I just wrapped up my first tax return for a "rich" client. In this case, a single guy who made over $300,000 this past year.
If you are one of those types of people who believe the rich don't pay enough, how much should this guy pay to make it "fair" for everyone?
Seriously, if you somehow know that the rich don't pay enough, then surely you know how much is enough.
So tell me oh swami of fairness. Tell me how much would be fair for this guy to pay. Oh, and make sure you include Federal taxes, FICA, Medicare, State and Local in your calculation(s).
2 comments:
Fair = $30K (Assuming you believe all of these income taxes are "fair.")
Actual = $160K?
And let's be honest. The point of the progressive tax is punishment, not revenue maximization. Everywhere there are high taxes there are government financial shortages. If your client was allowed to keep an extra $60k, he would be able to recycle those funds back into the economy, creating taxable activity. Ultimately, more revenue would be collected. But the point of taxes is to put those evil wealth creators in their place. The obscene tax that they charge your client ripples through the economy and ultimately slams everyone; old, young, rich, and poor. It's punitive on everyone.
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