I wanted to put this out there for all those that feel the rich don’t pay their share. Flacco will likely pay, “a combined marginal income tax rate of 51.98 percent.”
I would venture a guess as to say most of the “rich” are folks like this. They aren’t living off capital gains, although Flacco will one day. They are instead living off wages that are heavily taxed.
The government is going to take more than half of what he is contracted to make. Not to mention all of the other taxes he will pay, such as sales, gas, etc…
How can you defend this?[/quote]
Capitol gains are taxed more heavily that regular income. They are just paid through corporate taxation. To be fair, there shouldn’t be any tax on personal capitol gains.[/quote]
That is not quite true. Dividends are. Capital gains are not necessarily. Assets can increase in value without any corporate taxation.
To be really “fair” capital gains and dividends should be taxed as normal income and the government should issue imputation credits against corporate tax paid.[/quote]
Corporations aren’t a person and shouldn’t be taxed at all. In fact earning (productivity) shouldn’t be fined (taxed) at all.[/quote]
Why shouldn’t corporations be taxed? They use public resources don’t they? [/quote]
No. Considering a corporation is a piece of paper and a name. There is no such thing as corporate earnings. All earnings are some individual’s money. The government grants them personhood, and that’s just foolish.
Some people in companies do and some don’t use much public resource. The homeless use lots of public resources, should we tax them for it?
And if you are going to be fair and tax people for their exact use of a resource, then it isn’t public, it’s some sort of state administered capitalism.[/quote]
I disagree. The largest stockholder can’t take corporate assets. Bill Gates can’t walk into a Microsoft store and take what he wants. It doesn’t work that way. As a matter of fact he’d go to jail for theft if he did. On some philosophical level I get what you are saying, but that’s not reality.
Your homeless example is extreme. What could we possibly take from them in the form of taxes? Apple made billions in profits last year, a homeless person might eat today. There is a big difference. Apple also uses a ton of resources. Much more than a homeless person.
Corporate earnings do exist and they profit should be taxed. They use resources that otherwise could be used for other things.
What is your argument for taxing an individual and not a corporation?