Does Obama's budget plan call for elimination of Property Tax deduction?

[comsnark]

I think this is an interesting addition to the discussion: “The Rich Aren’t Getting Richer, Actual super-wealthy households saw their income decline.” In the tax discussions it is often forgotten that most of the poor are not “poor” in ten years and the “rich” are not at that income level in ten years as well.<<snip>> Many of the so called rich are just people at their peak earnings years or like some on our forum that have sold businesses, neither are in the permanent “rich” category.

Well. . .at least the articles you quoted do actually make these points!

The article on incomes is CLEARLY one where numbers are used to make a clearly defined point. Purely a numerical masturbation excercise. For example, I can gaurentee if that I become CEO tomorrow and make $10M in income every year for a few years, I *will* retire. When I retire, my *income* will go down. Have no dobut, however, that I will be *rich*.

If you do these things you will not be poor 1. Finish school, 2. Don't go to jail, 3. If you get married, stay married. 4 Don't have kids outside of marriage, etc.

I agree with these things.
I think it is fairly straight forward to get into the middle class. The fact that many people do not does not speak well for those people.

Becoming "rich" is a little bit harder. I am ok with that.

 

[Woody]

Woody; we have gotten onto a sidebar when we talked about "Tax simplification". Presumably, the employee and the employer are no longer paying payroll taxes to SS and medicare because those programs no longer exist. We can debate the merits of those programs in another thread.

Personally. . I think that is a stretch. I strongly suspect that if those programs magically go away; then someway. . .somehow. . .the taxes will remain.

Well then, never mind. Snowed last nite, snowing now, nothing to do so I'm going to the casino and try to turn my refundable credits into a bundle.:smt038

 

[MonacoMike]

The article on incomes is CLEARLY one where numbers are used to make a clearly defined point. Purely a numerical masturbation excercise. For example, I can gaurentee if that I become CEO tomorrow and make $10M in income every year for a few years, I *will* retire. When I retire, my *income* will go down. Have no dobut, however, that I will be *rich*.

That is the point, At the time in your life you are trying to save for the future and retirement in your peak earnings years they want your money to give to the people in the other article. We do not tax the “Rich” or wealth in this country, we tax earners. You can have a trillion dollars and if you don’t earn with it you pay no tax.

 

[comsnark]

ohh I don't think that is the point at all. Let's not get into the discussion of "earned income" vs. "Dividends" vs. "capital gains". That is a whole different discussion.

It's after 5pm somewhere. . .I'm gonna start drinkin.
Wait a sec. . .it's after 5pm HERE. I'm REALLY gonna start drinkin.

 

[jason78]

Yes, I was talking about employment tax, not corp tax. Woody can think I am naive all he wants but I can just about guarantee my company would "pass on the savings" in some form to the employees. Honestly, I am sure many companies would not.

It really does not matter though whether they do or not, Fair/Flat Tax is something that would be good for everyone (except for people getting my CASH back on their Tax Return on top of what little they paid in). Doubt it will ever happen though because it would reduce govt more than I think either party is willing to do right now. As for the other points brought up, I will save that for tomorrow. Just got back from a windy day at the boat and I must sleep. It is supposed to be 74 and Sunny tomorrow and I think my Magma Grill needs some Spring Steak on it!:grin:

 

[Woody]

That is the point, At the time in your life you are trying to save for the future and retirement in your peak earnings years they want your money to give to the people in the other article. We do not tax the “Rich” or wealth in this country, we tax earners. You can have a trillion dollars and if you don’t earn with it you pay no tax.

So I start with nothing, during my life I accumulate a trillion $$$. Because I keep it stuffed in my mattress it doesn't generate any new income that might be taxable. My trillion most certainly is part of the total wealth and it most certainly has been taxed. In fact when I expire there are some more taxes I'll be subjected to. What are all you poor folks looking for...do you want me to pay some kind of new annual tax on it just because I have it. :huh: