Who determines this stuff? How and who defines what it means to be "rich" with respect to taxation? And what is the barometer of what is "fair"? Is an annual gross income of $100,000 equal "rich"? How about $250,000? Or, $1,000,000? More? Less? And what is "fair" for taxation? 30%? 40%? 60%? 90%? This is one of the problems I have with our current tax system. Left leaning politicians determine who is "rich" and then determine what taxation levels are "fair". Fair to who? And why? Is it fair for singers, actors and other entertainers to have third world production companies where they hide and shield 90% of their income? Is it fair for corporate execs receiving millions of dollars in bonuses to move to a non income tax state, collect their bonuses, and then move back and not pay the state income tax? This arbitrary system of taxation is part and parcel of our problems today in the economy. This is why I strongly support an end to our current taxation system and go to a flat tax- the same for every citizen. If you're going to have skin in the game, you have to play the game.
$50K in california and you need roommates. $50K in Alabama and you've got a comfortable living. $1M might buy you a house in California. $10K might buy you a house in Detroit. One size fits all!
If your household income is greater than $100,000.00 a year you are in the top 15% of the population. If your household income is greater than $250,000.00 a year you are in the top 2% of the population. Just my opinion here, but if you are in the top 2% of the population, I would consider you rich (no matter where you live).
I completely disagree. Like Denny said, someone like me who makes a decent living at over 100k a year can live somewhat comfortably in Houston, but my same salary in San Diego wouldn't buy a house big enough for my family. Might not even rent one big enough
The problem with this question, IMO, is that the entire premise is flawed. Nobody should be deciding who ELSE is rich. Give everybody the same tax RATE, make everybody have some skin in the game for spending increases, and forget about this ridiculous class warfare garbage.
What is a fair flat tax rate? I am pretty sure most of you would probably pay more in taxes with a flat tax than what we currently have in place. This is any scenario like Libertopia where we get rid of the government.
10%, no deductions. That'd be about $1.5T in revenue for the government. If people want in to programs like SS, they can pay extra.
* http://www.taxfoundation.org/blog/show/27530.html Recently released IRS data for 2009, shows that taxpayers earning over $200,000 paid 50 percent of the $866 billion in total income taxes paid that year, or $434 billion. Skeptics will say, "That's because they earn the majority of the income in America. Not so. These taxpayers earned 25 percent of the $7.6 trillion in total adjusted gross income in the country that year. .08 * $7.6T = *$608B, which is 75% of the $866B in taxes paid. However, the $7.6T is "adjusted gross income" - so factoring out the deductions that adjust that gross income, 8% probably does bring in more income.
