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Wealthy pay lower tax rate than Poor


tomtom

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i heard a snippit of a story the other day about a guy that started with a paperclip and kept trading up till he got a house.

 

Ummm, that's not news. No doc negative amortization home loans were pretty common.

 

No assets + no income + no doc loan = New House

 

WaMu would even supply the paperclip.

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I think the logic behind letting taxing rich people less is some kind of trickle down theory. If you tax rich people too much they will live somewhere else and spend their money somewhere else. Let them keep their money and the surrounding businesses will benefit.

 

That's what the conservative governments have been telling me at least. I can't tell if they're right because it's never been any other way at least in my lifetime.

 

In the story they quote percentages of earnings which is a pretty bogus way to analyse the issue. 30.5% of $266,000 is $81,130, 30.7% of $13,523 is $4,151. If they are both receiving the same services from the government then how is this fair. The low income people are most likely receiving government subsidies to begin with.

 

I really am a socialist at heart and think the rich should help out the needy but to compare taxation as a percentage of income just doesn't make any sense to me. It's a much more complex problem than that.

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Actually, it doesn't feel marginal when you are at the top end of that bracket; only when you first enter it.

And here in the US you get screwed another way. Once you become a HCE, your retirment savings generally gets screwed up too--even though you are at the low end of that bracket.

Taxes are so complex that the time spent figuring stuff out is amazing. Life slips away and you actually turn grey while doing them.

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Actually, it doesn't feel marginal when you are at the top end of that bracket; only when you first enter it.

And here in the US you get screwed another way. Once you become a HCE, your retirment savings generally gets screwed up too--even though you are at the low end of that bracket.

Taxes are so complex that the time spent figuring stuff out is amazing. Life slips away and you actually turn grey while doing them.

 

that's what you get for being "rich" :P

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