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g5jamz

What's Really The Point Of The Buffett Rule?

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I find it hilarious that Obama's pushing this with no hope of getting it passed....and yet Harry Reid still doesn't have the balls to propose a single budget.

What's HIS excuse.

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Owning a business, making money, decent schools (I'm assuming private schools), clothes and malls don't come from tax money. Interstates do, but "nice" Interstates remain to be seen.

My point is that they enjoy all the things that comes along with living in America, but then want to complain when tax time comes.

If someone wants to pay less taxes (and make less money), then they are free to go live in China, India or Mexico where taxes are far cheaper, but where they wont have near the life of luxury that they have taken for granted though.

The "American Dream" isnt free.

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I find it hilarious that Obama's pushing this with no hope of getting it passed....and yet Harry Reid still doesn't have the balls to propose a single budget.

What's HIS excuse.

As much as I despise Obama, I think that this was a brilliant move on his point.

When it is time for this to come to a vote, all of congress has to worry about getting re-elected if they dont oppose the end of extra tax incentives for the ultra wealthy.

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It's already been blocked once...they'll do it again.

Are those balls?

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My point is that they enjoy all the things that comes along with living in America, but then want to complain when tax time comes.

If someone wants to pay less taxes (and make less money), then they are free to go live in China, India or Mexico where taxes are far cheaper, but where they wont have near the life of luxury that they have taken for granted though.

The "American Dream" isnt free.

Ttheir complaint (and mine) is about the nearly 50% of people in this country that don't pay ANY federal income taxes.

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This country needs an expanded tax payer base.

1 person likes this

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Everyone likes to quote the personal tax rates of other countries a reason to raise taxes on those making over $250k and having socialized benefits.

Here is the simple fact that you are ALL conveniently omitting.......

EVERYONE in those countries pay the higher tax rates. You do not have a huge section of their population paying little to no taxes. Have EVERYONE in the US pay the 30% tax rate and you would SIGNIFICANTLY increase the tax revenues and fund the entitlements that you all want.

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example

http://en.wikipedia.org/wiki/Taxation_in_Germany

Income tax

220px-Income_Tax_Germany_2010.png

magnify-clip.pngGerman income tax rate in 2010 as a function of taxable income

The rate of income tax in Germany ranges from 0% to 45%. The German income tax is a progressive tax, which means that the average tax rate (i.e., the ratio of tax and taxable income) increases monotonically with increasing taxable income. Moreover, the German taxation system warrants that an increase in taxable income never results in a decrease of the net income after taxation. The latter property is due to the fact that the marginal tax rate (i.e., the tax paid on one euro additional taxable income) is always below 100%.

[edit] Income tax rate in 2010

No income tax is charged on the basic allowance, which is €8,004 for unmarried persons and €16,008 for jointly assessed married couples. Beyond this threshold, the marginal tax rate increases linearly from 14% to 24% for a taxable income of €13,469 (€26,938 for married couples). In the subsequent interval up to a taxable income of €52,881 (€105,762 for married couples), the marginal tax rate increases linearly from 24% to 42%. The last change of rates occurs at a taxable income of €250,730 (€501,460 for married couples) when the marginal tax rate jumps from 42% to 45%. The course of the marginal tax rate and the resulting average tax rate are depicted in the graph to the right.

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The thing that really gets me is Obama has basically said he's doing this out of "fairness". Well fairness is not redistributing the results off the back end. Fairness is having everyone start at the same place on the front end. Last time I checked everyone in this country can go to school and study hard, or get a job and move up the ladder, or invent something new that the world needs. It takes either skill, determination, or sometimes luck, (and many times a combination of all three) but there isn't (or shouldn't be) anyone stopping you. Someone had a great way to put it, "Obama doesn't want to even the playing field, he wants to even the scoreboard."

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This country needs an expanded tax payer base.

Maybe we should just annex Mexico, we could expand our tax base, and fix a big part of the illegal alien problem all in one step.

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quoted from that article

where do you get the information that we pay one of the lowest?

remember, that article only refers to the federal rate - not the state or local taxes

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To the original post. The point of the Buffet rule (or at least all the discussion about it now) is to make political points during an election season. If you go to the website as I did, you will see that most of the time it overestimates what the average person pays in taxes. Romney had an effective tax rate of around 14%, while the average middle class family has an effective tax rate of 12%. But it looks good in a political soundbyte.

Or it has something to do with all you can eat restaurants. :)

Can you source that because I have a hard time believing it, I know what we pay and I assist in filing my parents tax return and it's not the case for them either.

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