Some Billionaires Pay Tax at 1% Rate.

Discussion in 'Current Events' started by island1fox, Dec 8, 2011.

  1. island1fox

    island1fox Well-Known Member

    President Obama in a recent speech claimed Some Billionaires pay tax at the 1% rate.

    Questions : Where does the 1% Rate in the present Tax code exist ?

    Name the Billionaires who have paid only 1% ??

    I do not like the class warfare rhetoric but can it at least be truthful ???:dissapointed:
  2. moreluck

    moreluck golden ticket member

    It was covered on TV that Buck was talking out his butt. There are no facts to back up what he was claiming. Nice to know the pres. gets his info. the same place Klein does.
  3. klein

    klein Für Meno :)

    Hey, just like people such as Donald Trump says the US has the highest corperate taxes, yet GE didn't pay a cent in taxes !
    How does that work ?
  4. wkmac

    wkmac Well-Known Member

    There is no 1% rate but by the time all legal and lawful deductions are taken, the net effective rate "for some billionaires" might be 1%. Deductions I might add that were written into the tax code by his signing pen and with the help of his fellow democrats not that republicans should be excluded here.

    But then saying "some billionaires" pay 1% would suggest that not all billionaires pay 1% just as not all of us here pay the same net effective rate after deductions (again lawful and legal) are included.

    And let's put our thinking caps on here, no billionaire effectively pays taxes anyway. The money for what taxes he/she might pay comes from those who consume products or the services provided on which the wealth was built to begin with. If no service or product is bought, no income is derived and thus no taxes would be due. Therein lay the problem in "taxing the rich" because the cost of the tax will be passed down and embedded in the costs of goods and services and thus the reason folks like Buffet can keep a straight face when they say that the rich should pay more in taxes. Buffet knows the very system he supports and the one that the statist idiots out there think will re-balance the economic scales is in fact the one system that has created the so-called 1% to begin with and the 1% will only grow in power and wealth as you morons on both sides continue to feed it!

    In the meantime, the rich or 1% that so many of you defend are milking the entire system dry with subsidy, special tax law or other forms of gov't cheese and all the while you run around like chicken little screaming high treason because some low rent welfare recipient managed to somehow squeeze the pot for a few extra dollars. True but stop being a hypocrite and see the system both ways and for what it really is!

  5. moreluck

    moreluck golden ticket member

    So you think we just have that ONE corporation???
  6. av8torntn

    av8torntn Well-Known Member

    I will say that I disagree. I can see no reason for a corporation that earns money in another country and is taxed in that country that they should also be taxed here. I think these are the deductions that most people are complaining about. That creates a huge disincentive for a company like GE to bring those profits back to this country. I don't agree that the US should have the authority to tax everything in the world.

    As far as subsidies yes you should be allowed to succeed or fail on your own but that goes for the individual as well as companies.
  7. trplnkl

    trplnkl 555

    The CEO of GE is zer0bama's buddy.