I won't argue that high income earners (whether wages & salary or business & investment income) could pay more taxes. What most of the "tax the rich" advocates miss is, this will not solve the US national debt problem. We MAY have a tax structure problem (at least I think we do), but we have a much bigger SPENDING problem. I favor either restructuring the tax code entirely or going back to the Clinton tax rates PLUS major overhauls of entitlement programs and reductions in military spending.
@rhpritchard1945 The whole class warfare issue was launched to be a complete distraction. The issue has NEVER been about taxation. The ISSUE and ONLY ISSUE is spending. THERE is not enough money in income and wealth in the hands of the 'rich' to balance spending for one year. Watch "Eat the Rich" here on YouTube.
@Robbob9933 I agree. My original video was simply pointed out the advantages given to those who employ the other 3 methods of earning cash flow. The rich mostly pay MORE than their "fair share". Look at Mitt Romney's recently released 2010 taxes: $3.2M paid, or about 15% of his income. Average Americans pay about 7%. On the other hand, Warren Buffet, who has been made the "tax the rich" poster child, actually owes almost a billion dollars in back taxes. Who is the better example?
@rhpritchard1945 If I remember the GAO and CBO reports on IRS figures correctly, someone with a 15% effective tax rate pays more taxes than 97% of taxpayers. I forgot that fact of your's. Is it Warren who owes that money of Birkshire?
The 45% of income earners you mentioned do not pay federal income taxes because they do not earn enough. They do pay payroll and state taxes. While some receive a federal income tax return, it is not from payroll taxes. There is no question that the wealthiest Americans pay a majority of the income taxes, but considering the fact their income has increased dramatically and that income taxes are the lowest they've been in decades, they could pay more to provide for schools or government jobs.
this guy has NO idea what he's talking about. 45% don't pay any taxes at all? is he an idiot? hey moron you don't get your payroll taxes back lol, they get paid to other people. 45% don't pay INCOME taxes, but that only makes up for half of federal revenue. get off youtube and don't make speeches unless we can quote you on your data, get your facts straight
@Welsh77 I assure you I'm well aware of those facts. Not arguing tax RATES are not high enough for high income WAGE EARNERS. It's the tax BREAKS we give to certain industries (oil and gas, agribusiness, and "legal" drugs come to mind). Are those industries really benefiting the country and creating jobs? Well, sometimes, but not always. The point was to get people to think outside the E&S boxes of Kiyosaki's Cash Flow Quadrants, not to propose "higher" tax rates on the wealthy.
the top 20% paid 69.3% of all federal revenue in 2006. the top 1% faced a 31% effective tax rate in 2006 and the bottom 20% paid a 4% effective tax rate according to the CBO. saying that the rich don't pay taxes or that we don't have a progressive system is simply a lie.
@Welsh77 You missed the point. Tax RATES are plenty high on high income WAGE EARNERS. I was simply pointing out the tax advantages of the B&I sectors of the Cash Flow Quadrant (as opposed to the E&S sectors, where most people live).
@rhpritchard1945 i really don't care, when you have a system that slanted, much more slanted than the income distribution, the rich are paying more than enough in taxes.
@Immer4Rammstein Maybe. It's a bit more complicated than that. Some of those "loopholes" for the rich create jobs. More jobs = more taxpayers. Also, if we "tax the rich" at the levels Obama wants to, it won't even come close to covering the overspending gap. We have to cut spending in the USA if we want to reduce our debt and avoid national bankruptcy.
@rhpritchard1945 I hear you. I just think its better to also tax them. I see in the news where the government keeps shutting down jobs. Pretty soon, there will be no more jobs left, and the rich will keep getting richer and the poor poorer. But it is a very valid point. America was poor the day she became her own country. I have seen where when George Washington was in office the US already had a deficit of $75,000,000 or so. I could be wrong. It could have been more. It just has gotten worse.
@Immer4Rammstein We actually do tax the rich heavily in terms of TAX RATES. The problem is, the tax code is written to allow certain industries and types of investors to greatly reduce or avoid taxes altogether. That MIGHT be a good thing if it actually created other taxable jobs. But many times, it's just a political payoff to campaign donors. And BOTH national parties do it. That's why our tax code is so screwed up.
tax the rich, feed the poor!
zunathanzu 2 months ago
I won't argue that high income earners (whether wages & salary or business & investment income) could pay more taxes. What most of the "tax the rich" advocates miss is, this will not solve the US national debt problem. We MAY have a tax structure problem (at least I think we do), but we have a much bigger SPENDING problem. I favor either restructuring the tax code entirely or going back to the Clinton tax rates PLUS major overhauls of entitlement programs and reductions in military spending.
rhpritchard1945 2 months ago
@rhpritchard1945 The whole class warfare issue was launched to be a complete distraction. The issue has NEVER been about taxation. The ISSUE and ONLY ISSUE is spending. THERE is not enough money in income and wealth in the hands of the 'rich' to balance spending for one year. Watch "Eat the Rich" here on YouTube.
Robbob9933 4 weeks ago
@Robbob9933 I agree. My original video was simply pointed out the advantages given to those who employ the other 3 methods of earning cash flow. The rich mostly pay MORE than their "fair share". Look at Mitt Romney's recently released 2010 taxes: $3.2M paid, or about 15% of his income. Average Americans pay about 7%. On the other hand, Warren Buffet, who has been made the "tax the rich" poster child, actually owes almost a billion dollars in back taxes. Who is the better example?
rhpritchard1945 4 weeks ago
@rhpritchard1945 If I remember the GAO and CBO reports on IRS figures correctly, someone with a 15% effective tax rate pays more taxes than 97% of taxpayers. I forgot that fact of your's. Is it Warren who owes that money of Birkshire?
Robbob9933 4 weeks ago
@Robbob9933 Don't know whether it's Buffet himself or Hathaway. In either case, he's a bad example for fair taxation of the rich.
rhpritchard1945 4 weeks ago
The 45% of income earners you mentioned do not pay federal income taxes because they do not earn enough. They do pay payroll and state taxes. While some receive a federal income tax return, it is not from payroll taxes. There is no question that the wealthiest Americans pay a majority of the income taxes, but considering the fact their income has increased dramatically and that income taxes are the lowest they've been in decades, they could pay more to provide for schools or government jobs.
disclaimer05 2 months ago
this guy has NO idea what he's talking about. 45% don't pay any taxes at all? is he an idiot? hey moron you don't get your payroll taxes back lol, they get paid to other people. 45% don't pay INCOME taxes, but that only makes up for half of federal revenue. get off youtube and don't make speeches unless we can quote you on your data, get your facts straight
Welsh77 6 months ago
@Welsh77 I assure you I'm well aware of those facts. Not arguing tax RATES are not high enough for high income WAGE EARNERS. It's the tax BREAKS we give to certain industries (oil and gas, agribusiness, and "legal" drugs come to mind). Are those industries really benefiting the country and creating jobs? Well, sometimes, but not always. The point was to get people to think outside the E&S boxes of Kiyosaki's Cash Flow Quadrants, not to propose "higher" tax rates on the wealthy.
rhpritchard1945 6 months ago
@Welsh77 He is talking about INCOME TAXES you ass. That is the only tax that is in the arguement.
Robbob9933 4 weeks ago
the top 20% paid 69.3% of all federal revenue in 2006. the top 1% faced a 31% effective tax rate in 2006 and the bottom 20% paid a 4% effective tax rate according to the CBO. saying that the rich don't pay taxes or that we don't have a progressive system is simply a lie.
Welsh77 6 months ago
@Welsh77 You missed the point. Tax RATES are plenty high on high income WAGE EARNERS. I was simply pointing out the tax advantages of the B&I sectors of the Cash Flow Quadrant (as opposed to the E&S sectors, where most people live).
rhpritchard1945 6 months ago
@rhpritchard1945 i really don't care, when you have a system that slanted, much more slanted than the income distribution, the rich are paying more than enough in taxes.
Welsh77 6 months ago
That is so true. But if the rich were taxed, that could help to solve some of Americas monetary problems.
Immer4Rammstein 6 months ago
@Immer4Rammstein Maybe. It's a bit more complicated than that. Some of those "loopholes" for the rich create jobs. More jobs = more taxpayers. Also, if we "tax the rich" at the levels Obama wants to, it won't even come close to covering the overspending gap. We have to cut spending in the USA if we want to reduce our debt and avoid national bankruptcy.
rhpritchard1945 6 months ago
@rhpritchard1945 I hear you. I just think its better to also tax them. I see in the news where the government keeps shutting down jobs. Pretty soon, there will be no more jobs left, and the rich will keep getting richer and the poor poorer. But it is a very valid point. America was poor the day she became her own country. I have seen where when George Washington was in office the US already had a deficit of $75,000,000 or so. I could be wrong. It could have been more. It just has gotten worse.
Immer4Rammstein 6 months ago
@Immer4Rammstein We actually do tax the rich heavily in terms of TAX RATES. The problem is, the tax code is written to allow certain industries and types of investors to greatly reduce or avoid taxes altogether. That MIGHT be a good thing if it actually created other taxable jobs. But many times, it's just a political payoff to campaign donors. And BOTH national parties do it. That's why our tax code is so screwed up.
rhpritchard1945 6 months ago
@rhpritchard1945 I see your point. So what do you think the US can do to fix the huge deficit that America has?
Immer4Rammstein 6 months ago
Starbucks is overpriced and doesn't taste all that good, save money go to Dunkin donuts or Mc'Donalds...other than that good info here, thanks.
ITILII 10 months ago
thanks for sharing...fortunate to read that book in 2008, great financial education!!!!keep up the great work.
harry1pupualii 1 year ago
@harry1pupualii Thanks for your support!
Dr. Dick
rhpritchard1945 1 year ago