I agree with the middle class but in a survey a few months ago (I have to find it) and overwhelming majority of CEO's and people with a 200M or more net worth think the tax system is a joke. One of them commented that despite spending 3 or 4 mill that year they paid $18,000 in income tax.

Warren Buffet. Bill Gates, Donald Trump and a few other have been vocal about how unfair the tax code is.

A person would think that a billionaire uses less Gov services than Joe blow while its the opposite. The courts protect their companies, the FBI protects their products, so on and so forth.

Trump has some good ideas on how to improve the tax system.

Well it all comes down to source of income as you know. If you get paid from one source like a job you get slammed, if you get paid from a business you can reduce your taxes a lot. Or other investments, trusts ect.

A mortgage broker was telling me a joke the other day, about how all plumbers and electritions make $18k a year according to their income tax statements. Yet they want to buy $500k houses and drive new $50k trucks.:D
And the Indians that run 7-11's all make $30k a year.:D

That's why income should not be taxed, period. Tax spending instead, and keep the gov out of our personal finances.

I suppose you would have to find out what they spent the 3 or 4 million on and what the gross recipts were for that year.
Also where did their money come from. There are perfectly legal ways to get your hands on un taxable income you can spend any way you like. And no you dont need to be a millionair to do it.

Agree 100% That would force people to save more too.

Yes.

The heck with his ideas, its the money that gets him coverage on Fox News.

I saw Warren Buffet on tv the other night and he actually lobbying Congress about changing the unfair tax laws. He did a study with his employees and the ones who volunteered their tax info where paying upwards of 33% while he is only paying to 17%.and the man was not happy.

2 months ago was 12-1 now 6-1
 

Ron Paul was listed with odds on becoming the next President at 18/1 at the online betting company Bodog Sports, but now Paul could be found among the top dogs with odds cut down to the astonishing 6/1.

http://www.ogpaper.com/news/news-01369.html

I believe his Executive assistant was an example.

Taxing spending won't work, especially in a credit economy.

Yes.

if that brilliant rich-a$$ed mofo wants to pay more in taxes the why doesn't that brilliant rich-a$$ed mofo just go ahead and pony-up some extra freaking cash instead of begging to bring even more G-D'd government intervention into people's lives?

B

Wow- same reply twice to a quoted post and now this? Been into the absinthe? That must be your little friend...;)

Good to have a scorekeeper. Most people don't give a damn.

It's a terrific thought, but, unfortunately, it breaks down quickly when you look at the details.

The top 20% of people in the country, based upon income, pay 80% of the tax.

If you eliminate the tax structure as we currently have it.......and tax spending........the burden of the tax shifts toward the lower economic classes. This is exactly what is not desirable.

Naturally, you can argue that the current system whereby the top wage earners pay the largest tax burden is unfair. But, the alternative is to have folks earning $50K per year paying $20K in taxes.

Don't believe the BS that the flat tax on consumption can survive on a rate of 17% or so........as claimed. That'll never happen.