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IF we need to define "wealthy" the nation has a problem, But the big money whine on increased taxes is a joke, what might be more useful is taxes on TOTAL incomes, not 'taxable" which is as useless a term as "tax rates", a folly on best day.
Should fat people pay more for food?
Nowfedup, define wealthy.
Wealthy, in this case, means $250,000.00 per yearly income. Yes, they should pay the tax rate they paid before Bush gave them the farm. Oz, get ready. You are going to be poor and fat. Just hide and watch. After your ignorant remark, it will come to you. Karma is a female dog and she will hunt you.
nowfedup has the right idea. Taxable income is usually nothing for those with lots of money to be able to hide or re-route their taxes and assets. Romney was refunded more taxpayer money in 2010 than most even make. (He applied it to his next year's return.) Obama paid his taxes in 2010.
What is wealthy...is a loaded question. A person earning $100,000 per year with no dependents and living in Dunlap is wealthy, the same person living in Manhattan would probably qualify for Government assistance. Romney (Maxx Headroom incarnated) has about as much chance of becoming our next President as Ted Nugent has of ever putting out a hit single...yet both are wealthy and not paying their fair share.
Answer? They already pay more. They pay well over half of the fed income taxes now.
The question is, pay more than who? The bottom-feeders don't pay any fed income tax, so one cent is more than they pay. Those same leeches just want more "free" stuff.
Wealthy, for the purpose of Obama's plan is a net earned income after all business expenses of 250,000. The increase is only on the income over that amount. If you net 300,000, the increase is on the last 50,000. These are the people who got the bulk of the tax breaks Bush's handlers doled out. They will still be taxed a lot less than they were under Reagan, Bush, Clinton and Bush. The reason Wealthy pay half the income taxes is that they make way more than half the income . The reason poor people don't pay much in income taxes is that they don't make much income. They do pay SS taxes, Property taxes ( directly or in part of their rent), sales taxes, gas tax etc. The fact that you think people without money are leeches say's more about you than them.
20% of $0 is $0. 0% of $250,000 is $0
Rich Republicans love money more than life....they should enjoy paying their fair-share of taxes for maintenance of their kingdom.