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The senate passed the tax hike today

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What are your thoughts? Is it fair to raise taxes to 39.(something)% on people who earn over $250,000 a year, when almost 50% of Americans paid NO federal taxes last year? How many layoffs and closing business do you predict?
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by on Nov. 9, 2012 at 4:32 PM
Replies (21-30):
Momniscient
by Ruby Member on Nov. 9, 2012 at 5:26 PM


Quoting NWP:

I believe that it is fair to let the Bush tax cuts expire for everyone who makes over $250,000 a year.

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Sisteract
by Whoopie on Nov. 9, 2012 at 5:26 PM

Do you ever feel like you're talking to brick walls?

It's the same when folks parrot that the CTR is driving businesses out of the US- the only rate that matters is the one PAID!

How stupid does the "system" think that we are?

Show me the ledgers- dollars made, dollars paid.

Quoting meriana:


Quoting erika9009:

And if those tax cuts expiring cost you your job becasue your employer cannot afford to keep you, are you still for letting them expire?

( i really do want an answer)

Quoting NWP:

I believe that it is fair to let the Bush tax cuts expire for everyone who makes over $250,000 a year.


The one thing a lot of people don't seem to remember is that the tax RATE is not what is PAID. The wealthy have far more deductions, etc. than the middle or lower income groups to begin with. For instance, people that own a home get the mtg interest deduction. For the majority, that's one deduction for one home, however the wealthy generally have 2 or 3 homes they can claim that deduction for and then they can also claim it for their yacht as long as they've lived on it for at least 2 weeks during the year (vacation time for the average person). They also have other deductions available so in the end, they are not paying the tax RATE at all and it's what is actually PAID that counts. There are millionaires and above who end up getting tax refunds and billion dollar businesses that either end up not owing any income tax or getting a refund. Since the tax RATE is NOT was is actually paid, the idea that someone would lose their job because of what the tax RATE amount is silly. It's an idea pushed by large corporations in an effort to not only keep the rate low but to keep lowering it after all, it means more profit if they can legally zero out their tax liability.


OHgirlinCA
by Platinum Member on Nov. 9, 2012 at 5:26 PM

 You're Dad sounds like a very good man :)

Quoting NWP:

He was pragmatic. He would drop his prices and take jobs just to keep his guys working, sometimes at a loss to him. More than just supporting his workers, he was (in his mind I know more importantly) able to keep his client base up and maintain his corner on the market even during a down economy.


Quoting lga1965:

Wow he is one of a kind, someone who actually cared. I wish there were more men ..and women ...like your Dad!

Quoting NWP:

My dad is a self-made millionare who ran several companies. He would often go for months and months without any salary but still worked 16 hour days just so his employees didn't take the hit.

Quoting lga1965:

Well then the owner, the manager, the CEO ...the ones making the big bucks can take a salary cut so they don't have to let anyone go. Its all about greedy people wanting to keep things the way they are and screw the little guys. They need to get over themselves.



Quoting erika9009:

And if those tax cuts expiring cost you your job becasue your employer cannot afford to keep you, are you still for letting them expire?

( i really do want an answer)



Quoting NWP:

I believe that it is fair to let the Bush tax cuts expire for everyone who makes over $250,000 a year.

 



 

JMmama
by Bronze Member on Nov. 9, 2012 at 5:26 PM
Maybe. Or things like food are taxed at a low rate or not at all. We have no sales tax on food here. It would take some work to fix the details and people would have to get used to it but I think it could be worked out.

It would not be my first choice for a tax system though. I support a flat income tax over a federal sales tax.


Quoting AdrianneHill:

That's a regressive tax structure that places undue burden on the poor. They pay a higher percentage of their income on taxes because there is less income. It benefits only the wealthy and lazy to tax this way because it will soon be too expensive for the poor megamajority to buy things to get taxed in the first place.



Quoting JMmama:

This. Or get rid of the income tax and make a higher federal sales tax.





Quoting OHgirlinCA:

 No, it isn't fair.  Everyone should be paying the same percentage across the board.

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ReadWriteLuv
by Silver Member on Nov. 9, 2012 at 5:30 PM
The money has to come from somewhere. It may as well be from people who can afford it.
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TSNDDY
by Member on Nov. 9, 2012 at 5:30 PM
5 moms liked this
I'm not American, DF pays 39% in income tax. We make a lot less then 250k.
I don't see why it would be that big of a deal to someone making twice as much as us?
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meriana
by Gold Member on Nov. 9, 2012 at 5:30 PM


Quoting Sisteract:

Do you ever feel like you're talking to brick walls?

It's the same when folks parrot that the CTR is driving businesses out of the US- the only rate that matters is the one PAID!

How stupid does the "system" think that we are?

Show me the ledgers- dollars made, dollars paid.

Quoting meriana:

 

Quoting erika9009:

And if those tax cuts expiring cost you your job becasue your employer cannot afford to keep you, are you still for letting them expire?

( i really do want an answer)

Quoting NWP:

I believe that it is fair to let the Bush tax cuts expire for everyone who makes over $250,000 a year.

 

The one thing a lot of people don't seem to remember is that the tax RATE is not what is PAID. The wealthy have far more deductions, etc. than the middle or lower income groups to begin with. For instance, people that own a home get the mtg interest deduction. For the majority, that's one deduction for one home, however the wealthy generally have 2 or 3 homes they can claim that deduction for and then they can also claim it for their yacht as long as they've lived on it for at least 2 weeks during the year (vacation time for the average person). They also have other deductions available so in the end, they are not paying the tax RATE at all and it's what is actually PAID that counts. There are millionaires and above who end up getting tax refunds and billion dollar businesses that either end up not owing any income tax or getting a refund. Since the tax RATE is NOT was is actually paid, the idea that someone would lose their job because of what the tax RATE amount is silly. It's an idea pushed by large corporations in an effort to not only keep the rate low but to keep lowering it after all, it means more profit if they can legally zero out their tax liability.


Yep, you sure got that right!

ambertreas76
by on Nov. 9, 2012 at 5:33 PM
4 moms liked this
Beginning of socialism... get punished for success.
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rfurlongg
by on Nov. 9, 2012 at 5:33 PM
Just a bump. I thought the expiration date for the fiscal cliff was Dec 31st. Hoping for an answer to Laura's question. Op, do you have a link?

Quoting LauraKW:

Wait - there was no bill to raise taxes. The tax hike is coming because there is no bill to stop it. What happened today?
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Healthystart30
by Silver Member on Nov. 9, 2012 at 5:33 PM
Quoting SunshneDaydream:




Everyone should pay taxes, thinking that "rich" people are the only once is just crazy! They also pay sales tax, gas tax..... And people shouldn't be able to get tax refunds if they don't put money in!
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