World welcomes Obama win

[VolDad]

Fair point.

And how much revenue would this add to the federal budget if they were to pay the same rate as the $200K earner? How much of an impact would that added tax revenue make versus the $$ it would take out of the economy?

Conversely, how much of an impact would a reduction in taxes on the wealthy have on the economy?

History shows it to be a positive effect on the economy.

I am not arguing for increased taxes on low income earners, I am arguing for reduced taxes for high earners who I feel are overburdened already. I am concerned your candidate has no inclination to do this.

 

[BigPapaVol]

I am arguing for reduced taxes for high earners who I feel are overburdened already. I am concerned your candidate has no inclination to do this.

lol:

 

[TennNC]

If you can direct me to the quote that started this I can respond (I'm not sure what the argument is). My response was meant to show that a great deal of people pay less than 10%.

Answering without context I'll just say that I don't have any problem with some people paying no taxes (or anything less than the top marginal rate).

I haven't looked at the Fair or Flat tax proposals enough to determine if they make better sense/are more equitable.

I know this discussion is all confusing now, but here was the original quote VolDad replied to:

"I'd much rather pay 33% making 200K than 15% taxes making $30K."

And I later referenced the table that you've already seen. That's where my quote came from. As you all have correctly pointed out, I erred in saying that nobody pays less than 10% in taxes. That statement was incorrect.

 

[TennNC]

and that situation is very hard to explain to people when you're telling them that as a business owner, high marginal tax rates force me to downsize on the employee front. It makes no sense to take on the same risks for the dramatically lower margins.

The argument that turning down income just to avoid taxes is insanity, is in fact not insanity. The risk / return model gets turned completely upside down. I know it sounds like complaining over a good problem to have, but it's not at all. It's the reason that many business owners downsize under overburdensome tax regimes.

I appreciate this explanation.