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Originally Posted by JohnnyD
This is why I said "if responsible with their money." Some people will never be able to understand the term "living below your means." Those are the people that I don't feel bad for. The ones that bought "the most house they can afford" and took a little more on their mortgage to furnish the house.
It isn't going to benefit the country to take more money from the people that are struggling to put food on the table. Either their kid won't be able to go to college or they'll have to make other major sacrifices in order to survive. At the same token, the people that make $250,000+ should be able to handle an additional tax.
This country is financially f(*&ed at the moment. It's not a matter of the Republican's favorite term "redistribution of wealth." It is a matter of doing the only thing possible to pull the nose up before it crashed right into the ground.
My business has over $250,000+ in revenue. Even though most of that money is reinvested in the business, being an LLC I'm going to get hit with the increased taxes. Yes, it is going to hurt a bit but it's going to hurt even more when there are no customers any more. When people can't afford to travel for our events any more and my clients decided to throw in the towel.
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I live in a poor neighborhood. I doubt if anybody in it pays a federal income tax. I don't know the actual numbers or even if it's true, but I've heard that 51% of those who receive some form of compensation, either employment, pension, Soc. Sec., etc., don't pay federal income tax. No one I know is having trouble putting food on the table. A lot of them eat more (not better) than me with food stamps. I doubt that any of them would be your clients under any circumstance. Those that are or would be probably do pay fed taxes and would be helped more by a tax cut rather than taxing a wealthier person more. I also don't know but have heard that the wealthiest 2% or 4% or some small number currently pay 40% of the fed income taxes. It just seems like some kind of failure in our "system" that whenever there is a supposed financial crisis the most brilliant thing we can think of is to tax the rich.