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Bush's tax cuts donít work; rich pay record high, below the median pay record low!

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Old 07-22-2008, 05:10 PM   #1
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Bush's tax cuts donít work; rich pay record high, below the median pay record low!

Im not sure if the source is trust worthy but..

Their Fair Share - WSJ.com

The nearby chart shows that the top 1% of taxpayers, those who earn above $388,806, paid 40% of all income taxes in 2006, the highest share in at least 40 years. The top 10% in income, those earning more than $108,904, paid 71%. Barack Obama says he's going to cut taxes for those at the bottom, but that's also going to be a challenge because Americans with an income below the median paid a record low 2.9% of all income taxes, while the top 50% paid 97.1%. Perhaps he thinks half the country should pay all the taxes to support the other half.
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Old 07-22-2008, 06:31 PM   #2
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

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"Mr. Obama proposes to close this deficit by raising tax rates on the rich to their highest levels since the late 1970s."
Yet another reason not to vote for him. I just can't wrap my mind around that being "fair".
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Old 07-22-2008, 07:10 PM   #3
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

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Yet another reason not to vote for him. I just can't wrap my mind around that being "fair".
OK, ill bite. what are some of the other reasons? then ill try to match yours, with reasons of my own, on why people should not vote for old man McCain
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Old 07-22-2008, 09:01 PM   #4
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

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OK, ill bite. what are some of the other reasons? then ill try to match yours, with reasons of my own, on why people should not vote for old man McCain
Didn't you see the cover of the New Yorker, isn't that enough! J/K!
(That was an incredibly stupid move and in bad taste on their part)
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Old 07-22-2008, 09:03 PM   #5
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

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Originally Posted by mlmpetert View Post
Im not sure if the source is trust worthy but..

Their Fair Share - WSJ.com
The Wall Street Journal is a very credible source. The lean a bit to the right, but their information is spot-on.
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Old 07-22-2008, 09:14 PM   #6
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

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Originally Posted by mlmpetert View Post
Im not sure if the source is trust worthy but..

Their Fair Share - WSJ.com

The nearby chart shows that the top 1% of taxpayers, those who earn above $388,806, paid 40% of all income taxes in 2006, the highest share in at least 40 years. The top 10% in income, those earning more than $108,904, paid 71%. Barack Obama says he's going to cut taxes for those at the bottom, but that's also going to be a challenge because Americans with an income below the median paid a record low 2.9% of all income taxes, while the top 50% paid 97.1%. Perhaps he thinks half the country should pay all the taxes to support the other half.
One of the most credible sources in all of jouralism. Their analysts are top notch, when they publish numbers, they're right.
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Old 07-22-2008, 10:38 PM   #7
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

Yeah sorry was being completely sarcastic with my title for this thread and my "knock" on one of the most credible news sorces. I remeber reading something hear a while back about the amt and someone callled one of the sorces into question.
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Old 07-23-2008, 04:51 AM   #8
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

I don't see how Obama can actually carry through any of his idealistic campaign promises. I'm not that worried about him being elected, because I think that if/when he takes office, it will become clear to him that these dreams of 'equality' he has are just pipe dreams, and that even as president, he'll be pretty powerless to make such dramatic changes to the system.

But if he did have that kind of power, boy should we all fear his idealistic nature.
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Old 07-23-2008, 11:55 AM   #9
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

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The funny thing is that the article demonstrated how cutting taxes actual increases the amount of taxes paid to the federal goverment. From eveything I have read this has been true anytime that taxes hve been cut. Its only lip service so the lower class can get that warm fuzzy feeling that they are sticking it to the mean old rich people.
And yet Obama still wants to raise taxes on the rich.
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Old 07-23-2008, 12:12 PM   #10
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

I feel so bad for the rich. They will only be able to afford a new Bentley every other year now.
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Last edited by Daseal; 07-23-2008 at 12:13 PM. Reason: Typo~
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Old 07-23-2008, 12:46 PM   #11
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

Not at all. I'm actually in favor of a flat percentage tax. But people that make the most money in this country should do more to support it. Most of the people that whine about the rich being over-taxed aren't anywhere close to that bracket, and they play more when the ultra-rich get savings.
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Old 07-23-2008, 01:07 PM   #12
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

Firstdown, I'm running out now so no time to back up the numbers I have heard with statistics, so Ill try to remember to get into that later. My thing is if one household brings in 10 million dollars a year, and lose 40% of that, it's a huge chunk. If another household brings in 100,000 a year and lose 40% of that, they're crippled.

Firstdown, would you be okay if everyone paid (just pulled a number out, statisticians would have to come up with an accurate number for this) 20% of their income at the end of the year to the government? I think doing it on a base percentage is the best way to go about it. Although I still don't know if the very poor could handle something that large.

I guess I just have no sympathy for someone paying more taxes that has all the money/luxuries they need. The top 1% won't come tumbling down because of their taxes. I'm more concerned about the folks that lose their homes because they can't pay property tax, or that have to choose between putting food on the table and paying the government.
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Old 07-23-2008, 01:16 PM   #13
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

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Firstdown, I'm running out now so no time to back up the numbers I have heard with statistics, so Ill try to remember to get into that later. My thing is if one household brings in 10 million dollars a year, and lose 40% of that, it's a huge chunk. If another household brings in 100,000 a year and lose 40% of that, they're crippled.

Firstdown, would you be okay if everyone paid (just pulled a number out, statisticians would have to come up with an accurate number for this) 20% of their income at the end of the year to the government? I think doing it on a base percentage is the best way to go about it. Although I still don't know if the very poor could handle something that large.

I guess I just have no sympathy for someone paying more taxes that has all the money/luxuries they need. The top 1% won't come tumbling down because of their taxes. I'm more concerned about the folks that lose their homes because they can't pay property tax, or that have to choose between putting food on the table and paying the government.
Why are you saying $10 million? The top 1%, per this article, make above $388,000. There's a huge difference between that and $10 million
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Old 07-23-2008, 03:12 PM   #14
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

Why can't they just add more tiers to the current system, so that the "ultra-rich" (the ones Daseal is referring to...) are taxed heavily, but the people making "only" $350k don't give up a disproportionately large chunk of their income. It seems as if the official definitions of "rich" are far outdated.
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Old 07-23-2008, 10:51 PM   #15
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Re: Bush's tax cuts donít work; rich pay record high, below the median pay record low!

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I'm for anything better then what we have in place today. Either a flat tax or a consumer tax which I believe is around 22% and the lower income receives back tax credits. Neil Bortz (spelling) has a book out on the consumer tax which I have not read but have heard about.
Neal Boortz actually has two books out, the first is "The Fair Tax Book", the second is "The Fair Tax Answers the Critics" (I believe). I highly recommend you read them both. I read the first and haven't finished the second. Fair Tax is a great program. More info at: www.fairtax.org

A tax structure which fully funds the government, protects the poor, eliminates corporate and capital gains taxes, taxes earnings of the underground economy (drugs, other illegal activity, illegal immigrants) and most importantly takes a great deal of power away from the lobbyists on K St. and out of DC has my support.
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