Quote:
Originally Posted by wader-dad
"As a kind of a tax attorney- this "double their share" is because there a just a whole boat load of incredibly wealthy rich people out there. It is a totally meaningless statistic. The top 1% own more wealth than the bottom 95% combined. Not since the turn of the century have the rich been this rich. The rich are not being overburdened with taxes, they are paying the lowest taxes in history by far and they know it. They don't have to shelter income because the rates are so low.
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I don't get your math. the top 1% is not going to change because there are more wealthy people...the number of taxpayers in the top 1% is only going to change when there are more taxpayers, not more wealthy people. If there are 300 mil taxpayers 1% is 3 mil. However it is true there is an perceived "imbalance", as those top 1% are richer today than 20 years ago and hence pay more tax. Personally that fact that 1% is carrying 40% of the load while the bottom 1/3 is paying ZERO and having the largest drain on the country's systems frankly is pretty generous. In absolute terms yes they can "afford to pay more taxes" but that doesn't mean they should. I would rather see an incentive created for them to risk their wealth to create more real business activity in areas that benefit the nation (ie energy, technology, transportation etc)...the payoff for them if successful...more wealth, which they would deserve. The payoff for the rest of us more jobs, less stain on public services (better benefits), better economy and more payroll taxes coming in . I am a big fan of private venture capitalists and gov't research and dev. Most people have no idea how these two things have transformed our standard of living in this country. IMO these two things combined with a big math and science push among kids entering college can get this country out of this highly leveraged Harvard MBA hole we have dug for ourselves.
There are more rich people today than in the past...IMO this demonstrates what makes this country great...that a boatload of people can create their wealth in their lifetime by taking risks and creating something. I grant you there are a few of the overpaid golden parachuted CEO's that don't deserve a dime and should be in prison IMO. I actually know one...lost a billion of other peoples money and then got 50 mil to leave the company. This is wrong and everyone agrees on that but these are the very few, but Obama constantly makes reference to he will be taxing these (rich white) guys but in reality, he will be taxing far more of the the guys trying to start a business. There is a big difference when hitting the billionaires and the business man. (the top 1% vs the top 5%
I am not a McCain lover. But I despise everything Obama. The reason isn't color although I have no doubt the bulk of the black population is voting for him because of his race yet the media makes Joe Six-pack ( average white guy)out to be the racist. The reason I really don't like Obama (beyond his flawed veiw of the tax structure) is that I see the president as the Commander in Chief of the Armed forces first and foremost. And McCain would be a far better and far more respected commander. That in a nutshell is what is most important to me in a president. The President does not spend money, he can't really. It is congress who votes on the budgets. Sure the President submits a budget but it rarely gets voted thru, the congress normally discards that and creates their own version.
So I see an Obama president as a real weakness for one of our country's greatest strengths, our military. Besides destroying capitalism he will begin the socialist transformation and destroy the work ethic and free enterprise and investment of this nation. There has to be a carrot on the stick for those that take risks and the carrot is cash. People will not work in the peace corp fashion forever with no pay, they just won't. His vision is flawed.
Ahhh, I vented, I feel much better now. Now that all the worlds problems are solved, I think I will go try and catch a bonito now.
