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So sorry

January 5, 2013

I'm sorry I have withheld this information from the public for so long. Please forgive me....

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Jan-05-13 4:27 AM

So Steven, what is the rich's fair share? 30%? 40% 60% of their gross income? By the way Steven, how many people do you have on your payroll right now? It is the rich that risk their wealth to turn a profit and sometimes they create jobs with their gambling. Overly taxing these risk takers here will only further drive them to take their money and go to another country to gamble where the odds are more in their favor.

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Jan-05-13 6:05 AM

Just had this conversation with my wife the other night.

47% of the population pays no federal income taxes.

In 2011 we made $77k and paid a 7.2% effective tax rate (including a penalty for early withdrawal of a retirement account) and in 2010 on an income of $62k we paid a 4.5% effective tax rate.

The rich, if they only pay capital gains taxes, pay 15%, which is 200% or 300% more than we pay.

So I will never understand the people who say the rich don't pay their share. Probably most of them are in the 47% who pay no federal income tax.

There is no doubt the system needs fixed, but let's start by using the truth and facts.

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Jan-05-13 7:54 AM

They never get around to explaining exactly what "fair share" really means, do they?

And you never see a Liberal use math to explain just what raising taxes on the rich would do to the collections to the treasury and howe much it will affect the deficit. That's because people would laugh out loud to see just how little would be collected by raising tax rates on the high earners.

It's about getting back at the rich for being more successful than they are. That's all. Budgets and deficits have nothing to do with it.

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Jan-05-13 8:47 AM

Here we go again you are unfair to the rich. Mike is still stuck in the Federal Tax inequality. The heros of the right that made that possible. Yet the right will block any and all tax increases.

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Jan-05-13 11:00 AM

Chuck, using my example, explain to me why you feel as if the rich are not paying their share. If they are 'only' paying the 15% capital gains and are paying 2 or 3 times the percentage I am paying and you feel it is not enough, what percentage do you feel is a fair share for them?

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Jan-05-13 11:09 AM

Chuck, all your lib buddies who are wealthy and all the lib media types are rich and successful, yet pay only what they are required. How about if you and they tell us what a fair rate is. They won't because it would penalize them, but it sounds good to whine about an investor or CEO who is making big money. Artists get away with it because they pretend to be one of the little people. Ask Bon Jovi and Bruce Springsteen why they pay almost no real estate taxes on hundreds of acres of property in NJ where their mansions are located.

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Jan-05-13 12:11 PM

Whether you are rich,middle class or poor the taxes should be the same percentage for everyone. You shouldn't have to pay more or less percentage because of income. There are many people who started on the low rung of the ladder and worked their way up the rungs. They should be penalized for what they accomplished.

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Jan-05-13 12:12 PM

It should be...They shouldn't be penalized.

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Jan-05-13 12:21 PM

One question- Did the "rich" who put their money in the Cayman Islands break any tax laws? Do any politicians take any advantage of tax laws to pay less than "their fair share"? And what about Rep. Charley Rangle's Carribean Villa in which he cheated on his taxes. And who can forget Tax Cheat Timmy Geitner's tax evasion. Oh, and lest we forget, did anyone go to jail for tax evasion? Heck no, they're still busy raising our taxes. Obama's tax policy? Punish success!

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Jan-05-13 1:52 PM

Exactly what should a rich persons fair share be? What should a middle class persons fair share be? The governent, operated by both parties has insured that the tax code is so complex and convoluted that nobody even realizes how much tax is collected by the various levels of government. The current increase in tax rates will not result in any extra revenues to the federal government because it will lower wages for the poor and middle class and people will lose jobs. It is in place merely to satisfy the new Communist Party's (formerly called the Democrat Party)*****for class warfare. A winning strategy in the last election.

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Jan-05-13 3:58 PM

Government’s income should equal its cost plus enough to begin paying down the national debt; anything else is just magical thinking.

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Jan-05-13 4:02 PM

"It's about getting back at the rich for being more successful than they are." Actually Vince, creating class envy is about acquiring votes from the gullible. As we discovered in November, the ploy works.

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Jan-05-13 5:26 PM


You need to include your SS and Medicare tsxes collected into your calculation. Someone who only pays capital gains tax does not pay into SS or medicare.

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Jan-05-13 7:03 PM

JerryfromRI-"You need to include your SS and Medicare tsxes collected into your calculation. Someone who only pays capital gains tax does not pay into SS or medicare."

And neither do I on any interest, dividends or retirement income. This is a typical diversion tactic and a disingenuous argument. You want to compare all taxes paid by the rest of us to only one tax paid by the rich. So you don't want to use Capital gains because they don't pay SS or Medicare on it, lets compare the 39% you want them to pay to the 4.5% or 7.2% I pay on federal income tax. Explain to me how it is you think that is fair.

What rate is fair for the rich to pay?

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Jan-05-13 7:31 PM

SSI just went up double as did Medicare. My son works full time for the extra money and full time for the Lord. His secular job called a meeting this week and told their employees their health insurance costs are going up. My son works for a large corporation in CT. and his health insurance premiums will go to $110.00 (up form 55.00) every two weeks and then in 2014...again. Puleeeeze don't tell me that Obama cares about people, especially in this country. He came here to kill America, one business at a time. Oh, BTW....his current deductible which is $1000.00 will jump to $5000.00. Sounds like a plan to me, don't you think...progressives? Maybe he should jump on the bandwagon and do what Obama's dreams of his father were...learn to depend on the govt., give the govt ultimate control....and make us a third world nation.

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Jan-05-13 7:59 PM


Let me try again. You had an effective federal income tax of "A". Then you compared that rate to another person, who only had capital gains, they paid rate "B".

So? You can't compare an apple to an orange.

I said, evidently disingenuously, add up all the tax you paid, and then compare THAT to all the taxes that other person paid and THEN compare the rates.

Disingenuous indeed.

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Jan-05-13 8:02 PM

But, to answer your question, I favor the flat tax. Rich, poor, earned, capital gains, it's all the same and the rate should be 17.8%. No deductions. None.


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Jan-06-13 4:14 AM

Jerry, the reason I used the 15% capital gains is because the people who cry the rich don't pay enough point to the lower tax rate that the rich pay, which, for a lot of them, interest and dividends is a big chunk of their income.

17.8%. Is there a reason behind the 17.8%, like you or someone else calculated the money needed to run the Government? I was assuming that, with no deductions, credits or loopholes and everyone who works pays, the percentage would be below 10%. And what about capital gains and interest? Are you keeping that at 15% and everyone pays?

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