Frankensteins Monster, on 21 January 2013 - 12:40 PM, said:
Well Shafted, on 21 January 2013 - 12:37 PM, said:
I got your PM, thanks. And I responded, but for the record, you didn't tell me what you believe is an appropriate effective tax rate for Phil. So I ask again, what is an appropriate effective tax rate for someone with Phil's earnings?
Phil's taxes should be the same as everyone else. There shouldn't be any loopholes to get the marginal tax rate below what I am paying. Nor should he be paying more than me. I'm talking about federal taxes. His Sand Diego taxes are all on him because that was a conscious choice he made. He made his extravagant bed there and he should sleep in it or make changes. Not hold a press conference about it.
All income should be taxed at the same amount, that includes the money made from investments (dividends, interest, etc.). The only people that shouldn't have an income tax the same as me are low income people who cannot afford to pay it. I'm not talking about freeloaders, I'm talking about true low income wage earners.
As far as s specific rate, nobody's taxes should drop below the most common tax rate is. If it's 20%, Phil's taxes, after all his deductions should not drop below 20%. That's as specific as I can get. My rate is above that. There should be a middle ground percentage but I do not know what that is.
A little bit of progress (pardon the pun)! Not sure what you mean by "most common tax rate," but I couldn't be further from a tax professional so forgive me if I'm missing something.
And I know it's not practical to lay out a blueprint for what you feel should be the foundation for an extremely complex topic. But it's the concepts that we can make progress on here. And conceptually, I just don't think it's fair to insinuate that Phil does not pay enough or even is paying his fair share without A) knowing exactly what Phil did pay, and B) sharing what you feel is the "right" level.
You haven't responded to A, and reluctantly and passively shared the beginnings of B, so it's tough for me to consider your arguments in an objective way... All the while with you sprinkling in comments like "He made his extravagant bed and should sleep in it." I don't know how to interpret that...