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Help me understand

Whenever I hear "tax the rich". I think of my parents. They definitely fall under the governmental definition of wealthy. They worked their way up from the ground. Neither came from money and they didn't have much when they married. Dad was fresh out of the Navy. My mom worked at a bank while my dad worked as stock boy. Eventually my Dad got a sales job and worked his way up to a National Sales Manager. They did not have my brother and I until they could afford it. Back then dr's visits were all out of pocket. No HMO"s. Now they've worked hard and achieved the American dream. They've never taken anything from the government until they qualified for Social Security. They paid taxes and saved for retirement. Although I don't know the exact income I'm guessing they paid around 35% in taxes. I heard on the news there are those in the house that want estates over 1 million dollars taxed at 55%. Not to mention the heirs will pay capital gains. Is this really fair? Nothing was handed to them, no connections just good old fashioned hard work and after their death the government would get over half of it. Why work hard and achieve when you get to keep more of your money if you don't?

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sopranomommy

Asked by sopranomommy at 8:43 AM on Dec. 15, 2010 in Politics & Current Events

Level 25 (24,492 Credits)
Answers (28)
  • Hell, I'd prefer to pay 35% even 50% to taxes than spend one night in jail and have my fortune taken away for not doing it.

    That's absolutely terrifying.
    NotPanicking

    Answer by NotPanicking at 8:50 AM on Dec. 15, 2010

  • And this is why the Billionaires are giving their money away. To keep it from being taxed.


    http://www.reuters.com/article/idUSTRE65F5CC20100616

    jewjewbee

    Answer by jewjewbee at 8:52 AM on Dec. 15, 2010

  • I've read and re-read my question and could not find where I suggested they not pay taxes. My point was had they not worked as hard and achieved less they could have kept more.
    sopranomommy

    Comment by sopranomommy (original poster) at 9:02 AM on Dec. 15, 2010

  • Tell them to put their money in a roth IRA....it won't be taxed.
    samurai_chica

    Answer by samurai_chica at 9:02 AM on Dec. 15, 2010

  • Thanks samrai, they have done that. This has just been eating at me.
    sopranomommy

    Comment by sopranomommy (original poster) at 9:03 AM on Dec. 15, 2010

  • You are concerned about the death tax, on the estate when they die? Not the tax they pay on annual income?
    jewjewbee

    Answer by jewjewbee at 9:04 AM on Dec. 15, 2010

  • Both. Jewjew. I just hear the "greedy Rich" comments and it ticks me off. I love my parents and want them around. I don't want their money. They giver generously to their children, grandchildren, and the charities they support. Yet the government continues to dig deeper and deeper into their pockets.
    sopranomommy

    Comment by sopranomommy (original poster) at 9:09 AM on Dec. 15, 2010

  • samurai - you can only put so much money/year into a Roth, and it isn't much!
    Anonymous

    Answer by Anonymous at 9:13 AM on Dec. 15, 2010

  • The tax code is written to penalize those making more money. Every year, our family pays a higher percentage in taxes, and we have to find as many deductions as we can to help mitigate the hike. It's unfair - the "flat tax" is what a lot of politicians have been asking for but it never makes it to the presidents desk. (For example, everyone pays 20%, the deductions would be reduced significantly.) I'll get a ton of votes down for this - but it's the truth. It sucks to work hard, succeed, and then have the government tell you that you have to pay a higher percentage of your income in taxes.
    Scuba

    Answer by Scuba at 9:21 AM on Dec. 15, 2010

  • You are right, in fact that is how the great majority of "rich" people get their money, contrary to what Liberals want you to think
    It's just money to them and they will make up any excuse to make it sound like a good thing. Democrats need the money to spend it. They are willing to take it from anywhere they can get it.
    itsmesteph11

    Answer by itsmesteph11 at 9:23 AM on Dec. 15, 2010

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