Is it fair to keep raising taxes only on "the rich"?

Question

Although the tax policies of President Bush have allowed MILLIONS of former low income taxpayers to no longer have to pay any taxes at all, and the fact that "the rich" already pay more than 85% of all personal income taxes in this country, don't you think they should have to pay more and more and more?

What a good tax rate for the "evil" rich people? If 35% or 40% isn't enough, what is? 60%, 70%, 80% ... what are your thoughts?

Answer 1

we should raise the gas tax and lower the income tax

Answer 2

If the rich already pay 85% of the income taxes then you have to know how much they make for that stat to make any sense. For instance, if they possess 97% of the wealth, then maybe they need a tax increase.
Its not that rich is evil, its that if you take a small percentage of the working poor, then its a dinner without meat, or a significant drop in the temperature in the house for the elderly, or a tight pair of shoes for the kids. That sort of puts complaining about not being able to go to Cabo this year in perspective.
You don't have to be lazy, since poverty level is at the same level as a person working a full time minimum wage job $10,
500 or so you'd need a family of four to have three jobs just to bring home an occasional night at the movies. Then you have to realize that sales taxes hit all of us at the same level, so proportionately working families pay more than you may think.

Answer 3

I'm for a straight common tax percentage for every taxpayer. Say about 17%. If you do the math, the rich will still pay more than the middle-class and under. The business sector will always find a way to get out of paying taxes. Simply raising taxes on the "rich" doesn't mean they are going to have to pay them. Besides, most of the "lawmakers" who advocate raising taxes on the "rich" are some of the wealthiest people in the world!

Answer 4

"$120k plus " you're somewhat low . in case you get the most income , from the society as an total , anticipate to pay extra . Taxes on the severe end are at or close to historic lows. Bush's tax reduce that all the battling's about? The estimate, even as it went into effect, replaced into authentic 500 persons might want to get ~ $seventy 4 Billion .(extra or a lot less now?)sure it really is with a "B". The value that the authentic a million% getting maximum of it replaced into authentic, inspite of all the protestations on the opposite . (Kerry replaced into an fool!) most of the large funds ( a million/5 -a million/3 of the monetary device , best wager) by no potential receives taxed . ( Golden Rule: those with the gold, make the guidelines) said record of a initial study on all taxes paid, by quintile , as % of gross income , contained locally newspaper ~ 2 yrs in the past . consequences : bottom 20% - pay 15% of gross second 20% - 17% center 20% - 14% second from authentic - 18% authentic 20 % - 19% My end :#$@#@!!! lengthy island state ! ;D I pay more effective than that . As you will discover ( &that is initial) the "wealthy" do not pay a good purchase extra . likely is going down as you get larger contained in the authentic 20% . Why ? Tax regulation, the mobility of enormous funds , no social protection previous a particular aspect, solid suggestion( will pay for the finest) , a lot of that is unearned , vs earned income , so the tax prices are frequently decrease . likely extra to it , yet as i have not had the priviledge of experiencing it first-hand , i'm likely lacking some motives . that is not extremely the "wealthy" vs anybody else , that is the tremendous-duper wealthy vs anybody else , consisting of the purely "wealthy" . Why have a fashionable tax device ? because that is worked nicely for us .As an total. Turnover . I.e. in case you want to be to boot-off as Grandpa, you should DO something to get it. it really is been gradually eroded contained in the most suitable 25-30 years . *sigh* look headed to a third international kind . some very wealthy on the authentic , plenty on the bottom, with few in between . not there yet , besides the undeniable fact that the kind is in that route.

Answer 5

Watch it, you may be shooting yourself in the foot, the “rich” are the ones who HIRE people.

Right now 20% of the nations persons with highest income pay 90% of the income taxes. (If you don’t believe it check the Congressional Financial Abstract and IRS statistics).

Every time the tax is lowered on these people, the national economy blossoms, national employment goes UP, the GNP increases, and the tax revenue increases MORE than with a tax increase… Watch out for liberal voodoo economics, this monitary policy worked very well for Kennedy, AND Reagan. It has never failed. It has nothing to do with deficit or national debt… It is earning power vs revenue…simple as that.

Answer 6

Well, it seems fair to me that the rich pay 85% of the taxes considering the rich hold over 90% of the wealth.
I dont believe that just because your great-great-great grandpa was rich automatically means you are better than everyone else. At some point, new generations need a fresh start, both rich and poor.

Answer 7

The "rich" should pay in proportion to the amount of wealth that they control. They don't. Sure they might pay 85% of all personal income tax in this country. They control about 95% of the assets.

Answer 8

Well first of all, the tax rate is not static, the rich do not pay one rate on all their income. The earlier income is taxed at lower rates. Second, since their income composes the majority of the income, shouldn't their taxes compose most of the taxes? Finally, 30 years ago, the top tax bracket was 50%, so I don't think you can say their taxes keep going up

Answer 9

Only the "rich" can afford the loopholes and tax shelters that allow them to reduce their taxable income to less than 10%.

Flat tax everyone at 15-20% and then everyone will be paying their fair share.

Answer 10

The only way to make the tax system fair is to get rid of all but sales taxes. Income tax is based on how much you bring in and how many write offs you have so someone who makes very little gives very little. Someone with lots of write offs (property) gets lots of breaks also so that leaves medium income families like mine paying a high percentage based on wages. Our country cannot make it on just sales taxes without trimming all of the fat like government think tanks, illegal immigrants, no loads, pork barrel spending, etc,etc,etc. As to your question I don't think I have a solution but it is not right to continue raising taxes on the people who have worked so hard to get ahead. In my opinion the best solution is to hold elected officials responsible for their spending and do not allow the tax dollars to go to non citizens or citizens who refuse to pull their weight. STOP THE CHARITY.

Answer 11

How about a 100% tax on all wages above the minimum wage. I'll bet the repubes would change their vote on the minimum wage pretty quick in that case.

I think a better law would be to REQUIRE each member of congress to LIVE on minimum wage for two months before they took office, so they would know the hardships and heartache of working at half the poverty line!