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The rich are not paying their fair share of taxes. . . . .

By maxwell edison ·
..... or so says Hillary Clinton.

"The rich are not paying their fair share (of taxes) ..... whether it's individual, corporate or whatever (form of) taxation"
- Hillary Clinton to an audience at the Brookings Institution

Full quote and context:

http://www.politico.com/blogs/bensmith/0510/Clinton_The_rich_are_not_paying_their_fair_share.html

Questions:

Define the rich?

At what percentage should corporations be taxed?

Do you think the cost of corporate taxes are passed onto the consumer, or absorbed by corporate officers, or applied to (deducted from) corporate profits, or something else?

At what percentage should capital gains be taxed?

What percentage of total taxes collected should be paid by:

- the top 5 percent of wage earners pay?
- the top 10 percent of wage earners pay?
- the top 50 percent of wage earners pay?
- the bottom 50 percent of wage earners pay?

What is the maximum percentage a person's income should be subjected to taxation?

Should income be taxed at all? Why or why not?

Would you favor a consumption tax instead of an income tax?

Would you favor a consumption tax in addition to an income tax?

Should Social Security taxes be increased? If yes, on whom and by how much?

Should Medicare taxes be increased? If yes, on whom and by how much?

Should we pass on to future generations (our children and grandchildren) a system (a government) that taxes them more than it taxed us so it can pay for the promises made to us?

Would you be willing to pass-on your personal debt to your children and grandchildren?

Are you willing to pass-on your government debt to your children and grandchildren?

That's a good question to be the last.

All questions asked with sincerity. Please answer as such. Moreover, feel free to ask your own. In due time, I'll answer all questions myself.

Disclaimers:

- I do not believe that ALL taxes should be abolished. I believe taxes are a vital element to maintaining a free society.

- I believe in the Laffer Curve.

http://www.heritage.org/Research/Reports/2004/06/The-Laffer-Curve-Past-Present-and-Future

However, I'm not an absolutist on suggesting that either increased or decreased tax rates will increase (or reduce) tax revenue. For example, if the tax rate was zero percent, the revenue collected would be zero. If the tax rate was one hundred percent, the revenue collected would be zero. Therefore, the rate at which taxes are accessed and will generate the greatest amount of revenue is, at best, a percentage that's on a sliding scale.

Last question(s): If you agree with my sliding scale suggestion, what's the best way to zero-in on the optimal rate?

If you don't agree with it, why not?

This conversation is currently closed to new comments.

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I think it's quite different here

by NexS In reply to The rich are not paying t ...

In Australia.
I know that if I every decided to move to the US then I'd have many concerns. Mainly in this area.

And health care. We have a good public heath system here, and from what I have gathered, in the US you must have private health insurance if you would like any hope of being cared for in a hospital... Not the best way to care for citizens methinks.
But, at the end of the day, money rules the world and if there's no way to make money from something it'll be in danger of being scrapped for something that can be..

Just one guy's opinion.

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Max

by santeewelding In reply to The rich are not paying t ...

Yours is the love of a policy wonk.

Don't misconstrue: my interest in this is intense -- life-long, but revolutionary.

Yours is evolutionary, and dead-end, as far as I am concerned. Hillary -- Hillary is a zombie. Don't you be one, too.

(Laffer -- I interviewed and grilled him once for a written piece.)

Scrap it all. Take a cue from the Founders. They got away with what they did because what they did was all they dared get away with doing at the time.

There are germs in what they did; germs of the radical; germs which even now might **** you away.

This all means I take you with but light seriousness and bemusement.

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A truly radical suggestion

by Jaqui In reply to The rich are not paying t ...

since the unequal taxation issue isn't new, nor really news.

everyone, corporation and individual pays a flat rate. No deductions, no refunds.
rate, say 7%.
the higher your income, the more actual cash it works to, but it's a fair exchange, since your tax percentage has dropped by roughly 18%. with no deductions to reduce amount owing, the overhead of administration of taxes is reduced, no refunds, lower overhead, and the overall amount of tax revenue has increased, making deficit budgets a very unlikely thing indeed.

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All good

by santeewelding In reply to A truly radical suggestio ...

Except for that word, "deductions". If you are in business for yourself, and I take it that you have had brushes with self-employment, then you well know there to be bottom lines, plural. Wherein, all manner of the mischievous romps.

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yeah

by Jaqui In reply to All good

but getting rid of most of the mischievous romps would actually benefit the small business owner more.

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If everyone (and every Corp.) paid flat 10% tax

by JackOfAllTech In reply to A truly radical suggestio ...

no exceptions, no loopholes, no deductions, the govt would have more money than they knew what to do with it (for a while, anyway). But that will never happen because then they wouldn't have any control over us and no way to get pork or bribes.

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oh I know

by Jaqui In reply to If everyone (and every Co ...

they would never go for it.
it's just to much of a good idea, and politicos can't implement anything that would work.
it's in their contract.

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Same, Jack

by santeewelding In reply to If everyone (and every Co ...

Flat 10% tax on what?

Is what you are saying coming from a wage-earner, or a corporate CFO?

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everyone Santee

by Jaqui In reply to Same, Jack

corporations and individuals pay the SAME RATE.
on their gross income.

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Would that, then..

by NexS In reply to everyone Santee

Incur a second tax on the business owner, having the profit taxed, and then his wage (assuming he takes a wage)?

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