$447 bil

[Papa_Complex]

Originally Posted by goof2

When it comes to long term investment income the US Government disagrees.

And therein lies their error.

[shmike]

Originally Posted by Papa_Complex

And therein lies their error.

Give me a quick snapshot of your ideal tax code.

Is a repeal of the LTCG rate enough of a change?

Every penny of earnings (regardless of source) taxed via the current progressive brackets?

Higher brackets for extra-wealthy folks?

In all seriousness, what do you envision as "fair"?

[goof2]

Originally Posted by shmike

Give me a quick snapshot of your ideal tax code.

Is a repeal of the LTCG rate enough of a change?

Every penny of earnings (regardless of source) taxed via the current progressive brackets?

Higher brackets for extra-wealthy folks?

In all seriousness, what do you envision as "fair"?

Somehow .5% of people who file taxes shouldering almost 30% of the individual income tax burden while almost half the people owe no federal income tax is viewed as unfair; to the almost half that owe nothing.

[Homeslice]

Originally Posted by goof2

Somehow .5% of people who file taxes shouldering almost 30% of the individual income tax burden while almost half the people owe no federal income tax is viewed as unfair; to the almost half that owe nothing.

And what % of our nation's wealth & income is accounted for by that 0.5%?

[goof2]

Originally Posted by Homeslice

And what % of our nation's wealth & income is accounted for by that 0.5%?

Around 14% of income.

[Homeslice]

From all sources, or just employment?

[Papa_Complex]

Originally Posted by shmike

Give me a quick snapshot of your ideal tax code.

Is a repeal of the LTCG rate enough of a change?

Every penny of earnings (regardless of source) taxed via the current progressive brackets?

Higher brackets for extra-wealthy folks?

In all seriousness, what do you envision as "fair"?

I'm made to wonder how much more they would pay in taxes, if their current REAL income was taxed at current rates?

[RACER X]

so whats more important, % of tax to income or $ amount?

[shmike]

Originally Posted by Papa_Complex

I'm made to wonder how much more they would pay in taxes, if their current REAL income was taxed at current rates?

How ironic that the system of taxation began as a way for the rich to subsist off the poor, no?

[fatbuckRTO]

Originally Posted by RACER X

so whats more important, % of tax to income or $ amount?

What's important is that the government can't build and maintain roads and bridges or provide for the common defense without tax money. If everyone got the tax breaks that some get then we'd have a real hole of a country.

That said, if someone makes more money than me, then I don't think it's fair that they pay less than I do towards providing funds for the country we both live in and benefit from. That doesn't mean I think they should necessarily pay more, but personally I don't have a problem paying more in taxes than someone who makes less than I do. Within reason.

I do think that people should not be coming away from tax season with a net gain, the way some lower income (and probably higher income) people do. Credits like the EIC often make that a reality. I don't have a problem with letting a lower income person slide on taxes, but they shouldn't be taking money straight out of the pot they aren't contributing to.

Problem is I have no idea how to frame those thoughts in legalese, and by association I have no idea how to prevent people with six or seven (etc.) figure salaries from hiding their income the way some do.