Do the Rich Pay Enough in Taxes?

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RAISING TAXES ON THE RICH WON'T CURE THE ECONOMY, BUT IT MAY HELP...
Out of the gate let's be clear, the two major problems are; overspending and insane, crippling, regulations.
That said, increasing taxes on the wealthy won't hurt and may mitigate some of the pain... But only if spending is slashed simultaneously.
Roughly the wealth/worth breakdown in America is something like; the top 20% control about 82% of the wealth, with the top 2% having about 40% of all the loot - this would be really bad news for all the other players if we were playing Monopoly.
Here's another way to look at it. Let's say you made 50,000 a year in gross income. And you paid 25% of your adjusted income in state and federal taxes - you'd be left with about $32,000. Enough for a used Chevette and a one bedroom apartment in SoCal. If you budget well maybe a dinner out at a coffee shop and a movie once a week.
If that person earned $200,000. His net income, after state and federal tax, would be about, $140,000, or about $9,000 a month more than the 50K guy. So this guy could buy a home in a great neighborhood, drive a BMW, put his kid in a private school and eat in nice restaurants. If his taxes went up by 5% he's still bring home nearly $8500 more a month more than the 50K guy.
When you look at higher income brackets the spread becomes massive.
During the 1960's and early 70's executive pay was about 30 to 40 times that of their employees and their taxes were much higher than the proposed increases. Now, exec pay is nearly 400 times more. Yeah, I'd say they should pitch in a little more - But only if it's part of a package that contains draconian cuts in government spending.
To do otherwise would solve nothing - which, of course, is what the politicians will do.

R.L. Schaefer of CA 12:06PM September 21, 2011

That's the sort of talk Obama runs on--when he is running for office, as a Democrat. When the chips are down, the rubber meets the road, the pressure's on, what does he do? Renews the Republican tax cuts. He's all fire in the belly now, but remember, he signed a deal so that he wouldn't be negotiating this again with the House until after the election, and once he's no longer running for office he rolls right over for the rich and corporations. He's a Republican through and through and you would have to be very slow intellectually not to recognize it, although he is damn good at speeches when he's campaigning.

Fern of MN 10:32AM September 21, 2011

I only get to take home about $0.64 on every dollar I earn. Why should that take home pay number be any less for people who make millions, especially those who's millions come from capital gains?

Adam of NY 10:07AM September 21, 2011

I have to admit a mistake, I copied part of the wrong comment I had written but never posted, yes I made a mistake; this is what I meant to post. Richard Columbare, I am sorry your employer did not give you a raise, but your comment actually proves tickle down works. Do you think the yacht and the condo just appeared out of thin air? What would the employees of the yacht manufacturer do if there were no rich buying the yachts? Rich people are not buying condos now, so construction workers are unemployed. Where I live many contractors are losing everything they have. Many of them were the hated rich a few years ago. Ask the unemployed construction workers when they had it better, now or when the rich were spending their money. Your bosses spending was employing other people, you just resent that he did not spend more on you.
The rich are afraid to do anything until we get a business friendly president in office. The only thing Obama knows how to do is blame others for his incompetence. The truth about rising taxes on the rich is it will do nothing for the debt; it will only make the wealth envy crowd feel better. There were about 350,000 tax returns over a million dollars, and of those about 8250 were over ten million. Guess what, if you tax the 8250 that made over 10,000,000 at a full $10,000,000 each you will raise 82,500,000,000 (eighty two billion, five hundred million), around 10% of our economic idiot in chief’s first stimulus. Then tax the rest of the 350,000 tax returns (341,750 returns) at a full $1,000,000 each, then you have raised $341,750,000,000 (three hundred forty one billion, seven hundred fifty million). Now add the two together, and you will get $424,250,000,000 (four hundred twenty four billion, two hundred fifty million), not even enough to pay for the new stimulus (which will be as big of a waste of money as the last one). To put this in perspective, our total debt is 14.5 trillion, so this added revenue will have the same effect as paying $29 on your $1,000 credit card balance. Once again, it does nothing for the debt, it only makes the petty jealous little class warfare crowd feel good.
But RamboJimbo, you are a moron, and the type of person Obama appeals to. The majority of rich are really your neighbors, people who worked hard, saved, did not waste their money and invested in stocks or their business. You obviously did not try, so now you resent those who did. By the way there have already been many articles that say Obama is wrong the rich do pay a higher percent of income taxes. Obama is comparing capital gains tax to regular income. Dividends are not a tax deduction for a company, in other words the corporation is taxed on the money that is paid as dividends and the receiver of the dividends is also taxed. It is taxed twice; a salary is a deduction for the corporation. What increasing capital gains tax will do is make investing less attractive and then companies will have less to expand with. Once again it makes the jealous petty wealth envy crowd feel good, but actually hurts them more than the hated rich.

kewaal of GA 9:59AM September 21, 2011

Sorry DominicPaz, you are like most libs and have no idea what you are talking about. There were about 350,000 tax returns over a million dollars, and of those about 8250 were over ten million. Guess what genius (as I say sarcastically), if you tax the 8250 that made over 10,000,000 at a full $10,000,000 each you will raise 82,500,000,000 (eighty two billion, five hundred million), around 10% of our economic idiot in chief’s first stimulus. Then tax the rest of the 350,000 tax returns (341,750 returns) at a full $1,000,000 each, then you have raised $341,750,000,000 (three hundred forty one billion, seven hundred fifty million). Now add the two together, or since you are a Democrat, get someone to do it for you and you will get $424,250,000,000 (four hundred twenty four billion, two hundred fifty million), not even enough to pay for the new stimulus (which will be as big of a waste of money as the last one). To put this in perspective, our total debt is 14.5 trillion, so this added revenue will have the same effect as paying $29 on your $1,000 credit card balance. In other words it does nothing for the debt, it only makes the petty jealous little class warfare crowd feel good.
But RamboJimbo, you are a moron, and the type of person Obama appeals to. The majority of rich are really your neighbors, people who worked hard, saved, did not waste their money and invested in stocks or their business. You obviously did not try, so now you resent those who did. By the way there have already been many articles that say Obama is wrong the rich do pay a higher percent of income taxes. Obama is comparing capital gains tax to regular income. Dividends are not a tax deduction for a company, in other words the corporation is taxed on the money that is paid as dividends and the receiver of the dividends is also taxed. It is taxed twice; a salary is a deduction for the corporation. What increasing capital gains tax will do is make investing less attractive and then companies will have less to expand with. Once again it makes the jealous petty wealth envy crowd feel good, but actually hurts them more than the hated rich.

kewaal of GA 9:55AM September 21, 2011

The rich create jobs with their wealth! If you're a cigar stewart or yacht polisher. Rich people in this country suffer from affluenza, a tax increase would do them some good.

RamboJimbo of OH 12:30AM September 21, 2011

Poloticans like republicans in particular don't want a tax increase for the wealthy,ask them how much they own,or make .I think they should have to tell everybody how much they own and make when they want to take away what you have worked for your whole life.

John Fessler of FL 9:34PM September 20, 2011

I have been thru the President Reagans trickle down theory on taxes. My employer bought a new boat for his vacation home and a condo in Florida and sent his daughter to Europe for college. But my salary stayed the same and he stopped our profit sharing plan. So giving millionaires tax breaks does'nt do anything for the working man. And the statement that a rising tide lifts all boats should be changed to lifts all yachts if you have the means to own one.

richard columbare of FL 9:12PM September 20, 2011

Another thing. You poor white people who hate Obama so much, are truly ignorant and misguided. The money machine of the rich is brainwashing you and you are going to suffer because of it. Example: how did you like that heat wave this summer, how about that tornado in Missouri, or that hurricane on the east coast? All caused by climate change and the lack of attention to the environment. Republican leaders, in bed with the corporate leaders, do not want environment restrictions and the poor people will suffer because of it.

E Jolie of CA 9:12PM September 20, 2011

T Ganski
I don't want the governement, state or federal to increase taxes on anyone. If there was evidence that either arm of the government was wise and prudent with my tax dollars or if there was evidence that my tax dollars were helping to bring people out of poverty or improve this country, then I would say fine do what you have to do. But that evidence does NOT exist. How long has there been a war on poverty? How are our schools? How about the roads?
Tax dollars are someone elses property that they earned or obtained somehow, what gives me or anyone else the right to think that I am entitled to that property? I am NOT, and neither is anyone else.
My wife and I both do a lot to help those less fortunite adn we do so because that is where we both came from and we know is hard, but when I see peopel with EBT card wearing a $300 watch and wearing $150 tennis shoes and then asking me for more, please.

Larry of CA 6:18PM September 20, 2011