T Nation

Not So Fast. The Rich Pay Their Fair Share

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]usmccds423 wrote:

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.

DD,

Captial gains are taxed at 15% while, in Flacco’s case, his ordinary income rate is I beleive 35% (2012).

I mentioned capital gains because it seems many here like to say the rich are circumventing the tax code through capital gains instead of paying tax on ordinary income. I am pointing out that is not the case, most of the time. Case and point, Joe Flacco.

[quote]usmccds423 wrote:
DD,

Captial gains are taxed at 15% while, in Flacco’s case, his ordinary income rate is I beleive 35% (2012).

I mentioned capital gains because it seems many here like to say the rich are circumventing the tax code through capital gains instead of paying tax on ordinary income. I am pointing out that is not the case, most of the time. Case and point, Joe Flacco.

[/quote]

15% + whatever the business is taxed on that same money.

It’s nothing but a balloon game.

That’s way, way, way too much money to be paying the government.

[quote]DoubleDuce wrote:

[quote]usmccds423 wrote:
DD,

Captial gains are taxed at 15% while, in Flacco’s case, his ordinary income rate is I beleive 35% (2012).

I mentioned capital gains because it seems many here like to say the rich are circumventing the tax code through capital gains instead of paying tax on ordinary income. I am pointing out that is not the case, most of the time. Case and point, Joe Flacco.

[/quote]

15% + whatever the business is taxed on that same money.

It’s nothing but a balloon game.[/quote]

I’m talking about a person, Joe Flacco, not a business. As far as the business aspect goes, I think it’s a bit more complicated than that, but I’m not an expert.

[quote]usmccds423 wrote:

[quote]DoubleDuce wrote:

[quote]usmccds423 wrote:
DD,

Captial gains are taxed at 15% while, in Flacco’s case, his ordinary income rate is I beleive 35% (2012).

I mentioned capital gains because it seems many here like to say the rich are circumventing the tax code through capital gains instead of paying tax on ordinary income. I am pointing out that is not the case, most of the time. Case and point, Joe Flacco.

[/quote]

15% + whatever the business is taxed on that same money.

It’s nothing but a balloon game.[/quote]

I’m talking about a person, Joe Flacco, not a business. As far as the business aspect goes, I think it’s a bit more complicated than that, but I’m not an expert. [/quote]

If you own part (or all) of a business in order to earn capital gains, the line between personal money and company money is meaningless. It goes in your pocket if the government doesn’t take it.

[quote]smh23 wrote:
That’s way, way, way too much money to be paying the government.[/quote]

Not according to Pittbullski, Led Zep34567 and our fair president.

/starting to detect a pattern here.

[quote]UtahLama wrote:

[quote]smh23 wrote:
That’s way, way, way too much money to be paying the government.[/quote]

Not according to Pittbullski, Led Zep34567 and our fair president.

/starting to detect a pattern here.[/quote]

As conservative as Sorkin could ever be–which isn’t very conservative. But Barry O could learn something from that.

[quote]smh23 wrote:
That’s way, way, way too much money to be paying the government.[/quote]

Average payroll tax in Austria 38,75 %, median income tax 30%, VAT 20%, gasoline ptices of around 8$ a gallon, most of it taxes…

You do the math!

[quote]usmccds423 wrote:

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]

Duh, obviously it’s defensible because he makes more money than me.

[quote]DoubleDuce wrote:

[quote]usmccds423 wrote:

[quote]DoubleDuce wrote:

[quote]usmccds423 wrote:
DD,

Captial gains are taxed at 15% while, in Flacco’s case, his ordinary income rate is I beleive 35% (2012).

I mentioned capital gains because it seems many here like to say the rich are circumventing the tax code through capital gains instead of paying tax on ordinary income. I am pointing out that is not the case, most of the time. Case and point, Joe Flacco.

[/quote]

15% + whatever the business is taxed on that same money.

It’s nothing but a balloon game.[/quote]

I’m talking about a person, Joe Flacco, not a business. As far as the business aspect goes, I think it’s a bit more complicated than that, but I’m not an expert. [/quote]

If you own part (or all) of a business in order to earn capital gains, the line between personal money and company money is meaningless. It goes in your pocket if the government doesn’t take it.
[/quote]

Like I said, I think that’s a bit of an oversimplification. It’s not really even the point I was trying to make.

[quote]DoubleDuce wrote:

[quote]usmccds423 wrote:

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]phaethon wrote:

[quote]DoubleDuce wrote:

[quote]usmccds423 wrote:

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]DoubleDuce wrote:

[quote]phaethon wrote:

[quote]DoubleDuce wrote:

[quote]usmccds423 wrote:

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]usmccds423 wrote:

[quote]DoubleDuce wrote:

[quote]phaethon wrote:

[quote]DoubleDuce wrote:

[quote]usmccds423 wrote:

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]DoubleDuce wrote:

[quote]usmccds423 wrote:

[quote]DoubleDuce wrote:

[quote]phaethon wrote:

[quote]DoubleDuce wrote:

[quote]usmccds423 wrote:

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]

DD,

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?

So is this Flacco character going to end up on food stamps or something? On a more serious note: why should anyone who posts here care what he pays in taxes? None of us are making anything close to what he makes and probably never will. Worry about your own taxes and let Flacco worry about his.

I wonder if the reason why people who are not wealthy, like those who post here (yes, I know some of you would refer to yourselves as rich but relative to who?), is because it makes them feel that they too are part of that club. It’s as though by defending the rights of the rich they will become rich.

Do you think Flacco worries about the NFL downsizing or shipping his job overseas? Is he worried about health insurance or his pension? And why is it this forum is so anti-union yet multimillionaire athletes feel the need to have the protection that a union offers them? Flacco is just like Obama: a wealthy socialist.

[quote]zecarlo wrote:
So is this Flacco character going to end up on food stamps or something? On a more serious note: why should anyone who posts here care what he pays in taxes? None of us are making anything close to what he makes and probably never will. Worry about your own taxes and let Flacco worry about his.

I wonder if the reason why people who are not wealthy, like those who post here (yes, I know some of you would refer to yourselves as rich but relative to who?), is because it makes them feel that they too are part of that club. It’s as though by defending the rights of the rich they will become rich.

Do you think Flacco worries about the NFL downsizing or shipping his job overseas? Is he worried about health insurance or his pension? And why is it this forum is so anti-union yet multimillionaire athletes feel the need to have the protection that a union offers them? Flacco is just like Obama: a wealthy socialist. [/quote]

You should care because it’s an unjustified amount of taxes for anyone to pay. You should care because eventually the middle class will pay these absurd taxes.

I’m not even going to address the remainder of your post. It is so full of assumptions and BS it’s a waste of time.

[quote]usmccds423 wrote:

DD,

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?
[/quote]

I agree, but it’s that way as a result of law and yes, it does seem impossible to undo what the law has done at this point.

So, you are a from according to ability, to according to need kind of guy…

The biggest reason? It’s redundant.