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Thread: Taxes

  1. #151
    Supporting Member GoMuskies's Avatar
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    Quote Originally Posted by GuyFawkes38 View Post
    increasing/placing taxes on goods which the wealthy buy...like a yacht tax, for example).
    Doesn't that sort of tax usually fall hardest on the union labor force who is building those yachts for the wealthy?

  2. #152
    Sophomore KC4X's Avatar
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    Quote Originally Posted by GoMuskies View Post
    Doesn't that sort of tax usually fall hardest on the union labor force who is building those yachts for the wealthy?
    Only if they quit buying them, right? They'll have all that extra money since they're not paying taxes on capital gains. :) I seriously doubt they'd stop buying. One could argue they may buy more.

  3. #153
    Quote Originally Posted by ArizonaXUGrad View Post
    They have their opinion and I have mine and history will be the judge. What does past history tell you about societies where the rich in large part own a significant portion of a societies wealth?
    And what does history tell you about societies who try to live communally?

    I'd much rather have a free system where you can have the ability to make your own future and give money how you want than one where you have to share with everyone regardless.

  4. #154
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    Quote Originally Posted by ArizonaXUGrad View Post

    As far as myself and my tax returns, I have traditionally paid out about 7-8% of my income in cash charitable contributions and another 5-7% in non-cash goods. This does not include my time that I donate as well. The remainder of my income is put to mortgage, monthly expenses, car, and savings. This will be the first year my wife and I file together so I don't know exactly what her donations have been. Ever since I moved away from living paycheck to paycheck as a young 20-something I have always hovered in that 12-14% range.
    Yeah, we're going to need you to post those tax returns.

  5. #155
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    [QUOTE=ArizonaXUGrad;364130]

    To Khans - The rich should pay a lot more than it's fair share because...QUOTE]

    I'll at least give you credit for admitting that your position is that the rich should be taxed unfairly.

  6. #156
    Junior XUglow's Avatar
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    Quote Originally Posted by ArizonaXUGrad View Post
    What does past history tell you about societies where the rich in large part own a significant portion of a societies wealth?
    I don't know. Why don't you spell it out for us?

  7. #157
    Supporting Member bjf123's Avatar
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    Quote Originally Posted by GuyFawkes38 View Post
    If you want to increase the burden put on the wealthy, that is fine. But don't do it by increasing the capital gains tax! There are better, more efficient means to do so (increasing taxes on earned income in a highly progressive manner or increasing/placing taxes on goods which the wealthy buy...like a yacht tax, for example).
    Many of you might be too young to remember this, but we tried a "yacht tax" in 1990. It was a colossal failure. All it really did was cost US jobs as the yacht, jewelry, and fur industries tanked, massive layoffs ensued, and tax revenues declined.

    http://www.boortz.com/weblogs/nealz-...son-yacht-tax/

    http://www.thecitizen.com/blogs/lanc...d-doesn’t-work
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  8. #158
    All-Conference Kahns Krazy's Avatar
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    Quote Originally Posted by ArizonaXUGrad View Post
    As far as myself and my tax returns, I have traditionally paid out about 7-8% of my income in cash charitable contributions and another 5-7% in non-cash goods. This does not include my time that I donate as well.
    5-7% of your gross income in non-cash goods is a surprising number. A good rule of thumb is that the donated value of used goods is approximately 25% of the original purchase prices, which would mean that you are spending 20-30% of your annual income on items that you will ultimately donate every year. Certainly, there may be other explanations for how this could happen. You could be a salesman that is required to purchase samples and you turn around and donate them in new condition when you are done with them, or some other reason that you are purchasing goods and donating them new. It's just uncommon, and I say that as a former paid tax preparer.
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  9. #159
    Quote Originally Posted by chico View Post
    And what does history tell you about societies who try to live communally?

    I'd much rather have a free system where you can have the ability to make your own future and give money how you want than one where you have to share with everyone regardless.
    Chico, then say goodbye to all those great services that you enjoy including the library, police, fireman, military, road maintenance, etc. If you want total freedom you can have it. There are plenty of 3rd world countries that you won't have any of the terrible things our country wastes money it gets from the crippling taxes you pay.

    In turn, you will have to invest a vast amount of your wealth in things you will need to protect yourself because those countries won't do it for you.

  10. #160
    Quote Originally Posted by XUglow View Post
    I don't know. Why don't you spell it out for us?
    http://en.wikipedia.org/wiki/List_of_peasant_revolts

    Just a quick list. If you think this country is special and immune you are being foolish. I think there is a nice quote about being doomed to relive history you aren't aware of.

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