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This country does have a system which taxes the rich more than the poor. Such a system can NEVER be fair since it all depends on who you ask. Amazingly to me in our current system where a very significant portion of the population pays no income tax, this same group most likely believes that the "rich" should pay even more.
Now that virtually half the population pays no income taxes, they represent a voting block which can impose higher and higher taxes on the half of the country that does pay taxes. The so-called "rich" in the upper income levels which represent a insignificant percentage of voters can be out-voted on rasing their taxes. The "poor" who pay no taxes do not care how high taxes become for the rich.
Eventually however when the tax level achieves a level that the "rich" either really feel is unfair and removes the incentive to earn, the rich will decrease their consumption, fire employess from businesses, and move operations to a foreign country.
Personally speaking as someone who in the current tax system is "rich," I have significantly reduced my taxable income by saving more for retirement, reducing my consumption, and simply deciding to reduce how much I work and earn. I feel angry that the government thinks that it is fair to impose higher and higher taxes on the income that I have earned through years and years of hard labor and education. Anyone could have done what I have done if they would have chosen to work and study as hard. The government is removing the incentive for people to work hard and make more money. Eventually (like now) this trend will come back to bite the government and the country.
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∙ 11y ago
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Who pays more taxes corporations or individuals?
This is a great question since when we think about taxing the rich we think we are taxing individuals, but in reality we are taxing individuals and corporations. The question not answered is: should we be taxing corporations and just how many corporations are we talking about? Corporations are income producing organizations treated as individuals. Individuals may or may not be income producers, but even if they are not income producers, in the end, when they spend money they will provide opportunity for income to be produced. For example, a rich person buys an aircraft. The company who sells the aircraft, buys raw materials, pays employees, etc to manufacture and sell that aircraft. In other words, the rich person creates employment and profits. Corporations have slightly different paradigm to deal with. In order to produce something, they have to have capital to start their business. True, there some very rich individuals who can start their own corporations and fund them completely, of more often, business start slowly, building capital slowly, they borrow needed funds, (assuming they have capitol equity) or they sell shares to raise money. If they are taxed too much, that is money they do not have to invest in the business. The problem still remains, the business have to buy the manufacturing equipment before they can make taxable profits, so even if they can deduct the cost of doing business, they only can do so if there are profits. So in the end if we mistakenly confuse real business with individuals who have wealth we are over taxing our income generators.
A retailer that collects sales taxes is acting as an agent for the?
taxing authority.
What does fwt mean on my paycheck?
fwt is taxing me way to much on my paycheck
When will your rent rebate checks go out?
You may be able to get this information from your taxing area web site.
Can a payroll account be garnished?
Yes ----- usually by a court order. Also by statuate and taxing authorities
Which ancient civilization grew rich by taxing the trade in salt and gold?
ancient greece
What issues to support Populism?
Issues that support populism are importing goods that are locally grown, over paying and under taxing the rich, and over taxing and under paying the poor.
Which two powers guide much of the daily work of Congress?
the commerce power and the taxing power
How have the British people failed the colonists?
By taxing our land, taxing our imported goods and taxing our tea!
Who did the poor work for?
They work for Rich work on farms.
What is work overload?
Work overload is a form of stress that occurs when you work too much or when your work is mentally or emotionally taxing. If you continue to have work overload, the end result could be a mental or emotional breakdown.
What is the duration of A Taxing Woman?
The duration of A Taxing Woman is 2.12 hours.
What economic policy is about taxing and spending?
Fiscal policy is about taxing and spending.
When was A Taxing Woman created?
A Taxing Woman was created on 1987-02-07.
When was A Taxing Woman's Return created?
A Taxing Woman's Return was created in 1988.
Did rich Victorians work?
no
What US president taxed unemployment payments?
Ronald Reagan signed the Bill to begin taxing unemployment. Shows you how much he cared about the people who weren't rich like his Republican buddies.
