rulemylife -> RE: Bipartisan effort... for some. (3/15/2011 11:01:55 PM)
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ORIGINAL: willbeurdaddy quote:
ORIGINAL: fmfclwu http://blogs.ajc.com/mike-luckovich/files/2011/02/mike02162011.jpg I guess there's no images here? Anyways, the real ways to be serious about reducing the deficit are health care and taxes. Health care now eats 1/6 of our GDP without giving us better results than most countries who spend well less than half of what we do. The employer-based model of health insurance in the U.S. is the worst possible setup - we cannot rely on the market to control costs when the consumers are isolated from the costs. We also need to fix all the tax loopholes that have been added over the years. The top 400 wealthiest Americans, who control more wealth than the bottom 60% of Americans COMBINED, payed an effective tax rate of 16.6% (as of 2007) because of all the loopholes set up for the rich. When Bill Gates has a lower tax rate than his secretary, something needs to change. Paragraph 1 A+ Paragrapy 2 D- The capital gains tax rate is not a "loophole", and is the reason for low effective tax rates among the wealthiest individuals. It is critical to keep them investing. It is the primary reason that Clinton came close to balancing the budget. There are virtually no other "loopholes" for individuals. And dont buy the bullshit you read about them having a lower effective tax rates than their "secretaries". The top 400 have an effective tax rate of around 17.5%. A $50k earner taking only standard deductions has an effective tax rate around 5%. At 75k its around 8%. At 200k with fairly typical itemized deductions its around 15%. Pulling more nonsense out of your ass Willbeur? Document your "effective tax rates" or stfu. Oh, and let's not forget this little gem. But hey, he's only Warren Buffet, and I'm quite sure your financial genius outshines his any day. Buffett blasts system that lets him pay less tax than secretary ... Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent. Mr Buffett told his audience, which included John Mack, the chairman of Morgan Stanley, and Alan Patricof, the founder of the US branch of Apax Partners, that US government policy had accentuated a disparity of wealth that hurt the economy by stifling opportunity and motivation. Why Buffett pays less than his secretary - Conor Clarke - Politics ...
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