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1% Tax Rates?

Discussion in 'News and Articles' started by th1bill, Dec 8, 2011.

  1. th1bill

    th1bill Well-Known Member

    I post the following for information only. If you wish to debate this, please, contact the left wing CNN. I´m still in shock that they told the truth. Most Americans have yet to wake up and realize that the flat tax will help and harm everybody. Being a patriot I push for it because it will be good for the nation and balance the load all around.Now, the article.

    In case you haven't heard, President Obama wants the wealthiest to pay more in taxes.
    Noting the rise in income inequality in recent years and the need to reform the U.S. tax system, the president on Tuesday said that some of the wealthiest in America pay far less in federal taxes as a percentage of their income than many lower down the income scale.
    "A quarter of all millionaires now pay lower tax rates than millions of middle-class households. Some billionaires have a tax rate as low as 1%," Obama said in a speech in Kansas.
    Here are some of the facts behind the claim: In 2006 roughly 25% of those with adjusted gross incomes over $1 million paid a smaller portion of their income in federal taxes -- income, payroll and corporate -- than 10% of those with AGIs below $100,000, according to a recent study from the Congressional Research Service.
    As for the president's assertion that some billionaires have a tax rate as low as 1%, Roberton Williams, a senior fellow at the Tax Policy Center, said that it's definitely possible but hard to verify.
    Buffett rule could hit 25% of the very rich
    "Billionaires are still rare enough that we cannot get data for them without running afoul of privacy rules," he said.
    But for a lot of reasons, Chris Bergin, president and publisher of Tax Analysts, said, "It is certainly not implausible."
    Last year, 4,000 households with incomes over a million dollars owed no federal income tax whatsoever, according to Tax Policy Center estimates.
    What's more, of the top 400 federal tax returns with the highest adjusted gross incomes in 2008, 30 had an effective tax rate of less than 10%, noted Mark Luscombe, the principal federal tax analyst at CCH.
    A big reason is that a large percentage of wealthy Americans' income comes from investments, which are often taxed at lower rates than ordinary wages and salaries.
    What's more, some perfectly legal tax code provisions allow taxpayers to reduce their investment tax bills even further.
    Of course, the wealthy aren't the only ones who enjoy what Obama refers to as "loopholes and shelters." Anyone who deducts their mortgage interest, saves money for retirement, realizes a capital gain or loss, or gets health insurance from their employer is enjoying a tax break.
    Bush tax cuts: The real end game
    The difference is that the rich use a broader array of tax-preferred investments, such as partnerships. Or they may invest in dividend-paying foreign stocks and can claim a foreign tax credit for the tax withheld from them by the foreign government.
    Typically, too, the wealthiest are more likely to be retired or self-employed and are in a position to make big charitable contributions -- all of which come with distinct tax advantages.
    And the wealthy can afford to be more risk-averse and park a lot of money in bonds, often tax-free.
    To Obama, the fact that the wealthy can so whittle down their tax burden is "the height of unfairness."
    Fairness in the tax code is a real issue, but there is no absolute answer to the question "what's fair?" And that's one reason why reforming the tax code will be a tough fight.
    Earlier this fall, Obama proposed what he dubbed the Buffett Rule, named after billionaire investor Warren Buffett, who has urged Congress to tax the rich more.
    The Buffett Rule is intended as a guiding principle for tax reform to ensure that millionaires pay a higher percentage of their income in federal taxes than those who make less.
    That may not be as easy to implement as it sounds.
    But one thing is a sure bet: The president will be sounding the theme many times over in his re-election bid.
    View this article on CNNMoney
  2. joshhuntnm

    joshhuntnm Active Member

    if you think of the Old Testament as a plan for government, would you say the Bible supports as flat tax?
  3. th1bill

    th1bill Well-Known Member

    Talk about coming out of left field! Where in the world did that come from?
  4. Rumely

    Rumely Senior Moderator Staff Member

    Not so left field if you consider the tithe as a flat tax, ie. 10% of your income, large or small. Actually, that would be an interesting study. If you think it's off topic, I'll start another thread with Josh's post.
  5. th1bill

    th1bill Well-Known Member

    No, as I'm thinking it over that seems a great way to go. In the Old Testament there is the plan of God for the perfect Government but one must be very, very, careful because it is contrasted by so much evil government. This should not be a danger, if, and please note, I said if, we can remove Satan! Now, I admit, that sounds a little crazy but in my adult lifetime we have seen poison Kool Aid, suicide by fire and suicide to get on board a space ship!

    I have, all of my adult life favored a Flat Tax Law that the writing of would not fill a sticky note. God's Tithe was and is a flat ten percent and though I have never done the study myself I'm taught that the Ancient Jew paid, in gifts, offerings and tithes better than thirty percent. I favor a flat fifteen percent but that is a number that can be changed up or down. I have been on both sides of this argument and I do realize that when the rich man pays twelve percent of fifty million it amounts to so much more than seventeen percent or even thirty percent of thirty thousand, most people never get that at all.

    I am guilty of never paying the ten percent tithe, it has never been that small. And when you add in my gifts, love offerings to the work of Christ and simple offerings... I have no idea nor record of what I give. Dumb statement considering the subject? no! Because I try to be faithful to God I am blessed and if we had a flat tax of any amount, that everyone paid,I would be blessed.. no more April fifteenth woes, the tax is paid and that is the end of it. Te government knows exactly how much it can spend and we stop the STUPID LOANS by our government.

    Okay, Iǘe ranted!

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