Millionaires.... good news!

[Pablo]

The top 50% of earners pay 96% of taxes.
The bottom 50% pay 4%.

You can't just gloss over this.

Messing with this does not improve conditions of the poor IMHO. The goal is just not connected to the means.

ALL People need to pay taxes....putting all the weight of corporations (for example) is a bit of a hide the salami game.....we'll get it in the end either way....(no pun intended)

 

[dropitby]

Well said Pablo you can't win there are just too many loopholes.But you can pass legislation to stop the bleeding. If the economy grows at 4% then let Congress, the CEO'S across the board get no more than 4% raise. I like the flat tax idea Steve Forbs had we need to find out why **** Grasso collects 140 million severance and many more examples and hold someone accountable. Give some back to the shareholders.**** Grasso was protecting the juice $ that investment banks have been skimming forever.So he quits rather than change that.New ideas should be rewarded if they are justified but the board of directors vote on the CEO salery and most of them are either CEO'S of other companys or ex CEO's. What do you think their gonna do.Let all the shareholders vote you may see a better outcome.Well I am getting carried away again but suttle changes can make a big difference.

 

[Pablo]

By all means, close the loop holes. NO ONE should skate...a flat rate with 3 or 4 deductions and THAT's IT, would be fair.

 

[GROUCHO MARX]

A couple of taxes that can't be avoided, FICA and medicare.

The fact that corporations pay matching tax into these two ponzi schemes would effectively illustrate real corporate tax rates.

 

[Gary Allan]

Err ..I don't know where you get this "matching" thingie on SS. When I was actively incoroporated I paid my social security taxes ...and match that amount in UNEMPLOYMENT taxes ..which I couldn't collect. If I wasn't incorporated I would have paid an adjusted 1.5x amount into social security.

How has this changed

 

[GROUCHO MARX]

Gary, every penny of FICA and medicare tax deucted from an employee's check is matched by the employer and sent to the U.S. Treasury. A few who own small corporations, with employees, on this board have stated it's one of their largest expenditures.

BTW, it's been that way since I was a treasury accountant 25 years ago.

 

[Pablo]

So called independents pay this 2X version as well...

As a side note it amazing to me how many folks don't consider FICA, Medicare as taxes.....

 

[GROUCHO MARX]

Pablo, it is convenient to forget these taxes when you want to make an argument.

The government has been spending this money to fund everything known to man except future liabilities these funds were aimed toward, yet people think more tax revenue for the government is a good thing. Yea, just like giving a drunken sailor his pay before shore leave.

 

[Gary Allan]

quote:

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BTW, it's been that way since I was a treasury accountant 25 years ago.

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This doesn't flush with my experience. I owned Thor Transport Inc. 19977-1981 The matching funds are UNEMPLOYMENT. I even tried to decline to pay them until I was assured that I would be able to collect them. My LOCAL unemployment office sent me a registered letter, in storm trooper style, threatening me with an audit. Naturally I paid the SEPERATE amount. At that time a single corporate entity could NOT collect unemployment. During that time (1977-1981) someone who was incorporated SUED for the right to collect since he had indeed paid into the "fund".

If you are laid off ..this is what the employer must continue to pay.

 

[obbop]

quote:

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Originally posted by GROUCHO MARX:
Pablo, it is convenient to forget these taxes when you want to make an argument.

The government has been spending this money to fund everything known to man except future liabilities these funds were aimed toward, yet people think more tax revenue for the government is a good thing. Yea, just like giving a drunken sailor his pay before shore leave.

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As one who was a drunken sailor before and after shore leave (WesPac '75 and '77) I am deeply offended that you used the term "shore leave." Any sailor worth his salt knows the proper term is "hit the beach."

Thank you.

 

[javacontour]

Unemployment is a state program, so that would be yet another "tax" (it's called unemployment insurance) an employer has to pay to the state.

However, federally, employers do have to match your FICA contribution to Uncle Sugar.

TB

 

[GROUCHO MARX]

My apologies, obbop.

 

[obbop]

quote:

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Originally posted by GROUCHO MARX:
My apologies, obbop.

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