finknottle Posted August 4, 2011 Share Posted August 4, 2011 here's an answer: a sliding scale percentage ( the current progressive tax scheme would do minus the bush tax cuts) of disposable income. after paying a median rent/mortgage, buying food and transportation and without loopholes The current progressive tax scheme *with the Bush tax cuts* is still a sliding scale precentage of disposable income. The 'after paying' stuff is accounted for by the personal deduction. The question remains - if I earn $500k, what is my fair share of taxes? How much should I be allowed to keep? Here's a separate question: If I am single and earning 200k, I am told I am rich and need to pay my fair share through higher taxes. But what if I earn 200k because I am busting my butt for a few years working 80 hrs a week at two 100k jobs, trying to get ahead and save for the future? Am I still considered rich and therefore not paying my fair share? Link to comment Share on other sites More sharing options...
3rdnlng Posted August 4, 2011 Share Posted August 4, 2011 The current progressive tax scheme *with the Bush tax cuts* is still a sliding scale precentage of disposable income. The 'after paying' stuff is accounted for by the personal deduction. The question remains - if I earn $500k, what is my fair share of taxes? How much should I be allowed to keep? Here's a separate question: If I am single and earning 200k, I am told I am rich and need to pay my fair share through higher taxes. But what if I earn 200k because I am busting my butt for a few years working 80 hrs a week at two 100k jobs, trying to get ahead and save for the future? Am I still considered rich and therefore not paying my fair share? It's simple, if you are making more than pBrain you are rich and not paying your fair share. Link to comment Share on other sites More sharing options...
pBills Posted August 4, 2011 Share Posted August 4, 2011 It's simple, if you are making more than pBrain you are rich and not paying your fair share. Again... proving how brilliant you are and why nothing can get done in this country. Link to comment Share on other sites More sharing options...
Gene Frenkle Posted August 4, 2011 Share Posted August 4, 2011 The current progressive tax scheme *with the Bush tax cuts* is still a sliding scale precentage of disposable income. The 'after paying' stuff is accounted for by the personal deduction. The question remains - if I earn $500k, what is my fair share of taxes? How much should I be allowed to keep? Here's a separate question: If I am single and earning 200k, I am told I am rich and need to pay my fair share through higher taxes. But what if I earn 200k because I am busting my butt for a few years working 80 hrs a week at two 100k jobs, trying to get ahead and save for the future? Am I still considered rich and therefore not paying my fair share? You need to do one of several things... 1. Pay back into the system that allows you to make $500K or the system that allows you to make $500K will fall apart. 2. Come up with a better system and start your own country. 3. Move to a country which is using a better system. Good luck! Link to comment Share on other sites More sharing options...
DC Tom Posted August 4, 2011 Share Posted August 4, 2011 1. Pay back into the system that allows you to make $500K or the system that allows you to make $500K will fall apart. Unless you're a government contractor, I don't see what system "allows" you to make $500k. At best, the "system" stays out of your way. Link to comment Share on other sites More sharing options...
3rdnlng Posted August 4, 2011 Share Posted August 4, 2011 You need to do one of several things... 1. Pay back into the system that allows you to make $500K or the system that allows you to make $500K will fall apart. 2. Come up with a better system and start your own country. 3. Move to a country which is using a better system. Good luck! What is his fair share though? Link to comment Share on other sites More sharing options...
GG Posted August 4, 2011 Share Posted August 4, 2011 You need to do one of several things... 1. Pay back into the system that allows you to make $500K or the system that allows you to make $500K will fall apart. This guy likely pays about $100K in federal income taxes, while the guy making $50K likely pays $5K in income taxes. 10x salary = 20x in taxes. Fair? 2. Come up with a better system and start your own country. The entire foundation of the US law is the protection and respect of private property, with the tax system an outgrowth of that ethos. The tax code has always been designed to allow the entrepreneurs, innovators and workers to maximize their utility without fear of a land grab from the government. It's only in the last generation that you're seeing the importation of the European progressive thought that greater taxation and government involvement leads to a better life. So there's really no reason to start a better system or start your own country, when you're defending your own country from the nanny state invasion. 3. Move to a country which is using a better system. Good luck! See #2. Link to comment Share on other sites More sharing options...
Gene Frenkle Posted August 4, 2011 Share Posted August 4, 2011 This guy likely pays about $100K in federal income taxes, while the guy making $50K likely pays $5K in income taxes. 10x salary = 20x in taxes. Fair? $400K > $45K and the guy taking home $400K wouldn't be doing so if it weren't for the guy taking home $45K. All part of the same system. Also, life is not fair. The entire foundation of the US law is the protection and respect of private property, with the tax system an outgrowth of that ethos. The tax code has always been designed to allow the entrepreneurs, innovators and workers to maximize their utility without fear of a land grab from the government. It's only in the last generation that you're seeing the importation of the European progressive thought that greater taxation and government involvement leads to a better life. So there's really no reason to start a better system or start your own country, when you're defending your own country from the nanny state invasion. Unless the system is perfect, which it's far from, you can ALWAYS improve on the system. The rest of that is just rhetoric. Link to comment Share on other sites More sharing options...
DC Tom Posted August 4, 2011 Share Posted August 4, 2011 $400K > $45K and the guy taking home $400K wouldn't be doing so if it weren't for the guy taking home $45K. All part of the same system. Yeah, right. I couldn't have made $150k last year if it wasn't for some sixteen year-old burger-flipper supporting me. Now you're just being !@#$ing ridiculous. Also, life is not fair. And will continue to not be fair, no matter how much you try to legislate fairness. Link to comment Share on other sites More sharing options...
GG Posted August 4, 2011 Share Posted August 4, 2011 $400K > $45K and the guy taking home $400K wouldn't be doing so if it weren't for the guy taking home $45K. All part of the same system. You know how yesterday I said that I misread your post, I take that back. It was only a matter of time until you reverted to form. Yes, that guy making $500K only did so by stepping on the backs of the poor saps on his way up. Link to comment Share on other sites More sharing options...
Dante Posted August 4, 2011 Share Posted August 4, 2011 $400K > $45K and the guy taking home $400K wouldn't be doing so if it weren't for the guy taking home $45K. All part of the same system. Also, life is not fair. Unless the system is perfect, which it's far from, you can ALWAYS improve on the system. The rest of that is just rhetoric. Damn. Miss the Soviet Union much? geeze. This country was created to get away from people exactly like you. How about, if it weren't for the guy who makes 400k the 45k guy wouldn't have a job. Especially if he depends on the government to give it to him. I agree the US system isn't perfect but its as close as any other society has come. And leftist have been trying to "improve" it for 80 years or so. Look where its got us. Link to comment Share on other sites More sharing options...
DC Tom Posted August 4, 2011 Share Posted August 4, 2011 You know how yesterday I said that I misread your post, I take that back. It was only a matter of time until you reverted to form. Yes, that guy making $500K only did so by stepping on the backs of the poor saps on his way up. Actually, I think his point was that the guy making $500k only did so because of the poor saps doing the scut work in the world, so he didn't have to think about it. I'm still missing the part where that requires the guy making $500k to pay in order to maintain "the system". What kind of !@#$ing system is he advocating now? Are we now taxing the rich in order to keep the poor poor, so the rich can be rich? Link to comment Share on other sites More sharing options...
Gene Frenkle Posted August 4, 2011 Share Posted August 4, 2011 (edited) And will continue to not be fair, no matter how much you try to legislate fairness. When we are living in Robot Utopia, life will be wonderful for all. Until the robots take over, that is. You know how yesterday I said that I misread your post, I take that back. It was only a matter of time until you reverted to form. Yes, that guy making $500K only did so by stepping on the backs of the poor saps on his way up. All part of the same system. One would not exist without the other. Damn. Miss the Soviet Union much? geeze. This country was created to get away from people exactly like you. How about, if it weren't for the guy who makes 400k the 45k guy wouldn't have a job. Especially if he depends on the government to give it to him. I agree the US system isn't perfect but its as close as any other society has come. And leftist have been trying to "improve" it for 80 years or so. Look where its got us. Yes, our Capitalist System (if that's what you want to call it) is perfect and there're are no more improvements that could possibly make it better. Since we've completely solved that one, perhaps we should next concentrate on a real challenge like cold fusion and solve that whole energy problem. Edited August 4, 2011 by Gene Frenkle Link to comment Share on other sites More sharing options...
KD in CA Posted August 4, 2011 Share Posted August 4, 2011 Actually, I think his point was that the guy making $500k only did so because of the poor saps doing the scut work in the world, so he didn't have to think about it. I'm still missing the part where that requires the guy making $500k to pay in order to maintain "the system". What kind of !@#$ing system is he advocating now? Are we now taxing the rich in order to keep the poor poor, so the rich can be rich? I think Gene has been taking logic lessons from EII. Link to comment Share on other sites More sharing options...
birdog1960 Posted August 4, 2011 Share Posted August 4, 2011 (edited) This guy likely pays about $100K in federal income taxes, while the guy making $50K likely pays $5K in income taxes. 10x salary = 20x in taxes. Fair? so what do you figure the disposable income of each is? assuming the guy making 50k is being taxed on this alone, the assumption would be 15k. using that same number (35k) for necessities. the 500k earner has a disposable income of465k. so the guy payin 5k on his 15k disposable income is paying more as a percentage than the guy making 500k. how is that fair? Edited August 4, 2011 by birdog1960 Link to comment Share on other sites More sharing options...
DC Tom Posted August 5, 2011 Share Posted August 5, 2011 so what do you figure the disposable income of each is? assuming the guy making 50k is being taxed on this alone, the assumption would be 15k. using that same number (35k) for necessities. the 500k earner has a disposable income of465k. so the guy payin 5k on his 15k disposable income is paying more as a percentage than the guy making 500k. how is that fair? So fair would be both of them paying 33% of disposable income? Just curious...does "disposable income" exclude the $500k earner's work expenses? Link to comment Share on other sites More sharing options...
birdog1960 Posted August 5, 2011 Share Posted August 5, 2011 (edited) So fair would be both of them paying 33% of disposable income? Just curious...does "disposable income" exclude the $500k earner's work expenses? ah and there lies the source of our disagreement. what is essential and what is disposable? i would argue that essentials should be the same for all. if someone making 50k is expected to survive on 35 or 40k depending on dependents, then the high earner should be held to the same standard. everything else is disposable. and i would argue that fair would be the current progressive scale minus the bush tax cuts on disposable income. Edited August 5, 2011 by birdog1960 Link to comment Share on other sites More sharing options...
DC Tom Posted August 5, 2011 Share Posted August 5, 2011 ah and there lies the source of our disagreement. what is essential and what is disposable? i would argue that essentials should be the same for all. if someone making 50k is expected to survive on 35 or 40k depending on dependents, then the high earner should be held to the same standard. everything else is disposable. So all the expenses you incur in your practice should be after-tax expenses? Link to comment Share on other sites More sharing options...
birdog1960 Posted August 5, 2011 Share Posted August 5, 2011 So all the expenses you incur in your practice should be after-tax expenses? all my expenses go through my pc. not on my individual return. don't see why that couldn't apply to everyone. Link to comment Share on other sites More sharing options...
GG Posted August 5, 2011 Share Posted August 5, 2011 all my expenses go through my pc. not on my individual return. don't see why that couldn't apply to everyone. Sounds like a tax loop hole to me. Link to comment Share on other sites More sharing options...
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