would result in the forced sale of such property in order to pay the taxes.
