Your support of the wealthy is a hollow argument! Most educated Americans know the income gap continues to widen for the rich and middle and low income citizens. What most Americans may not know is taxpaying families are forced to carry the tax burden of corporations.The New York Times reported $100 billion a year in taxes are evaded by corporations and rich Americans.
Basic property necessary for man to live should be left alone, Franklin wrote. But he continued that "all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition."
Sure a lot of the rich pay taxes ONLY if they work for SOMEONE ELSE. Otherwise many corporate pigs and dogs don't pay any of it but still don't use their lavish tax breaks to lower unemployment.
A lot of the class warfare that goes on in this country is done purely by politicians. It is easy to pit the poor against the rich to further the politicians agendas. It stems from jealousy and blaming others for your problems. Most people including myself don't do very much in depth research on this subject. They hear one thing and they go to a website and that is it, their opinion is formed.
Bankers manipulate countries and economy to further their own agendas. After they create a huge loan to the victims. They don't care about paying a bit tax, because it makes their whole scam looks good to governments, greedy politicians, likeminded people and the "masses". If we really want a better balance, kill debts and interests and make pure money and paper speculation illegal. Vote for honest people.
Warren Buffett, the third-richest man in the world, has criticised the US tax system for allowing him to pay a lower rate than his secretary and his cleaner.
@travroy Yes, but put in into context. He was talking about Capital Gains. Let me explain. Rich man makes $1. The govt takes 45 cents and leaves him with 55 cents. He invest tht 55 cents. Every penny he earns on that 55 cents is called capital gains which he pays capital gains tax. Depending on rates at the time could be from 10-15%. Now his secretary is paying income tax on new income which might be 20-25%. Wealthy like Buffett live in a capital gains world, not income world.
@mrhoffame No, Buffett wasn't talking about capital gains (you can easily find the article online). He paid 17.7% while his secretary paid 30% income tax. Just because Buffett *decides* to invest, make more money and pay capital gains, does not negate the fact that a billionaire, without loopholes, can regularly pay a lower income and payroll tax percentage than someone making $60,000 a year. That doesn't even amount to a flat tax.
@travroy omg yes thats true, if you can post that kinda stuff more often or make/spread some videos with more of your knowledge on that, that would be great. keep up the good work :)
well Bill Gates, and Warren Buffet were very clear. They both stated on video, they do NOT have to pay taxes, they CHOOSE to, however, they very well do not have to. Ill grab the video if I can find it.
The key word there is earned income! Earned income is not capital gains!! Most rich people convert their money in to capital gains profit in which the rate is much much lower! Why do you think republicans are throwing a fit about Obama making capital gains taxes much higher! Now they are holding the jobs back on Obama using jobs hostage in favor of lower capital gains tax!
@sovietninja3 WOW he shouldnt be paying anything!!! please help him do some research so he knows he doesnt have to volunteer to give his money away! my dad did the same thing
@harrisonconstantinou I not sure which rich people you are talking about. My clients do. I have seen them cut huge checks that would make your heart pound when you see how much money the IRS takes.
I mean could you imagine getting a paycheck and seeing the govt take 47 cent out of each dollar you earned? lol It makes you sick in stomach.
not really my friend. what you fail to understand i the percentage of PEOPLE. there are more people in that top 1% than in the 1980s.that means MORE people in the top 1% your percentage figures don't include that there are more people richer as more get poorer, so poor in fact that they have to claim for welfare. have a think about that. just "looking at the numbers" is childish in a view on taxation.
You state that rich people pay the highest percent of their own income to taxes. Your specifics say that 34.3% of the taxes were paid by the top 1%. You, however, failed to mention that the top 1% actually owns 41% of the nation's wealth. You go on to say that 65.8% of taxes were paid for by the top 10%, but, once again, the top 10% control 83% of the total wealth. And you said 84% was paid for by the top 25%, but guess what? The top 25% owns over 91%. Do a little more research next time.
Ten years ago I made around 13,000 dollars in one year. I was eligible for aid. But I didn't take it. I instead kept going for better and better jobs. I lived through hell! Finally last year I started my own business. The first time in my life I made just above six figures. In 2009 I finally thought I made it.... not so, I paid around 35,000 in taxes - despite paying out of pocket for my start-up. I was unable to be as 'WEALTHY' as you apparently think people are... you're crazy.
@omgjustshowme He is correct. Where things seem to always get mixed up with "Tax the Rich" type people is they talk about how much "Wealth" a person has or controls after they pay taxes. Income is the amount of money you MAKE. Wealth is the amount of money you KEEP after you pay taxes! If a wealthy person make a dollar, govt takes 45 cents, he keeps the 55 cents..Year after year. He will cover 45% of tax bill and his WEALTH with rise more and more each year ie..control more wealth.
the rich will never pay higher taxes. that's the wayit is. they alway have a figure way a way out to not pay taxes. i say tax the rich and leave the poor be, because know a days there's the rich and the poor. as ussall the poor get stuck paying higher taxes while the rich have ways of get out of it. it's just like the judicial system, the rich walk and the poor go to jail. it's only going to get worse.
the problem is that in order for voters to know anything about taxes they would have to have paid them
FOURTY THREE (43) percent of Americans PAY ZERO (0) income tax. These are people who have the right to vote, and voted the mother of all jackasses into the white house
The vast majority of the income gains in the United States over the last three decades have gone to the richest 5% of the population, largely as a result of policies that were explicitly designed to redistribute income upwards. Therefore it is far more appropriate to tax the richest 5%t of families who have prospered than the broad middle class who have suffered.
I agree with you that the rich do pay a lot of the taxs but you fail to see the truth. The rich dont report all their income and they also find loopholes in the tax system. Therefore they dont even pay what they are suppose too. The fact that you are look at the % that the rich paid the to IRS and the Fed is a joke. You need to talk to a tax attorney and an account they will show you the real % of income the rich payees.
The latest stat is that the bottom half only pays 4% of the budget. How can we be paying a greater portion of our income if we pay only 4% of the budget? There aren't that many supper rich out there. Most of the "rich" earn less than $1 million a year. Most earn a lot less.
that really just shows the wage gap between rich and poor... if you want a complete picture you must look at how much of the income they take home. in 1980 the top 1% took home 8% of the countries income... NOW the top 1% takes home 21% and they pay 30% of the taxes so in relation to how much they earn and how big of a chunk they pay THEY ARE NOT being bleed to death like you may have been taught during your "take no prisoners" economics classes.
@goose1077 The bottom half does pay only 4%, but they own less than 2.5% of the total wealth. goose1077, research both sides of your argument before making hollow claims. Yes, what your saying sounds good, until you hear the other half of your statistics. You tell how much the top ___% pays, but you do not tell how much that percent owns. And since the bottom 50% owns less than 2.5% and pays 4% they are paying "a greater portion of [their] income."
Nonsense. The only ones highly taxed in America are those that work for the money. I mean wage earners and small business people. They are taxed out the arse. The skimmers -- the naked shorts, the con games on wall street, the leverage buy outs -- are taxed next to nothing. Tax everyone the same, quit screwing those who actually work for it. This guy in the video has it arse backwards.
This is stupid. What you are really talking about is the rich find more write-offs and loopholes than the middle-class or the poor wage earner. A lot of the rich get their earnings from interest, dividends, and capital gains which they only have to pay 20% in federal taxes.
In order for a stock to have long term capital gains, if must first have earnings. Those earnings are taxed at a rate of 35%. Corporations don't pay taxes--people do.
I don't think you understand. Corporations appear to be separate lives but ultimately they are just groups of people. As long as we are taxing corporations, there shouldn't be any tax on capital gains or dividends. I don't understand why people don't get that when you own stock, you are paying taxes--the second highest taxes of the developed world.
If corporations paid their taxes instead of dodging them, then the average middle class American wouldn't need to pay taxes. Yes, they have a so-called "35% tax rate", but they are not paying 35% corporate taxes. They find some offshore haven to cut their taxes. Corporate tax receipts dropped from an average of 4.8% of GDP during the 1950s to 1.3% of GDP in 2003. Ireland has the lowest corporate taxes (12.5%), but it is 14.4% of GDP. The U.S. collects the 3rd lowest in corporate taxes by GDP.
Because corporate regulation is great for the economy. It grows jobs and incomes for the middle class. I think you should research the Laffer Curve for why you made a case for lowering the tax. Why do you think they need to pay taxes anyway? It's because you are paying too many. Isn't it? We are all fighting to get the other guys to pay. A smaller government would end this fight. Maybe you just don't like wealthy people.
Quite right my friend! I get paid per customer monthly subscription and a piece of the product and 50 cents per subscription. With millions of products out, my royalties are HIGH and I never let that be taxed. I only claim 100K but in reality I profit well into the 8 digits 10 million and above.
We need people like Oprah to step forward and set an example. She makes $260 million annually and is worth $1.3 BILLION. Don't you think that she should give up about a billion of that to people who need it? She would still be way richer than most Americans. Let's get together and demand that Oprah pay her share! Matt Damon, Madonna and Barbara Streisand also! Come on filthy rich celebs, write those checks to the Feds and trust them with it now! When I see that I might understand them...
Remember, Oprah, does not have $1.3 billion in cash and gold in a vault in her basement or in a safety deposit box. What should she do--closed down all of her businesses putting thousands of people out of a job in order to donate money to other jobless people? What you are saying makes no sense at all. Actually, she couldn't get access to her money that way anyway. She would have to sell her businesses to others who have $1.3 billion. Maybe we could nationalize her businesses--Soviet Union.
Maybe we never should have let Oprah get that rich in the first place. Maybe we should tax all income over $100,000 at 99%. Then again, if we did that who would have enough money to start a business? If there were no businesses, Where would we work? Even opening a single restaurante can cost more than $1,000,000. Where would you get that kind of money if you weren't well off? She already pays lots of taxes now. People figured out a century ago that rich people are a target to tax.
This is crap comparing a company to the individual. Company's must pay tax on capital gains and income. Individuals do not have income based on taxation definition.
This is a joke. Its funny you mention Buffet, but you dont mention his million dollar tax challenge if anyone could show the average forbes 400 CEO income tax payed was higher then the avaerage og their receptionist. No one took the challenge. The only decent retort was the 'estate' tax, which is only payable on death, sooooooooo, I don't think that counts for individuals. top 25% pays 84%, yet they own more then 84% of the wealth, so what kind of sense does that make?
How wonderful it is that you expend effort to protect an economic philosophy that says "Screw your mom and grandmother, those fools should have had the wherewithal to buy insurance to protect them against your grandfather's untimely death."
The top 1% now receive (I think) 22% of the income. That is thanks to policy choices. So yes the rich now pay more because they (we) have so very much more. When top rates were 88-91% the economy was performing the best it has for the majority.
Actually, things were more equal but they were not better. The American economy is larger now than it has ever been (except for what might have happened in the last couple quarters) While the rich get a bigger share of the wealth than the poor, the poor are getting richer and some of the poor are no longer poor. The rising tide has lifted all boats.
more equal but not better? A bigger economy is more important than equality? If the rich are REALLY REALLY rich than the poor wont matter at all i guess... You people think only in numbers, be a human being. Go worship john stuart mill, utilitarian.
Absolutely, a bigger economy is more important than equality. "Equal people are not free and free people are not equal"* We are all created differently, we will all perform differently, and we should all be compensated differently. When you try to make everyone the same, you get things like doctors who drive taxi cabs for the tips. This happens in Cuba. * Mackinac center for public policy 7 principles for sound public policy.
puke.... this is too simplistic to even respond to. you scare me, honestly. how do you think most people pay for healthcare here? We have plenty of PHD's in the service industry, begging the rich for crumbs off their table. Trust me, I know. I'm actaully against big gov't and thus high taxes, but what you are trying to imply is flat out false. no way around it. stop brown nosing the rich, its not as simple as you are making out to be. Lower taxes as incentive to not cheat? hahahahaha!!!!
These are two things we already have. Some questions. How high should their rate be? Why should it be higher? Why should they help pay for the poor? One more question after you reply. The word poor is loaded by the way.
Besides, its fun to use the power of the US Gov't to force other people to pay for goodies that we want. Why should we pay for anything ourselves when we can make the rich pay for our stuff!
well the top 10 or 1 percent may well pay most federal tax BUT who classes them as the rich???????????? we are talking about the people above them the people who own the federal reseve who pay 0000000 tax they are the rich ie rockerfella rothschild ect.....
Back to this 44% on corps, plus 15. Im fine with no tax on corps, if you tax it when it becomes income to somone. Keep in mind that corps only pay taxes on profit, as you know. TO say a corporate dividends are taxed 44+15, thats true, but its apples and oranges. GM and FORD for example, have paid little or no corp taxes, becasuse they have lost money for years. But wage earners have to pay tax on every dime. Simplify the definition of income, and tax it all the same. Drive lobbyist crazy
Just to clarify, it's the 35% plus the 15 that gets you to 44. 44+15 would be even more insane. I think some want to increase it to 39 though. Nobody pays income tax if there is no income--individual or corporate. The whole reason for this discution is that taxes are too high. if they weren't so high, we would care how it was done.
I agree with you on taxing all income the same. I do think savings and investing income should be only taxed when it is spent however. all invested money should be treated as if it were in an IRA. This makes it easier for people to accumulate wealth. it would mean that we would have more wealthy people with more freedom.
IRA --well thats fine. But then I might invest not in an IRA, but in my own business, or my own skill. To say money put in Exxon stock is an investment, but 500K I might put in my business, or my education as (for eg) a brain surgeon, how is that any less an investment? Thats my point -- its a slippery slope. Just call income as income, and let the market work. That makes it easier for self employed and workers to accumulate wealth, cause they would be taxed less.
There is a slick cliche that fools a lot of people. Its that dividends and cap gains shouldn't be taxed at all --or very little -- because that money was "taxed before". The person paid taxes previoiusly on that money, so any profit from then on, shouldnt be taxed "again"
Nonsense. Where do you think the money I used to develop my business came from? Santa claus? But I have to pay very high tax rates, AND FICA, on every dime.
RIght Im not paying 44%, and if that's what C Corps pay, its self defeating. We need to get rid of that, or cut to logical levels. If possible, I would just tax income to people, who pay it anyway. I would just tax all income (profit to business, not the gross) the same way we tax earned income to the self employed. Whatever way you dream up of taxing the self employed guy who works his ass off for it, tax everyone's income that way. Whatever it is, including FICA.
Two kids are cutting a candy bar in half. Let one kid cut - the other kid choose which half he wants. You will be stunned how even the halves are. Right now, earned income (work) pays 300% higher taxes than unearned income. Make unearned income folks take the deal they insist is so wonderful for workers. Watch the unearned income folks scream bloody murder how unfair it is, if they have to be taxed that way. Just tax all income alike, quit the bullship, the double talk, the nonsense.
If you think it is so unfair that you are taxed this way for your business, then turn your business into a C corporation. Then you can be taxed the same way those people are and see how much you like it.
Ccorp this, cap gains that, dividend bullshit. Just tax all income alike. Forget allthe double talk. I dont want any distinctions as to how you make your money. Let the market work that out. Earned income, work, is taxed 300% higher than anything else BECAUSE of these bullshit games of naming one income this, one income that. Its all bull. Tax it all the same. Let the market work
You're onto something when you say tax all income the same but your wrong about the 300%. Just try turning your company into a C corp and see how it works. The reality is, income that comes from money invested in stocks is taxed at a rate of 44.75%. That is 35%+15% of what's left. 44.75% is way too much. If we taxed all income the same, this would be a much lower number. I say, lets do it.
Yes lets do it. Corporations shouldnt pay a dime more taxes than any worker. I dont know where you get 44%, but I know a worker who makes 100K working his ass off will pay 300% higher taxes than I do, on my cap gains, on the same 100K.
God bless stocks, bonds, dividends cap gains. I try to get as much as I can that way. But why should my hard working neighbors and brother pay so damn much more tax than I do, on cap gains and dividends? They invested in things to make their money too.
the answer is that you make more money than you think you do. You pay more taxes than you think you do. The 44% is 35% corporate income tax plus 15% capital gains tax on what's left. Imagine that if you owned a company that before you can take money out of it, or reinvest earnings, you had to pay 35% to the government. That is what C corporations pay. What makes it hard to see is that instead of one or a few owners, they have thousands. The money you get is after they pay the tax.
So corps shouldnt pay a tax? Well thats fine -- tax the dividend as ordinary income then.Tax all income as ordinary income. No matter if you find it, inherit it, work for it, invest for it. Its income to me. If I invest 500K and 20 years learning to be a brain surgeon, why am I taxed heavily on every penny? But if I invest 500K in Exxon stocks, I dont pay nearly as high rates, and no FICA tax.
Let the market work. Tax all income types the same.Forget the BS name games.
IF no one should pay to IRS --fine. But don't make BS excuses why my income should be taxed 300% higher rates than yours. If I invest 500K in my education or business, why should I pay three times as high taxes as you pay on your 500K investment in Exxon.
God bless investment -- and Exxon. Just quit taxing one kind of investment 300% higher, which is what we do now.
You don't. If you want it to be the same here is how it would work. First your business would be taxed at 35%, then if you take any profit from the business, that would be taxed at 15%. If they did that, then it would be the same. I'm all for it. Then we can end double taxation on corporations.
Nonesense. Just tax income the same -- don't tax the income I make as a plumber 300% higher than money you make on dividends. I invested in my business, my equipment, my capabilities. Yet Im taxed far higher on the same income.
Right now, we have a sneaky asp system which screws work and investing in yourself. Just tax it all the same. Quit the bs. However you tax work -- tax all income that way. Let the market work it out.
Good video. The problem is that people who despise the rich want money to be taxes EVERY TIME is changes hands (corp to worker, corp to share holder, family to family). Until people can get over their hatred of the rich, videos like this will fall on deaf ears. It sucks when Warren Buffet perpetuates the BS by saying he pays 15% in taxes totally neglecting what he pays in corporate taxes.
Do away with taxes and IRS - oh god. No we arent talking same language. Sure the tax code we have is crap -- lobbyist wet dream. Our tax code screws ordinary income and rewards bullshit. I hate it. But to have no taxes and no IRS? WE need to redo it, but dont tell me you are a Fairtax fan? Sure it sounds great -- if it worked. But essentially, its a farce. Ihave a blog about it. GO there and correct it. Fairtaxabsurdity at blogspot.
You're not talking about RICH people you're talking about the upper middle class. Anyone with an income of 1m+ caqn easily write off everything and hide what they can't. Furthermore they qualify and recieve enough welfare to give them everything WE pay.
Actually the higher you go on the income ladder the greater the proportion of their income that gets taxed and the greater the difference between their portion of the tax and their portion of the population. Look at the richest 1% figure.
Look at what? How much they PAID or what the percentage they pay for their income bracket is? My grandmother owns and runs a tax business and has done so for thirty years. Trust me....at a certain point in wealth you learn how to conserve your money instead of pissing it out in taxes. Anyone know how much the Rockafellars have been paying in taxes? On that note...anyone know how much money they REALLY have???
No, I'd like them to stop lying to the American Public about the invalid legality of the Federal Income tax and stop allowing the IRS to illegally enforce a violation of the constitution of the united states of America.
There are some cases where this is true however, such as the Canadian dynasty of JD Irving, who robs the Canadian economy of millions of tax dollars each year via an offshore bank account.
Or Leona Helmsley, and certain blue bloods who find ways to cheat the system. Basically rich people pay taxes *according to the textbook* they gave you in your course, I suspect.
Of course by no means can we say that ALL rich people avoid taxes, but some invariably do.
There are always going to be some who don't pay taxes. My guess is that there are a lot more waitresses and construction workers who are finding ways to get out of taxes than supper rich people. You also have to remember that Billionaires are quite rare. When you say rich, really you are talking about people who make hundreds of thousands a year.
Exactly my point right here. %1 of the people in america own %90 of the money. Those people are NOT about to give it up...mostly because it goes right back to them via the federal income tax. WHich is used to pay the interest on the money loaned out by the FEDERAL reserve which is a %100 private organization despite its name. None of the money they print is backed by anything. You're just handing over half the value of your labor for nothing more than interest on something they never earned.
No sir you are wrong I just saw an interview with Warren Buffet, this countries richest man. He states that he only pays 17% while his secretaries Pay over 30%. So do not hand me this crap. As side from that the federal income tax is illegal. Almost every dime that is collected is used to pay just the intrest on the national debt. Who owns that debt? the richest people in the world, the share holders of the Federal Reserve.
Warren Buffet is the only one who is out there saying this. He is in a one of a kind situation. He is also not counting the taxes that are paid for him on his behalf before he claims the income--that is the 35% corporate income tax. Most of this is the tax I was referring to in the video. Remember corporations are not people, they are owned by people. Corporations don't pay taxes, people do. If you own stock, you pay taxes through the corporation.
Although the interest that is paid is significant, it is a gross exaduration to say that almost every dime of taxes is paid to interest. In 2006 the federal government paid 406 billion in interest while they collected 2.407 trillion in revenue. You were off by about $2 trillion.
Bullshit! Buffett is not the only one saying this. The federal tax code specifies it. Passive income not earned through work (called capital gains) is taxed at 14 or 15% It is a piece a cake for a very wealthy person to structure his income so that the overwhelming majority is capital gains.
There are also all types of real estate and depreciation write offs and other shelters that allow the truly rich and connected (not just people in the top %5 or whatever) to avoid paying anything.
Don't forget that in order to earn sustained capital gains, a company has to have profits. Those profits are taxes at a rate of 35%. Imagine you are running your own small business. Before you get to pay yourself you pay 35% to the government. Then you pay yourself profits that are taxed at 15. That adds up to 44.75%. The facts are the facts and I stated them in the video. You can't argue with facts. Now if you can disprove them, go ahead.
Yeah all corporations could set up their businesses to be partnerships. They don't do it because they have rationally calculated that the ability to avoid civil liability for the damage that they do is more profitable than having to pay corp. taxes. But again on corporate taxes there are vast shelters that make it possible for incredibly profitable corporations to pay nothing. Moreover the argument "this dollar has already been taxed" is sophistry - every dollar gets taxed at multiple points.
They could accomplish the same limited liability with an LLC. The reason they form corporations is to get access to capital (sell stock). There are many very large LLCs. Cerberus group bought Chrysler for example. Why should people be taxed more, just because they are pooling their money? LLC profits flow through. Everybody recognized the corporate tax as double taxing.
Many of the most profitable corporations pay no taxes. Its false to imply there is some type of across the board corp tax rate that is not routinely evaded by big firms.
As I said business people can avoid all corporate taxes by making partnerships. The purpose of the legal form of a corporation or an LLC is for the owners to be able to avoid liability for their civil wrongs.
Every dollar anyone receives or spends has been taxed many times. Its sophistry to talk about double taxation.
So sure businesspeople may choose the corporate form in order to lure capital more readily than they could if they remained a partnership or limited partnership. This is the case because of one or both of the following factors;
1) the capital holders know the business will be able to avoid paying corporate taxes or
2) despite whatever level of corporate taxes will be incurred it is still more profitable to avoid liability for injuring and killing others through reckless corporate behavior.
What balance sheet have you looked at where a profitable corporation didn't pay any taxes? You can't be a large PROFITABLE corporation and not pay taxes in the U.S. Profits get taxed my friend.
In this video I talked about the elite of elite corporations. It pays 1/600th of all U.S. taxes. How can you argue with that? How? I don't get it. When you have facts staring you in the face you pretend like they are simply not there and go with what you suspect to be true. By the way, when you have the highest corporate tax rate of any top nation, it creates a huge incentive to avoid and evade taxes. If you want to see less of this--LOWER THE RATE.
goose1077 my parent what they do with the money is buy cars send me to the most expensive school and if they donate any money to the charity or anywhere it does not affect our finances right now i havetree psps sometimes we give a million dollars and it dosent affect us were what you call RICH!!!!!!!!!!
good thing im rich my father has over 15 cars and two hummers he owns business places hes a lawyer and own half of america and we do not pay taxes lucky for me i also live in a storeie house i get anything i want ohhh and my mom is also a millionare were stinking rich!!!!!!!!!!!!!!!!!!!!!!
LOL. You're not rich, your parents are. What if they decide to do like Warren Buffet and give all their money to the Bill and Melinda Gates Foundation? By the looks of your typing, you're not going to be able to earn what they earn.
LOL yup mohan727 by the looks of your typing and grammer your parents are really getting their moneys worth from those expensive schools they're sending you to.
Again on the rich not paying taxes - the inheritance tax is scheduled to go to zero. But payroll tax is 15% off the top of the first $106K but nothing for income above that. But yeah the rich are really screwed by our government.
Workers are getting fucked -- anyone that gets their money thru their own work -- including self employed and small business. Those are the guys paying BY far the highest tax rates. No hedge fund con artist, no stock trader, comes close to paying the taxes that self employed do. Why not let the market work -- tax it all alike, let the market work. Quit screwing work.
If you mean about taxes no. The poor do get a raw deal. It's not what you think it is though. The best way to keep somebody poor is to sustain them with just enough to get by. They would be better off if they got nothing. Now that fathers are not there to mentor kids, we need a system to teach them about financial self sufficiency. Ie, don't have kids when you are 19 or even 23. That kind of stuff.
Stop freaking out people, he never said anything about corporations, corporations pay taxes as a company, not one person pays them all. Yes there are many holes for companies to get out of paying taxes or get tax cuts. What he is trying to say here is that the rich people in the country pay the taxes even if the rich corps might pay a little less.
Here is a clue you idiot. Get real. Get the real facts moron. Your idiot figures DO NOT include the billions in offshore accounts, they DO NOT include the 5 trillion that FICA payments have made in the last few years. Your "facts" are just misleading bits of bullshit you can stick where the sun don't shine. Give out the truth, not your bullshit.
We already had this conversation. Are you a bot or something? What is your stake in this? Didn't you see the part about Warren Buffet? How his company pays enough taxes to cover, what was it, one 600th of the federal budget? I don't even remember the figure but it's up there in the comments and video. I'm not looking for it.
Im not a bot, I know the biggest difference in taxes comes from HOW you make your money. Buffet says the same thing. Two people both making 100,000 --- the guy who gets that from working his ass off, risking everthing in a small business, gets taxed 300% higher that a guy who get it from capital gains or dividends. And don't give me the standard crap about the cap gains guy risks so much -- risk my ass. The small businessman risks far more, and employes people. Quit screwing real work.
Capital gains taxes are lower because investors take on all the risk. An employee has no personal stake in the future of the company. He collects a paycheck for services rendered, period. Investors, on the other hand, are vested in the future of the company - if the company fails, they can't just get another job at another company and be at economic parity. The invested principle is lost to that investor forever. Because of rationalism, people won't take on extra risk without extra incentive.
Ergo, we tax capital gains at a lower rate to provide an investive to invest. Otherwise, nobody would bother investing in American companies, because the high rax rates coupled with high market risk makes it a losers bet.
This moron above in the video is typical of the idiots that believe whatever crap is poured down their idiot necks. The figures he uses are crapola, misleading bullshit. They do NOT include FICA taxes -- which is the BIGGEST tax on 46 million americans. So to have the BIGGEST tax not even counted -- how the HELL are you gonna come close to the truth? Here is a clue you idiot - COUNT FICA, count sales tax, count all taxes, and get back to me. Meanwhile, shut the hell up
Besides, the Federal Income tax is illegal anyway, there is no law requiring you to pay/file a federal return. Oh also the federal reserve system is not federal, it is an independent bank, and your federal taxes pay the interest on the money the the Govt borrows from this entity! Are country did not have a federal income tax till 1913! Or a central bank either-known as the federal reserve system. If you were to do the research, You would be pissed once you find out how our monetary system works!
The government doesn't borrow from this entity. There is no interest. All interest is returned to the federal government see comments above regarding this. I'm well aware of how the system works. I don't agree with it it either but it is important to get the facts straight.
You did not explain why in 19th century America they had a gold standard and did not inflate the money supply and yet this was in the midst of unprecedented growth.
During the 19th century they had a gold rush. There was inflation. The system I am talking about is nothing like the system we have today. It has proven to work. It was specifically designed to prevent runaway inflation. It was an answer to the inflation germany had from 1914 to 1924.
"If for centuries gold had got scarcer and scarcer than silver, the world gold stock of gold doubled during the last half of the 19th century. This change is explained by the two waves of Gold Rushes that happened in the world during this period.
The first Gold Rush wave took place in the 1850's with California (1848) and Australia (1850), and led to an increase in annual gold production from 77 tons in 1847 to 280 tons in 1852....
But for our purpose the second gold rush is more significant. By the end of the century most rich ore mines had already been dug, and a lot of low ore mines were left, too expensive to dig. But in 1887 three Scottish chemists invented a process based on potassium cyanide for extracting gold from low-grade ore. By simply soaking the crushed ore in a bath of potassium cyanide the silver and gold contained in it was dissolved....
Then miners had just to drain and precipitate the liquid with some other salt. Many mines deemed so far too poor to be dug profitably gave birth to huge amounts of gold almost overnight. This process was applied most successfully in South Africa (1890) and Klondike (1896). South African gold production goes from zero in 1886 to 23 % of total world output in 1896."
Even if it were, it's still presents a huge moral hazard to those that run it. I don't care how good the system is, that's irrelevant, because we are dealing with people here and history has proven when you give anyone that kind of power it is always abused. The worst sort of people will end up running this thing, because there is a lot of money and power up for grabs. The chances of this system being used responsibly are nil, only very uninformed and naive people trust in government.
You are missing the entire point! The IRS is an invention of the Federal Reserve in order to siphon our tax dollars to a PRIVATE CORPORATION. The Federal Reserve IS NOT FEDERAL & IS NOT A RESERVE. These taxes ONLY LINE THEIR POCKETS. Former President Reagan even said that NONE of this tax money is used to run the government. These guys rake in $36 MILLION PER HOUR of YOUR tax dollars. But the quintessential point is THERE IS NO LAW REQUIRING US TO PAY INCOME TAX!!! We all need to do our homework
Actually I think you are making different points. That would be a different video. It's worth pointing out that the Federal Reserves profits are refunded to the federal government. It is not allowed to make a profit. I'm saying I like the federal reserve, I just don't care to see misrepresentation. Could there be corruption? Sure, but they still refund profits to the federal government.
you are mistaken. profits are not refunded to the federal government. what do you mean "not allowed to make a profit"? that's exactly what they've been doing for the last 80 YEARS. are you just making this up as you go along? you may want to check out the film "Money Masters" or better yet "Freedom to Fascism"
Think about it. Nearly all the money ever created by the federal reserve was used to buy government bonds. That's how they get it into the system. If the government had to pay those bonds back and pay interest on them, there would be no money in the system. actually it would be negative money. It's not the fed that is profiting, it's the banks and those who are poised to take over cyclically cheap companies with artificially low interest rates.
Let me get this straight, you are not really against the FED are you? You think it is OK to create money out of nothing ( counterfeiting ) and charge interest on it.
I think the post WWII German version of a fed would be acceptable--not what we have here today. The FED does not charge interest on the money they create. All of the interest is returned to the federal government. There may be some kept back to pay wages and other costs or maybe the use new money for that.
"I think the post WWII German version of a fed would be acceptable--not what we have here today."
Dude there is not need for a central bank. America became the richest country in the world partly because it did not have a central bank ( or at least a very effective one ) until 1913. Not surprisingly right after that they immediately got into a very profitable war that they paid for by printing lots of money. Fractional reserve banking is fraudulent and should be illegal.
The post WWII version isn't like a central bank. It's more like the computer Milton Friedman was talking about. I think you just missed what I was getting at.
Is it allowed to increase the money supply? If it is then it is nothing but counterfeiting for the benefit of a few elites and creates an irresistible temptation for theft through inflation.
Don't you understand that gold, the money of choice since ancient times, is the best kind of money. There is no inflation with gold as money.
Actualy there was inflation during the gold rush. with gold, the money supply is the gold supply and we have no control over it. You need to increase the money supply as demand for it increases or you end up with deflation. It was deflation from a contracting money supply more than anything else that caused the great depression. The system worked well for germany. It takes people out of the economic guessing game. That is what the real problem is. They system was made because of inflation
You are wrong about this whole subject and it's not hard to see why. This is what they teach in the universities. The problem is that they teach this for a reason and that reason is propaganda and keeping the status quo, ie legal counterfeiting. You can hardly even get tenure in the US if you believe in the gold standard or are against central banking, and the reasons for this are entirely political.
The gold supply increases very slowly, something like 1 -2%. It can never be inflated beyond this.
Inflating the money supply as Milton Friedman suggests is entirely unnecessary, look at the 19th century in America we were basically on a gold standard with no inflation, prices went down relentlessly for several decades and yet the economy was booming like never before or since. Notice that the same elites that have fucked everything in America are completely against gold as money.
I don't see how it is inflating under Milton. Population growth would absorb the new money. Maybe now that population growth has slowed we would pick a lower number than he suggested. The system is still sound. It beats what we have now.
Why do you have to inflate it at all? I'll tell you why, it's because the ruling class uses inflation to make boatloads of money at the expense of the rest of the population. That's why you cannot get tenure in any mainstream university in America if you believe in gold as money, something that is diametrically opposed to this method of hidden theft. Do you honestly believe the bankers are not making huge sums of money creating money out of thin air and then charging interest on it.
Seems this gentlemen forgot to mention that over 12,000 corporations are funneling their millions through the Ugland House in the Cayman Islands with congress approval. Mostly GOP approval as Sen Conrad and Sen Dorgan tried to stop it over a year ago. The GOP voted against the paygo amendment within a budget bill to stop this tax evasion. This would be inconvient news and would not fit into the corporate plans.
They don't make them much richer than Warren Buffet. The company that he holds a major steak in pays 1/600th of our taxes (taken from memory). In addition to this he pays lots of personal income taxes. The average person pays 1/300,000,000th of our taxes. The AMT was created to tax a tiny amount of people who were not paying personal income tax.
What you arent grasping at all is that it depends HOW you earn it. Thats why one guy making 167K pays 12K, another guy making same 167K pays over FOUR TIMES as much tax -- 55K. The worker -- self employed -- is paying OVER 4 times as much. Lower taxes, hell yes, ON THE WORKER.
Tax visibility my asp. Are you mental? The example I just futting showed you -- same income. 167K. One guy pays 55K taxes. One guy pays 12. They both have the same "embedded taxes" of corporations, but you just add it to one. Just tax all income types alike, enough of your mystical bad math crap. 55 vs 12K taxes on same income, and you dont see any difference. Denial delusion, dumb, take your pick
Actually the Rich pay most of the Federal taxes,the bottom 50% of Americans pay no Federal taxes...
TheChristianRight09 1 month ago
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Your support of the wealthy is a hollow argument! Most educated Americans know the income gap continues to widen for the rich and middle and low income citizens. What most Americans may not know is taxpaying families are forced to carry the tax burden of corporations.The New York Times reported $100 billion a year in taxes are evaded by corporations and rich Americans.
OrganNLou 5 months ago
Basic property necessary for man to live should be left alone, Franklin wrote. But he continued that "all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition."
laurenmichellekinsey 6 months ago
Sure a lot of the rich pay taxes ONLY if they work for SOMEONE ELSE. Otherwise many corporate pigs and dogs don't pay any of it but still don't use their lavish tax breaks to lower unemployment.
IcedCoffee81 6 months ago
A lot of the class warfare that goes on in this country is done purely by politicians. It is easy to pit the poor against the rich to further the politicians agendas. It stems from jealousy and blaming others for your problems. Most people including myself don't do very much in depth research on this subject. They hear one thing and they go to a website and that is it, their opinion is formed.
MrNellyred 6 months ago
I think liberals should pay 100 percent of their income in taxes. It will make them feel so compassionate, and they can leave the rest of us alone.
8thRRFS 10 months ago
Bankers manipulate countries and economy to further their own agendas. After they create a huge loan to the victims. They don't care about paying a bit tax, because it makes their whole scam looks good to governments, greedy politicians, likeminded people and the "masses". If we really want a better balance, kill debts and interests and make pure money and paper speculation illegal. Vote for honest people.
elektron2kim 1 year ago
Warren Buffett, the third-richest man in the world, has criticised the US tax system for allowing him to pay a lower rate than his secretary and his cleaner.
travroy 1 year ago
@travroy Yes, but put in into context. He was talking about Capital Gains. Let me explain. Rich man makes $1. The govt takes 45 cents and leaves him with 55 cents. He invest tht 55 cents. Every penny he earns on that 55 cents is called capital gains which he pays capital gains tax. Depending on rates at the time could be from 10-15%. Now his secretary is paying income tax on new income which might be 20-25%. Wealthy like Buffett live in a capital gains world, not income world.
mrhoffame 11 months ago
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travroy 10 months ago
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@mrhoffame No, Buffett wasn't talking about capital gains (you can easily find the article online). He paid 17.7% while his secretary paid 30% income tax. Just because Buffett *decides* to invest, make more money and pay capital gains, does not negate the fact that a billionaire, without loopholes, can regularly pay a lower income and payroll tax percentage than someone making $60,000 a year. That doesn't even amount to a flat tax.
travroy 10 months ago
@travroy omg yes thats true, if you can post that kinda stuff more often or make/spread some videos with more of your knowledge on that, that would be great. keep up the good work :)
ShiZi999 10 months ago
Actually in 2007 when this video was posted the
Top 1% earning over $410K paid in 41% of the taxes collected
Top 5% earning over $160K pd in 61%
Top 10% over $113K pd 71%
Top 25% over 67k pd 86%
Top 50% over 33K pd 97%
Bottom 50% under 33K pd in only 3%
NO question about it ----The poor people need the sugar daddy rich people to support them
With out the Rich there would be no poor
anyname666 1 year ago
well Bill Gates, and Warren Buffet were very clear. They both stated on video, they do NOT have to pay taxes, they CHOOSE to, however, they very well do not have to. Ill grab the video if I can find it.
prophetnite 1 year ago
@prophetnite
waiting for your video
anyname666 1 year ago
The key word there is earned income! Earned income is not capital gains!! Most rich people convert their money in to capital gains profit in which the rate is much much lower! Why do you think republicans are throwing a fit about Obama making capital gains taxes much higher! Now they are holding the jobs back on Obama using jobs hostage in favor of lower capital gains tax!
12Annuanki12 1 year ago
fucking taxes fucking goverment fucking companies
harrisonconstantinou 1 year ago
@harrisonconstantinou without taxes, say goodbye to your public school.
sovietninja3 1 year ago
@sovietninja3 i hate how rich peop-le dont pay taxes
harrisonconstantinou 1 year ago
@harrisonconstantinou uuuummmmmm my dad pays 30% of his annual income.......
sovietninja3 1 year ago
@sovietninja3 WOW he shouldnt be paying anything!!! please help him do some research so he knows he doesnt have to volunteer to give his money away! my dad did the same thing
ShiZi999 10 months ago
@harrisonconstantinou I not sure which rich people you are talking about. My clients do. I have seen them cut huge checks that would make your heart pound when you see how much money the IRS takes.
I mean could you imagine getting a paycheck and seeing the govt take 47 cent out of each dollar you earned? lol It makes you sick in stomach.
mrhoffame 11 months ago
@harrisonconstantinou i know i hate it too. they'll get theirs someday when they learn money doesnt buy them a ticket to heaven
ShiZi999 10 months ago
not really my friend. what you fail to understand i the percentage of PEOPLE. there are more people in that top 1% than in the 1980s.that means MORE people in the top 1% your percentage figures don't include that there are more people richer as more get poorer, so poor in fact that they have to claim for welfare. have a think about that. just "looking at the numbers" is childish in a view on taxation.
rsolgtp 1 year ago
that made absolutely no sense, dumb ass.
ogjuggalo4545 1 year ago
You state that rich people pay the highest percent of their own income to taxes. Your specifics say that 34.3% of the taxes were paid by the top 1%. You, however, failed to mention that the top 1% actually owns 41% of the nation's wealth. You go on to say that 65.8% of taxes were paid for by the top 10%, but, once again, the top 10% control 83% of the total wealth. And you said 84% was paid for by the top 25%, but guess what? The top 25% owns over 91%. Do a little more research next time.
omgjustshowme 1 year ago 9
@omgjustshowme You clearly have wealth confused with income
goose1077 1 year ago 6
@omgjustshowme
Ten years ago I made around 13,000 dollars in one year. I was eligible for aid. But I didn't take it. I instead kept going for better and better jobs. I lived through hell! Finally last year I started my own business. The first time in my life I made just above six figures. In 2009 I finally thought I made it.... not so, I paid around 35,000 in taxes - despite paying out of pocket for my start-up. I was unable to be as 'WEALTHY' as you apparently think people are... you're crazy.
Needing2Know 1 year ago
@omgjustshowme He is correct. Where things seem to always get mixed up with "Tax the Rich" type people is they talk about how much "Wealth" a person has or controls after they pay taxes. Income is the amount of money you MAKE. Wealth is the amount of money you KEEP after you pay taxes! If a wealthy person make a dollar, govt takes 45 cents, he keeps the 55 cents..Year after year. He will cover 45% of tax bill and his WEALTH with rise more and more each year ie..control more wealth.
mrhoffame 11 months ago
the rich will never pay higher taxes. that's the wayit is. they alway have a figure way a way out to not pay taxes. i say tax the rich and leave the poor be, because know a days there's the rich and the poor. as ussall the poor get stuck paying higher taxes while the rich have ways of get out of it. it's just like the judicial system, the rich walk and the poor go to jail. it's only going to get worse.
orangegoegre 1 year ago
google myths of the great depression
emporerzurg 2 years ago
the problem is that in order for voters to know anything about taxes they would have to have paid them
FOURTY THREE (43) percent of Americans PAY ZERO (0) income tax. These are people who have the right to vote, and voted the mother of all jackasses into the white house
jaskaram 2 years ago
IRS doesn't count, all the money goes to the international bankers to pay the intrest of the money system.
morimoko 2 years ago
The vast majority of the income gains in the United States over the last three decades have gone to the richest 5% of the population, largely as a result of policies that were explicitly designed to redistribute income upwards. Therefore it is far more appropriate to tax the richest 5%t of families who have prospered than the broad middle class who have suffered.
Marly61 2 years ago
I think this is a great topic you have brought to light.
MRSketch09 2 years ago 2
Original 1913 Tax Rates
1% 20,000-50,000
2% 50,000-75,000
3% 75,000-100,000
4% 100,000-250,000
5% 250,000-500,000
6% 500,000+
Keep in mind that these are 1913 dollars. Back in 1913 few people made over 20,000. Only a handful made over 500,000.
This is the way it is with any government program, They always minimize it at the beginning to get people to accept it.
carcabe 2 years ago 4
I agree with you that the rich do pay a lot of the taxs but you fail to see the truth. The rich dont report all their income and they also find loopholes in the tax system. Therefore they dont even pay what they are suppose too. The fact that you are look at the % that the rich paid the to IRS and the Fed is a joke. You need to talk to a tax attorney and an account they will show you the real % of income the rich payees.
Jusanicca 2 years ago 3
The latest stat is that the bottom half only pays 4% of the budget. How can we be paying a greater portion of our income if we pay only 4% of the budget? There aren't that many supper rich out there. Most of the "rich" earn less than $1 million a year. Most earn a lot less.
goose1077 2 years ago
that really just shows the wage gap between rich and poor... if you want a complete picture you must look at how much of the income they take home. in 1980 the top 1% took home 8% of the countries income... NOW the top 1% takes home 21% and they pay 30% of the taxes so in relation to how much they earn and how big of a chunk they pay THEY ARE NOT being bleed to death like you may have been taught during your "take no prisoners" economics classes.
benympls 2 years ago
@goose1077 The bottom half does pay only 4%, but they own less than 2.5% of the total wealth. goose1077, research both sides of your argument before making hollow claims. Yes, what your saying sounds good, until you hear the other half of your statistics. You tell how much the top ___% pays, but you do not tell how much that percent owns. And since the bottom 50% owns less than 2.5% and pays 4% they are paying "a greater portion of [their] income."
omgjustshowme 1 year ago
@Jusanicca Have you heard that rich people are also vampires and invented cancer?
YouHaveMetYourMaker 1 year ago
Nonsense. The only ones highly taxed in America are those that work for the money. I mean wage earners and small business people. They are taxed out the arse. The skimmers -- the naked shorts, the con games on wall street, the leverage buy outs -- are taxed next to nothing. Tax everyone the same, quit screwing those who actually work for it. This guy in the video has it arse backwards.
NawwLeans 2 years ago
fat fucken fag
sonyericsonw580i 3 years ago
This is stupid. What you are really talking about is the rich find more write-offs and loopholes than the middle-class or the poor wage earner. A lot of the rich get their earnings from interest, dividends, and capital gains which they only have to pay 20% in federal taxes.
AboundInGoodness 3 years ago
In order for a stock to have long term capital gains, if must first have earnings. Those earnings are taxed at a rate of 35%. Corporations don't pay taxes--people do.
goose1077 3 years ago
Long term capital gains kick in after 1 year! And corporations DO pay taxes!!!!!!!!!! And they should!
AboundInGoodness 3 years ago
I don't think you understand. Corporations appear to be separate lives but ultimately they are just groups of people. As long as we are taxing corporations, there shouldn't be any tax on capital gains or dividends. I don't understand why people don't get that when you own stock, you are paying taxes--the second highest taxes of the developed world.
goose1077 3 years ago
If corporations paid their taxes instead of dodging them, then the average middle class American wouldn't need to pay taxes. Yes, they have a so-called "35% tax rate", but they are not paying 35% corporate taxes. They find some offshore haven to cut their taxes. Corporate tax receipts dropped from an average of 4.8% of GDP during the 1950s to 1.3% of GDP in 2003. Ireland has the lowest corporate taxes (12.5%), but it is 14.4% of GDP. The U.S. collects the 3rd lowest in corporate taxes by GDP.
AboundInGoodness 3 years ago
You just made a great case for lowering corporate income tax.
goose1077 3 years ago
No, I made a great case to pass regulations on corporations.
AboundInGoodness 3 years ago
Because corporate regulation is great for the economy. It grows jobs and incomes for the middle class. I think you should research the Laffer Curve for why you made a case for lowering the tax. Why do you think they need to pay taxes anyway? It's because you are paying too many. Isn't it? We are all fighting to get the other guys to pay. A smaller government would end this fight. Maybe you just don't like wealthy people.
goose1077 3 years ago
Not true, I co own a corporation and I don't ever let them tax my profits. I will report 100K a year, not my millions and thats the end of it.
PleaseCallMeV 3 years ago
That's an argument in support of the Laffer Curve effect. I would guess that your business has a lot of depreciation expense.
goose1077 3 years ago
Quite right my friend! I get paid per customer monthly subscription and a piece of the product and 50 cents per subscription. With millions of products out, my royalties are HIGH and I never let that be taxed. I only claim 100K but in reality I profit well into the 8 digits 10 million and above.
PleaseCallMeV 3 years ago
We need people like Oprah to step forward and set an example. She makes $260 million annually and is worth $1.3 BILLION. Don't you think that she should give up about a billion of that to people who need it? She would still be way richer than most Americans. Let's get together and demand that Oprah pay her share! Matt Damon, Madonna and Barbara Streisand also! Come on filthy rich celebs, write those checks to the Feds and trust them with it now! When I see that I might understand them...
roodingle 3 years ago
Remember, Oprah, does not have $1.3 billion in cash and gold in a vault in her basement or in a safety deposit box. What should she do--closed down all of her businesses putting thousands of people out of a job in order to donate money to other jobless people? What you are saying makes no sense at all. Actually, she couldn't get access to her money that way anyway. She would have to sell her businesses to others who have $1.3 billion. Maybe we could nationalize her businesses--Soviet Union.
goose1077 3 years ago
Maybe we never should have let Oprah get that rich in the first place. Maybe we should tax all income over $100,000 at 99%. Then again, if we did that who would have enough money to start a business? If there were no businesses, Where would we work? Even opening a single restaurante can cost more than $1,000,000. Where would you get that kind of money if you weren't well off? She already pays lots of taxes now. People figured out a century ago that rich people are a target to tax.
goose1077 3 years ago
This is crap comparing a company to the individual. Company's must pay tax on capital gains and income. Individuals do not have income based on taxation definition.
rarelibra 3 years ago
i see you did talk about buffet in the comments, yawn...
StoneCutterChosenOne 3 years ago
This is a joke. Its funny you mention Buffet, but you dont mention his million dollar tax challenge if anyone could show the average forbes 400 CEO income tax payed was higher then the avaerage og their receptionist. No one took the challenge. The only decent retort was the 'estate' tax, which is only payable on death, sooooooooo, I don't think that counts for individuals. top 25% pays 84%, yet they own more then 84% of the wealth, so what kind of sense does that make?
StoneCutterChosenOne 3 years ago
How wonderful it is that you expend effort to protect an economic philosophy that says "Screw your mom and grandmother, those fools should have had the wherewithal to buy insurance to protect them against your grandfather's untimely death."
The top 1% now receive (I think) 22% of the income. That is thanks to policy choices. So yes the rich now pay more because they (we) have so very much more. When top rates were 88-91% the economy was performing the best it has for the majority.
fjfjvmvm 3 years ago
Actually, things were more equal but they were not better. The American economy is larger now than it has ever been (except for what might have happened in the last couple quarters) While the rich get a bigger share of the wealth than the poor, the poor are getting richer and some of the poor are no longer poor. The rising tide has lifted all boats.
goose1077 3 years ago
more equal but not better? A bigger economy is more important than equality? If the rich are REALLY REALLY rich than the poor wont matter at all i guess... You people think only in numbers, be a human being. Go worship john stuart mill, utilitarian.
StoneCutterChosenOne 3 years ago
Absolutely, a bigger economy is more important than equality. "Equal people are not free and free people are not equal"* We are all created differently, we will all perform differently, and we should all be compensated differently. When you try to make everyone the same, you get things like doctors who drive taxi cabs for the tips. This happens in Cuba. * Mackinac center for public policy 7 principles for sound public policy.
goose1077 3 years ago
puke.... this is too simplistic to even respond to. you scare me, honestly. how do you think most people pay for healthcare here? We have plenty of PHD's in the service industry, begging the rich for crumbs off their table. Trust me, I know. I'm actaully against big gov't and thus high taxes, but what you are trying to imply is flat out false. no way around it. stop brown nosing the rich, its not as simple as you are making out to be. Lower taxes as incentive to not cheat? hahahahaha!!!!
StoneCutterChosenOne 3 years ago
I think the rich should have the highest tax rates! I also think that the rich should help pay for the poor.
michellelynn74 3 years ago
These are two things we already have. Some questions. How high should their rate be? Why should it be higher? Why should they help pay for the poor? One more question after you reply. The word poor is loaded by the way.
goose1077 3 years ago
"Warren Buffett's Tax Rate is Lower than His Secretary's"---watch the video on youtube.
rktech68fl 3 years ago
I've already addressed the warren buffet issue many times in comments. Click on edit then find in this page.
goose1077 3 years ago
rich people pay most the taxes because they own most of the wealth. DUH!
Obama '08
rktech68fl 3 years ago
Besides, its fun to use the power of the US Gov't to force other people to pay for goodies that we want. Why should we pay for anything ourselves when we can make the rich pay for our stuff!
RobertGary1 3 years ago
well the top 10 or 1 percent may well pay most federal tax BUT who classes them as the rich???????????? we are talking about the people above them the people who own the federal reseve who pay 0000000 tax they are the rich ie rockerfella rothschild ect.....
w1l50n 3 years ago
I've explained to you countless times how his isn't the case and I'm not doing it again.
goose1077 3 years ago
Back to this 44% on corps, plus 15. Im fine with no tax on corps, if you tax it when it becomes income to somone. Keep in mind that corps only pay taxes on profit, as you know. TO say a corporate dividends are taxed 44+15, thats true, but its apples and oranges. GM and FORD for example, have paid little or no corp taxes, becasuse they have lost money for years. But wage earners have to pay tax on every dime. Simplify the definition of income, and tax it all the same. Drive lobbyist crazy
MarkDouglasC 3 years ago
Just to clarify, it's the 35% plus the 15 that gets you to 44. 44+15 would be even more insane. I think some want to increase it to 39 though. Nobody pays income tax if there is no income--individual or corporate. The whole reason for this discution is that taxes are too high. if they weren't so high, we would care how it was done.
goose1077 3 years ago
I agree with you on taxing all income the same. I do think savings and investing income should be only taxed when it is spent however. all invested money should be treated as if it were in an IRA. This makes it easier for people to accumulate wealth. it would mean that we would have more wealthy people with more freedom.
goose1077 3 years ago
IRA --well thats fine. But then I might invest not in an IRA, but in my own business, or my own skill. To say money put in Exxon stock is an investment, but 500K I might put in my business, or my education as (for eg) a brain surgeon, how is that any less an investment? Thats my point -- its a slippery slope. Just call income as income, and let the market work. That makes it easier for self employed and workers to accumulate wealth, cause they would be taxed less.
MarkDouglasC 3 years ago
There is a slick cliche that fools a lot of people. Its that dividends and cap gains shouldn't be taxed at all --or very little -- because that money was "taxed before". The person paid taxes previoiusly on that money, so any profit from then on, shouldnt be taxed "again"
Nonsense. Where do you think the money I used to develop my business came from? Santa claus? But I have to pay very high tax rates, AND FICA, on every dime.
Tax it all the same. Simplify, simplify.
MarkDouglasC 3 years ago
Like I said, if you think you are paying more, try turning you company into a C corp. You are not paying what they pay. the 44.75%.
goose1077 3 years ago
RIght Im not paying 44%, and if that's what C Corps pay, its self defeating. We need to get rid of that, or cut to logical levels. If possible, I would just tax income to people, who pay it anyway. I would just tax all income (profit to business, not the gross) the same way we tax earned income to the self employed. Whatever way you dream up of taxing the self employed guy who works his ass off for it, tax everyone's income that way. Whatever it is, including FICA.
MarkDouglasC 3 years ago
Two kids are cutting a candy bar in half. Let one kid cut - the other kid choose which half he wants. You will be stunned how even the halves are. Right now, earned income (work) pays 300% higher taxes than unearned income. Make unearned income folks take the deal they insist is so wonderful for workers. Watch the unearned income folks scream bloody murder how unfair it is, if they have to be taxed that way. Just tax all income alike, quit the bullship, the double talk, the nonsense.
MarkDouglasC 3 years ago
If you think it is so unfair that you are taxed this way for your business, then turn your business into a C corporation. Then you can be taxed the same way those people are and see how much you like it.
goose1077 3 years ago
Ccorp this, cap gains that, dividend bullshit. Just tax all income alike. Forget allthe double talk. I dont want any distinctions as to how you make your money. Let the market work that out. Earned income, work, is taxed 300% higher than anything else BECAUSE of these bullshit games of naming one income this, one income that. Its all bull. Tax it all the same. Let the market work
MarkDouglasC 3 years ago
You're onto something when you say tax all income the same but your wrong about the 300%. Just try turning your company into a C corp and see how it works. The reality is, income that comes from money invested in stocks is taxed at a rate of 44.75%. That is 35%+15% of what's left. 44.75% is way too much. If we taxed all income the same, this would be a much lower number. I say, lets do it.
goose1077 3 years ago
Yes lets do it. Corporations shouldnt pay a dime more taxes than any worker. I dont know where you get 44%, but I know a worker who makes 100K working his ass off will pay 300% higher taxes than I do, on my cap gains, on the same 100K.
God bless stocks, bonds, dividends cap gains. I try to get as much as I can that way. But why should my hard working neighbors and brother pay so damn much more tax than I do, on cap gains and dividends? They invested in things to make their money too.
MarkDouglasC 3 years ago
the answer is that you make more money than you think you do. You pay more taxes than you think you do. The 44% is 35% corporate income tax plus 15% capital gains tax on what's left. Imagine that if you owned a company that before you can take money out of it, or reinvest earnings, you had to pay 35% to the government. That is what C corporations pay. What makes it hard to see is that instead of one or a few owners, they have thousands. The money you get is after they pay the tax.
goose1077 3 years ago
So corps shouldnt pay a tax? Well thats fine -- tax the dividend as ordinary income then.Tax all income as ordinary income. No matter if you find it, inherit it, work for it, invest for it. Its income to me. If I invest 500K and 20 years learning to be a brain surgeon, why am I taxed heavily on every penny? But if I invest 500K in Exxon stocks, I dont pay nearly as high rates, and no FICA tax.
Let the market work. Tax all income types the same.Forget the BS name games.
MarkDouglasC 3 years ago
IF no one should pay to IRS --fine. But don't make BS excuses why my income should be taxed 300% higher rates than yours. If I invest 500K in my education or business, why should I pay three times as high taxes as you pay on your 500K investment in Exxon.
God bless investment -- and Exxon. Just quit taxing one kind of investment 300% higher, which is what we do now.
MarkDouglasC 3 years ago
You don't. If you want it to be the same here is how it would work. First your business would be taxed at 35%, then if you take any profit from the business, that would be taxed at 15%. If they did that, then it would be the same. I'm all for it. Then we can end double taxation on corporations.
goose1077 3 years ago
Nonesense. Just tax income the same -- don't tax the income I make as a plumber 300% higher than money you make on dividends. I invested in my business, my equipment, my capabilities. Yet Im taxed far higher on the same income.
Right now, we have a sneaky asp system which screws work and investing in yourself. Just tax it all the same. Quit the bs. However you tax work -- tax all income that way. Let the market work it out.
MarkDouglasC 3 years ago
Good video. The problem is that people who despise the rich want money to be taxes EVERY TIME is changes hands (corp to worker, corp to share holder, family to family). Until people can get over their hatred of the rich, videos like this will fall on deaf ears. It sucks when Warren Buffet perpetuates the BS by saying he pays 15% in taxes totally neglecting what he pays in corporate taxes.
robert0380 3 years ago
I think YOU are trying to skew who 'pays' what. NO ONE should be paying ANYTHING to the IRS. THANK YOU & RIP Aaron Russo
paradoxfox93 3 years ago
I agree. Do away with income taxes and the IRS all together. We're speaking the same language my friend.
robert0380 3 years ago
Do away with taxes and IRS - oh god. No we arent talking same language. Sure the tax code we have is crap -- lobbyist wet dream. Our tax code screws ordinary income and rewards bullshit. I hate it. But to have no taxes and no IRS? WE need to redo it, but dont tell me you are a Fairtax fan? Sure it sounds great -- if it worked. But essentially, its a farce. Ihave a blog about it. GO there and correct it. Fairtaxabsurdity at blogspot.
MarkDouglasC 3 years ago
You're not talking about RICH people you're talking about the upper middle class. Anyone with an income of 1m+ caqn easily write off everything and hide what they can't. Furthermore they qualify and recieve enough welfare to give them everything WE pay.
paradoxfox93 3 years ago
Actually the higher you go on the income ladder the greater the proportion of their income that gets taxed and the greater the difference between their portion of the tax and their portion of the population. Look at the richest 1% figure.
goose1077 3 years ago
Look at what? How much they PAID or what the percentage they pay for their income bracket is? My grandmother owns and runs a tax business and has done so for thirty years. Trust me....at a certain point in wealth you learn how to conserve your money instead of pissing it out in taxes. Anyone know how much the Rockafellars have been paying in taxes? On that note...anyone know how much money they REALLY have???
paradoxfox93 3 years ago
Both, plus they pay a large percentage of the federal budget.
goose1077 3 years ago
Does it matter how much money they have? Would you like for the US government to go in and tax old wealth now just for the sake of taxing it?
robert0380 3 years ago
No, I'd like them to stop lying to the American Public about the invalid legality of the Federal Income tax and stop allowing the IRS to illegally enforce a violation of the constitution of the united states of America.
paradoxfox93 3 years ago
There are some cases where this is true however, such as the Canadian dynasty of JD Irving, who robs the Canadian economy of millions of tax dollars each year via an offshore bank account.
Or Leona Helmsley, and certain blue bloods who find ways to cheat the system. Basically rich people pay taxes *according to the textbook* they gave you in your course, I suspect.
Of course by no means can we say that ALL rich people avoid taxes, but some invariably do.
redtopmp 3 years ago
There are always going to be some who don't pay taxes. My guess is that there are a lot more waitresses and construction workers who are finding ways to get out of taxes than supper rich people. You also have to remember that Billionaires are quite rare. When you say rich, really you are talking about people who make hundreds of thousands a year.
goose1077 3 years ago
Exactly my point right here. %1 of the people in america own %90 of the money. Those people are NOT about to give it up...mostly because it goes right back to them via the federal income tax. WHich is used to pay the interest on the money loaned out by the FEDERAL reserve which is a %100 private organization despite its name. None of the money they print is backed by anything. You're just handing over half the value of your labor for nothing more than interest on something they never earned.
paradoxfox93 3 years ago
Right on!
rpcwaller 3 years ago
No sir you are wrong I just saw an interview with Warren Buffet, this countries richest man. He states that he only pays 17% while his secretaries Pay over 30%. So do not hand me this crap. As side from that the federal income tax is illegal. Almost every dime that is collected is used to pay just the intrest on the national debt. Who owns that debt? the richest people in the world, the share holders of the Federal Reserve.
Watch Money Masters on google video
thefrostflyer 3 years ago
Warren Buffet is the only one who is out there saying this. He is in a one of a kind situation. He is also not counting the taxes that are paid for him on his behalf before he claims the income--that is the 35% corporate income tax. Most of this is the tax I was referring to in the video. Remember corporations are not people, they are owned by people. Corporations don't pay taxes, people do. If you own stock, you pay taxes through the corporation.
goose1077 3 years ago
Although the interest that is paid is significant, it is a gross exaduration to say that almost every dime of taxes is paid to interest. In 2006 the federal government paid 406 billion in interest while they collected 2.407 trillion in revenue. You were off by about $2 trillion.
goose1077 3 years ago
Oh O.K.
thefrostflyer 3 years ago
Bullshit! Buffett is not the only one saying this. The federal tax code specifies it. Passive income not earned through work (called capital gains) is taxed at 14 or 15% It is a piece a cake for a very wealthy person to structure his income so that the overwhelming majority is capital gains.
There are also all types of real estate and depreciation write offs and other shelters that allow the truly rich and connected (not just people in the top %5 or whatever) to avoid paying anything.
fjfjvmvm 3 years ago
Don't forget that in order to earn sustained capital gains, a company has to have profits. Those profits are taxes at a rate of 35%. Imagine you are running your own small business. Before you get to pay yourself you pay 35% to the government. Then you pay yourself profits that are taxed at 15. That adds up to 44.75%. The facts are the facts and I stated them in the video. You can't argue with facts. Now if you can disprove them, go ahead.
goose1077 3 years ago
Yeah all corporations could set up their businesses to be partnerships. They don't do it because they have rationally calculated that the ability to avoid civil liability for the damage that they do is more profitable than having to pay corp. taxes. But again on corporate taxes there are vast shelters that make it possible for incredibly profitable corporations to pay nothing. Moreover the argument "this dollar has already been taxed" is sophistry - every dollar gets taxed at multiple points.
fjfjvmvm 3 years ago
They could accomplish the same limited liability with an LLC. The reason they form corporations is to get access to capital (sell stock). There are many very large LLCs. Cerberus group bought Chrysler for example. Why should people be taxed more, just because they are pooling their money? LLC profits flow through. Everybody recognized the corporate tax as double taxing.
goose1077 3 years ago
Many of the most profitable corporations pay no taxes. Its false to imply there is some type of across the board corp tax rate that is not routinely evaded by big firms.
As I said business people can avoid all corporate taxes by making partnerships. The purpose of the legal form of a corporation or an LLC is for the owners to be able to avoid liability for their civil wrongs.
Every dollar anyone receives or spends has been taxed many times. Its sophistry to talk about double taxation.
fjfjvmvm 3 years ago
So sure businesspeople may choose the corporate form in order to lure capital more readily than they could if they remained a partnership or limited partnership. This is the case because of one or both of the following factors;
1) the capital holders know the business will be able to avoid paying corporate taxes or
2) despite whatever level of corporate taxes will be incurred it is still more profitable to avoid liability for injuring and killing others through reckless corporate behavior.
fjfjvmvm 3 years ago
What balance sheet have you looked at where a profitable corporation didn't pay any taxes? You can't be a large PROFITABLE corporation and not pay taxes in the U.S. Profits get taxed my friend.
robert0380 3 years ago
Sure if you choose to call them profits and not to lobby the feds for a loophole. In the real world that doesn't happen.
fjfjvmvm 3 years ago
In this video I talked about the elite of elite corporations. It pays 1/600th of all U.S. taxes. How can you argue with that? How? I don't get it. When you have facts staring you in the face you pretend like they are simply not there and go with what you suspect to be true. By the way, when you have the highest corporate tax rate of any top nation, it creates a huge incentive to avoid and evade taxes. If you want to see less of this--LOWER THE RATE.
goose1077 3 years ago
goose1077 my parent what they do with the money is buy cars send me to the most expensive school and if they donate any money to the charity or anywhere it does not affect our finances right now i havetree psps sometimes we give a million dollars and it dosent affect us were what you call RICH!!!!!!!!!!
mohan727 3 years ago
good thing im rich my father has over 15 cars and two hummers he owns business places hes a lawyer and own half of america and we do not pay taxes lucky for me i also live in a storeie house i get anything i want ohhh and my mom is also a millionare were stinking rich!!!!!!!!!!!!!!!!!!!!!!
mohan727 3 years ago
LOL. You're not rich, your parents are. What if they decide to do like Warren Buffet and give all their money to the Bill and Melinda Gates Foundation? By the looks of your typing, you're not going to be able to earn what they earn.
goose1077 3 years ago
LOL yup mohan727 by the looks of your typing and grammer your parents are really getting their moneys worth from those expensive schools they're sending you to.
PNWScout2 3 years ago
Again on the rich not paying taxes - the inheritance tax is scheduled to go to zero. But payroll tax is 15% off the top of the first $106K but nothing for income above that. But yeah the rich are really screwed by our government.
fjfjvmvm 3 years ago
Workers are getting fucked -- anyone that gets their money thru their own work -- including self employed and small business. Those are the guys paying BY far the highest tax rates. No hedge fund con artist, no stock trader, comes close to paying the taxes that self employed do. Why not let the market work -- tax it all alike, let the market work. Quit screwing work.
MarkDouglasC 3 years ago
This is a repeat comment.
goose1077 3 years ago
so what your saying is the poor aren't getting fucked?
RyDawg084 4 years ago
If you mean about taxes no. The poor do get a raw deal. It's not what you think it is though. The best way to keep somebody poor is to sustain them with just enough to get by. They would be better off if they got nothing. Now that fathers are not there to mentor kids, we need a system to teach them about financial self sufficiency. Ie, don't have kids when you are 19 or even 23. That kind of stuff.
goose1077 4 years ago
Stop freaking out people, he never said anything about corporations, corporations pay taxes as a company, not one person pays them all. Yes there are many holes for companies to get out of paying taxes or get tax cuts. What he is trying to say here is that the rich people in the country pay the taxes even if the rich corps might pay a little less.
Raiders1393 4 years ago
Here is a clue you idiot. Get real. Get the real facts moron. Your idiot figures DO NOT include the billions in offshore accounts, they DO NOT include the 5 trillion that FICA payments have made in the last few years. Your "facts" are just misleading bits of bullshit you can stick where the sun don't shine. Give out the truth, not your bullshit.
MarkDouglasC 4 years ago
We already had this conversation. Are you a bot or something? What is your stake in this? Didn't you see the part about Warren Buffet? How his company pays enough taxes to cover, what was it, one 600th of the federal budget? I don't even remember the figure but it's up there in the comments and video. I'm not looking for it.
goose1077 4 years ago
Im not a bot, I know the biggest difference in taxes comes from HOW you make your money. Buffet says the same thing. Two people both making 100,000 --- the guy who gets that from working his ass off, risking everthing in a small business, gets taxed 300% higher that a guy who get it from capital gains or dividends. And don't give me the standard crap about the cap gains guy risks so much -- risk my ass. The small businessman risks far more, and employes people. Quit screwing real work.
MarkDouglasC 4 years ago
These are all rehashments. I already covered these points. Go back are reread the comments I left before.
goose1077 4 years ago
Capital gains taxes are lower because investors take on all the risk. An employee has no personal stake in the future of the company. He collects a paycheck for services rendered, period. Investors, on the other hand, are vested in the future of the company - if the company fails, they can't just get another job at another company and be at economic parity. The invested principle is lost to that investor forever. Because of rationalism, people won't take on extra risk without extra incentive.
talk2farley 3 years ago
Ergo, we tax capital gains at a lower rate to provide an investive to invest. Otherwise, nobody would bother investing in American companies, because the high rax rates coupled with high market risk makes it a losers bet.
talk2farley 3 years ago
This moron above in the video is typical of the idiots that believe whatever crap is poured down their idiot necks. The figures he uses are crapola, misleading bullshit. They do NOT include FICA taxes -- which is the BIGGEST tax on 46 million americans. So to have the BIGGEST tax not even counted -- how the HELL are you gonna come close to the truth? Here is a clue you idiot - COUNT FICA, count sales tax, count all taxes, and get back to me. Meanwhile, shut the hell up
MarkDouglasC 4 years ago
Besides, the Federal Income tax is illegal anyway, there is no law requiring you to pay/file a federal return. Oh also the federal reserve system is not federal, it is an independent bank, and your federal taxes pay the interest on the money the the Govt borrows from this entity! Are country did not have a federal income tax till 1913! Or a central bank either-known as the federal reserve system. If you were to do the research, You would be pissed once you find out how our monetary system works!
tazman0572 4 years ago
The government doesn't borrow from this entity. There is no interest. All interest is returned to the federal government see comments above regarding this. I'm well aware of how the system works. I don't agree with it it either but it is important to get the facts straight.
goose1077 4 years ago
You did not explain why in 19th century America they had a gold standard and did not inflate the money supply and yet this was in the midst of unprecedented growth.
jackson32 4 years ago
During the 19th century they had a gold rush. There was inflation. The system I am talking about is nothing like the system we have today. It has proven to work. It was specifically designed to prevent runaway inflation. It was an answer to the inflation germany had from 1914 to 1924.
goose1077 4 years ago
Gold Inflation
"If for centuries gold had got scarcer and scarcer than silver, the world gold stock of gold doubled during the last half of the 19th century. This change is explained by the two waves of Gold Rushes that happened in the world during this period.
The first Gold Rush wave took place in the 1850's with California (1848) and Australia (1850), and led to an increase in annual gold production from 77 tons in 1847 to 280 tons in 1852....
goose1077 4 years ago
But for our purpose the second gold rush is more significant. By the end of the century most rich ore mines had already been dug, and a lot of low ore mines were left, too expensive to dig. But in 1887 three Scottish chemists invented a process based on potassium cyanide for extracting gold from low-grade ore. By simply soaking the crushed ore in a bath of potassium cyanide the silver and gold contained in it was dissolved....
goose1077 4 years ago
Then miners had just to drain and precipitate the liquid with some other salt. Many mines deemed so far too poor to be dug profitably gave birth to huge amounts of gold almost overnight. This process was applied most successfully in South Africa (1890) and Klondike (1896). South African gold production goes from zero in 1886 to 23 % of total world output in 1896."
michleloud dot com
goose1077 4 years ago
The Friedman computer system is much more stable than gold.
goose1077 4 years ago
Even if it were, it's still presents a huge moral hazard to those that run it. I don't care how good the system is, that's irrelevant, because we are dealing with people here and history has proven when you give anyone that kind of power it is always abused. The worst sort of people will end up running this thing, because there is a lot of money and power up for grabs. The chances of this system being used responsibly are nil, only very uninformed and naive people trust in government.
jackson32 4 years ago
You are missing the entire point! The IRS is an invention of the Federal Reserve in order to siphon our tax dollars to a PRIVATE CORPORATION. The Federal Reserve IS NOT FEDERAL & IS NOT A RESERVE. These taxes ONLY LINE THEIR POCKETS. Former President Reagan even said that NONE of this tax money is used to run the government. These guys rake in $36 MILLION PER HOUR of YOUR tax dollars. But the quintessential point is THERE IS NO LAW REQUIRING US TO PAY INCOME TAX!!! We all need to do our homework
MELESAKUEHN 4 years ago
Actually I think you are making different points. That would be a different video. It's worth pointing out that the Federal Reserves profits are refunded to the federal government. It is not allowed to make a profit. I'm saying I like the federal reserve, I just don't care to see misrepresentation. Could there be corruption? Sure, but they still refund profits to the federal government.
goose1077 4 years ago
you are mistaken. profits are not refunded to the federal government. what do you mean "not allowed to make a profit"? that's exactly what they've been doing for the last 80 YEARS. are you just making this up as you go along? you may want to check out the film "Money Masters" or better yet "Freedom to Fascism"
MELESAKUEHN 4 years ago
Think about it. Nearly all the money ever created by the federal reserve was used to buy government bonds. That's how they get it into the system. If the government had to pay those bonds back and pay interest on them, there would be no money in the system. actually it would be negative money. It's not the fed that is profiting, it's the banks and those who are poised to take over cyclically cheap companies with artificially low interest rates.
goose1077 4 years ago
Let me get this straight, you are not really against the FED are you? You think it is OK to create money out of nothing ( counterfeiting ) and charge interest on it.
jackson32 4 years ago
I think the post WWII German version of a fed would be acceptable--not what we have here today. The FED does not charge interest on the money they create. All of the interest is returned to the federal government. There may be some kept back to pay wages and other costs or maybe the use new money for that.
goose1077 4 years ago
"I think the post WWII German version of a fed would be acceptable--not what we have here today."
Dude there is not need for a central bank. America became the richest country in the world partly because it did not have a central bank ( or at least a very effective one ) until 1913. Not surprisingly right after that they immediately got into a very profitable war that they paid for by printing lots of money. Fractional reserve banking is fraudulent and should be illegal.
jackson32 4 years ago
The post WWII version isn't like a central bank. It's more like the computer Milton Friedman was talking about. I think you just missed what I was getting at.
goose1077 4 years ago
Is it allowed to increase the money supply? If it is then it is nothing but counterfeiting for the benefit of a few elites and creates an irresistible temptation for theft through inflation.
Don't you understand that gold, the money of choice since ancient times, is the best kind of money. There is no inflation with gold as money.
jackson32 4 years ago
Actualy there was inflation during the gold rush. with gold, the money supply is the gold supply and we have no control over it. You need to increase the money supply as demand for it increases or you end up with deflation. It was deflation from a contracting money supply more than anything else that caused the great depression. The system worked well for germany. It takes people out of the economic guessing game. That is what the real problem is. They system was made because of inflation
goose1077 4 years ago
You are wrong about this whole subject and it's not hard to see why. This is what they teach in the universities. The problem is that they teach this for a reason and that reason is propaganda and keeping the status quo, ie legal counterfeiting. You can hardly even get tenure in the US if you believe in the gold standard or are against central banking, and the reasons for this are entirely political.
jackson32 4 years ago
The gold supply increases very slowly, something like 1 -2%. It can never be inflated beyond this.
Inflating the money supply as Milton Friedman suggests is entirely unnecessary, look at the 19th century in America we were basically on a gold standard with no inflation, prices went down relentlessly for several decades and yet the economy was booming like never before or since. Notice that the same elites that have fucked everything in America are completely against gold as money.
jackson32 4 years ago
I don't see how it is inflating under Milton. Population growth would absorb the new money. Maybe now that population growth has slowed we would pick a lower number than he suggested. The system is still sound. It beats what we have now.
goose1077 4 years ago
Why do you have to inflate it at all? I'll tell you why, it's because the ruling class uses inflation to make boatloads of money at the expense of the rest of the population. That's why you cannot get tenure in any mainstream university in America if you believe in gold as money, something that is diametrically opposed to this method of hidden theft. Do you honestly believe the bankers are not making huge sums of money creating money out of thin air and then charging interest on it.
jackson32 4 years ago
If anyone doesn't pay taxes, it's champagne socialists like the Kennedy Klan.
StoogeWatcher 4 years ago
Seems this gentlemen forgot to mention that over 12,000 corporations are funneling their millions through the Ugland House in the Cayman Islands with congress approval. Mostly GOP approval as Sen Conrad and Sen Dorgan tried to stop it over a year ago. The GOP voted against the paygo amendment within a budget bill to stop this tax evasion. This would be inconvient news and would not fit into the corporate plans.
DiJon47 4 years ago
Is it not true though that the ultra rich don't pay much taxes?
jackson32 4 years ago
They don't make them much richer than Warren Buffet. The company that he holds a major steak in pays 1/600th of our taxes (taken from memory). In addition to this he pays lots of personal income taxes. The average person pays 1/300,000,000th of our taxes. The AMT was created to tax a tiny amount of people who were not paying personal income tax.
goose1077 4 years ago
What you arent grasping at all is that it depends HOW you earn it. Thats why one guy making 167K pays 12K, another guy making same 167K pays over FOUR TIMES as much tax -- 55K. The worker -- self employed -- is paying OVER 4 times as much. Lower taxes, hell yes, ON THE WORKER.
MarkDouglasC 4 years ago
Self employed don't pay more taxes unless they earn more. They just have more tax visibility.
goose1077 4 years ago
Tax visibility my asp. Are you mental? The example I just futting showed you -- same income. 167K. One guy pays 55K taxes. One guy pays 12. They both have the same "embedded taxes" of corporations, but you just add it to one. Just tax all income types alike, enough of your mystical bad math crap. 55 vs 12K taxes on same income, and you dont see any difference. Denial delusion, dumb, take your pick
MarkDouglasC 4 years ago