Quote:
Originally Posted by Cork
One major issue I have is why rich people are not taxed on all of their income when it comes to social security. Why am I taxed on 100% of my income but not those who make over a set amount (I think it is around $125K or somewhere slightly above).
|
Why should the rich, who do not need SS, be forced to pay a dime for it? If you want to say its a tax, abolish the SS payments and make it a tax.
Quote:
Originally Posted by Cork
Why do the oil companies get major tax breaks at a time when they are pulling in record profits?
|
First, the oil companies have a return on investment of roughly 5-10%. If I went to a bank for a loan and told them I planned a return of 5-10% on the investment, they would send me on my way.
Second, it is irrelevant. If you start your own company, and you do extremely well, do you want to get taxed more because you are successful? You want to get taxed more because you're making more money than me, a schlub who is barely breaking even? The reason why many companies are making record profits is due to the weak dollar. The value for oil went up, the dollar went down, you had a double whammy and voila, the oil companies made more money in a weak currency. An interesting exercise would be to see what the profits would have been the last few years in Euros and see how it compares.
Quote:
Originally Posted by Cork
Why are most of the tax loop holes ones that favor the rich?
|
Because it is ultimately the rich who drive the economy.
Quote:
Originally Posted by Cork
I would like a system that makes everyone pay their "fair share". if you make $500K, then pay $500K to social security. remove tax loopholes that allow the rich to write off things that the rest of us can't and make them pay what they really should in taxes.
All I want is for everyone to pay what they honestly should pay. No more, no less.
|
What should everyone pay? Let's say you pay $200 a year in taxes. I pay $20,000 a year in taxes. Why should I pay more? You probably use more government services than I do. I can afford private schools for my child. I can afford a private security force that will react faster than the police department, etc., etc. Just an off the cuff example, be gentle.
If you want taxes to be fair, go to a flat tax with a sales tax on top of it. No exceptions, no loop holes.
The sad truth of the matter is due to the businesses that revolve around the tax code, I don't see it being changed or improved any time soon.
EDIT: Not picking on you, you just illustrated your points and I take the opposite view on many of them. The only agreement is on SS taxes where I am largely playing Devil's Advocate.