But no matter what you do, the wealthy find ways to avoid taxes. The
current method of choice is to get a lot of stock in a company, but not
cash any of it in to avoid capital gains taxes and borrow money at
extremely low interest rates to live on. You can avoid all income and
wealth taxes this way.
Where I have a problem with the progressive income tax code is that it is a
socially devisive tool. We get the irate chants of "tax the rich" and other
such nonsense. I believe that 100% of the population needs to pay. You can
jack up the support level to offset it, of couse, but at least then
everybody has skin in the tax code game.
On Friday, December 13, 2013, Bob Whitmire wrote:
> I was going to put it much less eloquently. Top 40 percent pay the bulk of
> taxes because THAT'S WHERE THE MONEY IS. The bottom 60 percent don't have
> any money, and many of them have so little that they need assistance.
>
> Not to mention that merely using statistics to underscore ratio of
> payments in now way suggests whether the pool of money under discussion is
> enough. The better off may pay 106.2 percent (how do you pay more than 100
> percent?), but that does not mean they pay enough.
>
> --Bob Whitmire
> Certified Neanderthal
>
> On Dec 12, 2013, at 4:16 PM, Frank Wijsmuller wrote:
>
> > Your reference to "The top 40 percent of households by before-tax income
> > actually paid 106.2 percent of the nation’s net income taxes in 2010" is
> > not a surprise with such a skewed income distribution. It is the result
> of
> > it.
>
> --
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>
--
Ken Norton
ken@xxxxxxxxxxx
http://www.zone-10.com
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