So I'm in a situation now where through some good career moves over the past few years I've paid my house off. I'm now taking the excess income and investing it in the stock market. I also started a side business. The net effect of all this is that my effective tax rate is now lower than when I had to struggle to make ends meet.
While I'm not going to volunteer to send extra money to the government (just as warren Buffet doesn't), I don't see the wisdom in a system that is skewed to help those that are already successful. Why should I pay a lower rate now that I have money to spare?
I realize that your linked article is not about people in my situation. I'm also not trying to set you up for an arguement. I just want your opinion, because I'm guessing that you feel my new tax situation to be entirely justified (while I don't). The discrepancy between capital gains rate and income rate just seems weird to me.
Also regarding your article: I don't think it is right that lots of people pay no income taxes, but I also don't think it's right that the super wealthy pay a lower effective rate than me. But given the fact that they do pay a lower rate, do you think it should be increased along with a reform to have more americans at lower income levels actually pay into the system?
While I'm not going to volunteer to send extra money to the government (just as warren Buffet doesn't), I don't see the wisdom in a system that is skewed to help those that are already successful. Why should I pay a lower rate now that I have money to spare?
I realize that your linked article is not about people in my situation. I'm also not trying to set you up for an arguement. I just want your opinion, because I'm guessing that you feel my new tax situation to be entirely justified (while I don't). The discrepancy between capital gains rate and income rate just seems weird to me.
Also regarding your article: I don't think it is right that lots of people pay no income taxes, but I also don't think it's right that the super wealthy pay a lower effective rate than me. But given the fact that they do pay a lower rate, do you think it should be increased along with a reform to have more americans at lower income levels actually pay into the system?
Why Joel is CRAZY - Nearly Half of All Americans Don't Pay Federal Income Taxes
23/02/2012 04:43:15 AM
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A not so hypothetical situation...
23/02/2012 05:46:44 AM
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Your paying more money now than then. Lower rate but more money *NM*
23/02/2012 07:52:51 AM
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Why the heck do you think the current tax system is skewed to the rich?
23/02/2012 03:18:43 PM
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Once again, poor people have no money with which to pay taxes.
23/02/2012 06:23:07 AM
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50% of America is not "poor" or too poor to pay federal income taxes.....
23/02/2012 01:01:24 PM
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You base that statement on what, exactly? Fervent desire that it be true?
25/02/2012 12:43:30 AM
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2009 (the year cited for this claim) was an outlier because of temporary tax cuts and the economy.
25/02/2012 01:14:01 AM
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Interesting, but lacking the data I consider critical; FICA etc. should not be counted, IMHO.
25/02/2012 02:10:45 AM
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It's a phrasing thing, permits more bullshit
25/02/2012 04:41:06 AM
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Maybe I am just playing the same game,but I find stats from "the other side" compelling in some ways
25/02/2012 10:36:40 AM
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You're operating under the same fallacy he does - that people should pay income taxes.
23/02/2012 12:05:52 PM
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In much the same way
23/02/2012 01:40:58 PM
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Joel is crazy, but I highly doubt that this is "why"
23/02/2012 01:36:37 PM
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I see your point, but not how it changes much in the conversation where we discussed that
25/02/2012 01:49:29 AM
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You mention this statistic all the time.
23/02/2012 02:16:47 PM
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Obviously, we are talking about the bottom 50%.....
23/02/2012 03:22:43 PM
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I wonder how much of that statistic is students
23/02/2012 02:22:58 PM
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The number "paying taxes" should include dependents of those paying
23/02/2012 02:39:21 PM
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yah I read the link, but apparently I just didn't understand their explanation.
23/02/2012 05:40:54 PM
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Federal taxes
23/02/2012 04:18:22 PM
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Your figures are fairly unrealistic
23/02/2012 04:54:44 PM
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Not entirely.
23/02/2012 06:30:18 PM
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Yeah I don't normally assume NY as a baseline
23/02/2012 06:41:37 PM
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It probably isn't. We even tax delivery fees, gardening services and other things with sales tax.
25/02/2012 07:03:46 PM
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We don't tax transport of property either
25/02/2012 08:16:53 PM
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Places usually get around it with free delivery. A tax on a $0 item is still $0. *NM*
25/02/2012 09:12:22 PM
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Income taxes are not the only kind of taxes. 86% of Americans pay payroll or income tax.
23/02/2012 09:51:50 PM
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And give the riff raff a reason to become involved in politics? Are you daft? *NM*
24/02/2012 05:04:51 AM
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25% of america is under 18, that means ~25% of the rest are not working or paid very little
25/02/2012 08:17:52 PM
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