01-13-2003, 09:06 AM
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#7
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Quote:
Originally posted by Paladin2000:
Magik,
This is not my theory nor logic. This is the impression that I got after reading Rober T. Kiyosaki(?)'s book, titled Rich Dad, Poor Dad. He didn't give a very detailed explaination but he still does a good job of conveying the message in a layman's term.
I think what he was trying to say was the rich does pays more tax in terms of dollar and cents but in percentage of the their total income, they are actually paying less because of the tax loop hole.
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that makes no sense. If the "Rich" are taxed at a higher "PERCENTAGE" rate, then they cannot be paying less of a percentage of their total income [img]smile.gif[/img] thats like an oxymoron  The problem is, there are certain people in our media and government who want to promote class envy and strife over taxes. Of course a tax break benefits the "rich" if you define rich as any one who actually pays into the tax system. Anyone making under 20-25k a year in the US not only do not pay taxes, but qualify for earned income credits...which is in simpler terms...they get more money back than they paid in, because the government gives them someone elses money.
Someone earlier claimed that earned income credits didn't work the same any more, but this years tax code says it works the way I remember it.
The poor don't get money back from tax breaks..because the poor don't actually pay income taxes, but they do pay payroll taxes which contributes to their medical care, their social security and other such things. The "rich" do benefit but usualy this helps everyone, because the "rich" are the ones who own businesses and who can hire more people if they have more money to grow their business. Oh and should anyone wonder...when talking about "rich" usually we are talkingcombined incomes of $100,000 or greater. Sounds like a lot..untill you realize the cost of living in some places. Well rant mode is off now...
hope I explained my point well enough.
[ 01-13-2003, 09:07 AM: Message edited by: MagiK ]
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