They'll just never, ever tax the real rich - the rich, like Ted Kennedy, John Kerry and John Edwards, who's wealth is in property and long-term investments...they'll always go after people who are working hard and building up wealth:
House Democrats looking to spare millions of middle-class families from the expensive bite of the alternative minimum tax are considering adding a surcharge of 4 percent or more to the tax bills of the nation's wealthiest households.
Under one version of the proposal, about 1 million families would be hit with a 4.3 percent surtax on income over $500,000, which would raise enough money to permit Congress to abolish the alternative minimum tax for millions of households earning less than $250,000 a year, according to Democratic aides and others familiar with the plan.
A punitive tax on our most productive citizens - good idea; great plan, Democrats. Look, seriously, tax just one of Ted Kennedy's mansions, and you'll at least be able to pretend you've got a bit of sense.
Posted by Mark Noonan at June 8, 2007 10:09 AM
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I say, if they want to tax the really wealthy, the minimum should be those with a net worth (not just income) of 5 million or more. Say the Bill Gates', Warren Buffet's, Ted Kennedy's, Nancy Pelosi's of the world. And given that Buffet has actually advocated tax increases, I definately want him included. (Living in the Omaha area we hear way to much from this so called Oracle).
Posted by: kjstrouble at June 8, 2007 10:26 AM
Are there no wealthy Republicans - as you put it - "the real rich"?? What about Dick Cheney, Rupert Murdock, Mitt Romney, George HW Bush, the Republican CEOs of companies like Haliburton and the large oil companies, the Walton family, just to name a few. Whenever you discuss the rich in America, you always refer to wealthy Democrats. Just curious why you do not know of any wealthy Republicans.
Posted by: sunny at June 8, 2007 10:51 AM
Yep.
I am not a big fan of taxation. But, I have always said, if we are going to tax, let's eliminate the income tax and create a wealth tax.
Then folks like the Kerry's, Edward's, and Kennedy's would be appropriately dealt with --- rather than taxing those who are just trying to achieve the American Dream.
The super wealthy could care less about income taxes because often they set up enough losses/donations to fully offset any tax liability.
If politicians in Washington really, really want to be true to the constant "class bashing" for political points, they will drop the income tax --- and create a wealth tax combined with a value added consumption tax.
Ugh, I hate taxes; but at least with a wealth tax and a value added consumption tax you are created a system that appeals to the Democrats (Tax the rich!) while appealing to Republicans (create a tax system that is fair based on consumption....you want to buy a Lexus....you are going to end up with a tax bill higher than someone buying a Kia based on the cost of the item - the more you spend...the more taxes you pay...that is fair).
So there...Washington will never do it because a wealth tax would hurt virtually every Senator, Rep, or White House higher up. But, I believe a system such as this would appeal to both Democrats and Republicans alike -- plus virtually eliminate the IRS!
MNLIB
Posted by: MN Libertarian at June 8, 2007 10:56 AM
I say, if they want to tax the really wealthy, the minimum should be those with a net worth (not just income) of 5 million or more.
Why not just step in and seize all assets over 5 million. When a wealthy person dies the government can seize all their assets and put their kids to work. Hey, while we're at it we could nationalize our private sector and seize control of all the businesses and everyone can be a government employee! We can redistribute the wealth much quicker by taking everything the rich have worked for and giving it to those who haven't earned it. Naturally, this would occur after allowing the politicians and bureaucrats to steal and waste significant portions of it.
Our government has more money than they need. We don't need increased taxes we need our government to exercise some fiscal responsibility. Our citizens need to take personal responsibility for their lives and stop looking to the government for their next entitlement payment.
Posted by: Right Lane at June 8, 2007 11:32 AM
I would rather have a flat tax that does not penalize anyone for their hard work. Some money has to be collected. If the dems really believe that the rich need to be taxed more, lets tax those who are really really rich (total wealth, not just income) and quit picking on the upper middle class who happen to get into the higher income brackets. The Dems won't do that because then they might have to pay taxes on their total wealth (what is a Kennedy worth these days?)
Of course there are wealthy Republicans - I just don't hear them advocating more taxes the way I do the Dems. If you want more taxes collected - I say it should come out of your pockets - especially if you are a wealthy person advocating collecting from someone less well off than themselves.
Posted by: kjstrouble at June 8, 2007 03:13 PM
Right Lane. Hear Hear.
Don't most people realize that small business (which is the largest source of job creation in the country) for the most part pay taxes at the individual level based on how they are incorporated? Don't most people realize that by offering small business lower taxes it allows them to hire more workers? Don't people realize these new workers become taxpayers?
How hard is this to figure out? The dems are focused on the slimmest slice of the demographic pie (but largest in terms of tax contribution) at the expense of everyone else for purely political divide and conquer reasons.
Remember lefties over 90% of americans who earn less than 40k/year pay an effective income tax rate of ZERO.
Bloody morons....
Posted by: GOP 4 ME at June 8, 2007 05:02 PM
Sure, I wish the Dem's WOULD tax the "truly rich" as well as the rich. Why? Because they just don't need the money. And other people do. Honestly, what is a person going to do with more than 500,000 dollars coming in per year? Other than get richer.
ThELefTYFoOL
Posted by: the_lefty_fool at June 8, 2007 06:36 PM
This tax stuff matters a lot to me. Since none of you actually know me - and hence I won't offend a co-worker, I make between $172K and $180K a year depending on how well we do. But with three kids, two cars, and a home in Northern Virginia - that doesn't sound rich to ME.
Posted by: Kahn at June 8, 2007 09:16 PM
sunny,
Plenty of wealthy Republicans - but you don't see Republicans saying "tax the rich" when they know the only place to really get large amounts of money is from the middle class (really, if we confiscated all the wealth over a million dollars in the United States, we could probably run our government for a month or two)...meanwhile, Democrats are always about having the rich pay "their fair share"...well, someone who's got several swank homes counts as rich to me, and you'll never, ever see Democrats advocating a tax on that - because that would hit them hard.
Personally, I'd rather just see a flat tax and have done with it...class warfare is just another form of the sin of envy, and we've got enough of that around, already.
Posted by: Mark Noonan at June 9, 2007 12:42 AM
Order Matt and Mark's book on Amazon or Barnes and Noble
I say, if they want to tax the really wealthy, the minimum should be those with a net worth (not just income) of 5 million or more. Say the Bill Gates', Warren Buffet's, Ted Kennedy's, Nancy Pelosi's of the world. And given that Buffet has actually advocated tax increases, I definately want him included. (Living in the Omaha area we hear way to much from this so called Oracle).
Are there no wealthy Republicans - as you put it - "the real rich"?? What about Dick Cheney, Rupert Murdock, Mitt Romney, George HW Bush, the Republican CEOs of companies like Haliburton and the large oil companies, the Walton family, just to name a few. Whenever you discuss the rich in America, you always refer to wealthy Democrats. Just curious why you do not know of any wealthy Republicans.
Yep.
I am not a big fan of taxation. But, I have always said, if we are going to tax, let's eliminate the income tax and create a wealth tax.
Then folks like the Kerry's, Edward's, and Kennedy's would be appropriately dealt with --- rather than taxing those who are just trying to achieve the American Dream.
The super wealthy could care less about income taxes because often they set up enough losses/donations to fully offset any tax liability.
If politicians in Washington really, really want to be true to the constant "class bashing" for political points, they will drop the income tax --- and create a wealth tax combined with a value added consumption tax.
Ugh, I hate taxes; but at least with a wealth tax and a value added consumption tax you are created a system that appeals to the Democrats (Tax the rich!) while appealing to Republicans (create a tax system that is fair based on consumption....you want to buy a Lexus....you are going to end up with a tax bill higher than someone buying a Kia based on the cost of the item - the more you spend...the more taxes you pay...that is fair).
So there...Washington will never do it because a wealth tax would hurt virtually every Senator, Rep, or White House higher up. But, I believe a system such as this would appeal to both Democrats and Republicans alike -- plus virtually eliminate the IRS!
MNLIB
I say, if they want to tax the really wealthy, the minimum should be those with a net worth (not just income) of 5 million or more.
Why not just step in and seize all assets over 5 million. When a wealthy person dies the government can seize all their assets and put their kids to work. Hey, while we're at it we could nationalize our private sector and seize control of all the businesses and everyone can be a government employee! We can redistribute the wealth much quicker by taking everything the rich have worked for and giving it to those who haven't earned it. Naturally, this would occur after allowing the politicians and bureaucrats to steal and waste significant portions of it.
Our government has more money than they need. We don't need increased taxes we need our government to exercise some fiscal responsibility. Our citizens need to take personal responsibility for their lives and stop looking to the government for their next entitlement payment.
I would rather have a flat tax that does not penalize anyone for their hard work. Some money has to be collected. If the dems really believe that the rich need to be taxed more, lets tax those who are really really rich (total wealth, not just income) and quit picking on the upper middle class who happen to get into the higher income brackets. The Dems won't do that because then they might have to pay taxes on their total wealth (what is a Kennedy worth these days?)
Of course there are wealthy Republicans - I just don't hear them advocating more taxes the way I do the Dems. If you want more taxes collected - I say it should come out of your pockets - especially if you are a wealthy person advocating collecting from someone less well off than themselves.
Right Lane. Hear Hear.
Don't most people realize that small business (which is the largest source of job creation in the country) for the most part pay taxes at the individual level based on how they are incorporated? Don't most people realize that by offering small business lower taxes it allows them to hire more workers? Don't people realize these new workers become taxpayers?
How hard is this to figure out? The dems are focused on the slimmest slice of the demographic pie (but largest in terms of tax contribution) at the expense of everyone else for purely political divide and conquer reasons.
Remember lefties over 90% of americans who earn less than 40k/year pay an effective income tax rate of ZERO.
Bloody morons....
Sure, I wish the Dem's WOULD tax the "truly rich" as well as the rich. Why? Because they just don't need the money. And other people do. Honestly, what is a person going to do with more than 500,000 dollars coming in per year? Other than get richer.
ThELefTYFoOL
This tax stuff matters a lot to me. Since none of you actually know me - and hence I won't offend a co-worker, I make between $172K and $180K a year depending on how well we do. But with three kids, two cars, and a home in Northern Virginia - that doesn't sound rich to ME.
sunny,
Plenty of wealthy Republicans - but you don't see Republicans saying "tax the rich" when they know the only place to really get large amounts of money is from the middle class (really, if we confiscated all the wealth over a million dollars in the United States, we could probably run our government for a month or two)...meanwhile, Democrats are always about having the rich pay "their fair share"...well, someone who's got several swank homes counts as rich to me, and you'll never, ever see Democrats advocating a tax on that - because that would hit them hard.
Personally, I'd rather just see a flat tax and have done with it...class warfare is just another form of the sin of envy, and we've got enough of that around, already.