Xequecal wrote:
Vindicarre wrote:
How do you view a consumption tax as being a "major exemption for wealthy people"? Wealthy people don't buy things? Why should capital gains be double taxed?
http://www.theatlantic.com/business/arc ... do/243608/ edit: Just saw your idea about deducting cap gains from income tax owed, I'd tend to agree, but then you're already eroding a "flat tax".
Wealthy people spend a small smaller percentage of their total income on consumption than the poor and middle class do, for pretty obvious reasons.
It's not obvious to me, I'd like to see some evidence of that. Keep in mind that there would be an exemption for essentials in every realistic consumption tax I've seen proposed.
Xequecal wrote:
Quote:
What? What's the difference between "taxable income" and "all the money...he made"?
Uh, I'm not sure if I'm talking past you here, but you do know that "taxable income" is the amount of income subject to income tax, right? It excludes capital gains and anything you can deduct.
You are aware that there are capital gains taxes, correct? That be included in "taxable" income. Taxable income is just that taxable. What other money did he make that's not taxable? How should one be taxed on things that aren't "taxable"?
Xequecal wrote:
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Why doesn't good old Warren give what he thinks he should, if he's so upset about this? Words are wind.
The point is he can legally pay 17.4% on $40 million of taxable income. It's not capital gains. It's being recorded as actual income and he's paying half the rate of the middle class. Presumably, if he can do it so can a lot of other rich people.
No, the point is that he's perfectly fine finding a way to "only" pay the minimum amount he's required to by law. Yet he says others should pay more, when he's obviously not willing to put his money where his mouth is.
Xequecal wrote:
Quote:
I'd be interested in seeing this evidence.
Ok. The top marginal tax rate in the UK is 50%. Belgium is 54%, Finland is 46.6%, Germany is 45%, Italy is 43%, France is 50%. The US comes in at 35%. This comparison is not perfect as every country has different deductions and loopholes, but it's going to take quite a lot to make up for that gap.
No, I'd like to see the evidence you spoke of in the quoted line:
Xequecal wrote:
All the evidence I can find indicates the rich pay a significantly lower percentage of their income to taxes than the middle class do.
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