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UPS Union Issues
Obama? Really?
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<blockquote data-quote="sortaisle" data-source="post: 1043920" data-attributes="member: 17605"><p>As much as I'd like to see a flat tax happen I tend to agree with you. If the poor and even us as a middle class had to pay a flat 25% tax, we/they'd be pissed. That would mean no refund. Zero. After tax refunds and child tax credits and such I pay about 15-20% But that's just a payroll tax. However, if we had a flat tax and we taxed someone like Romney or Obama or Buffet...let's use Buffet as an example...in 2010 he had an AGI of 62.8 million. He had an income tax bill of just under 7 million. That's 11-ish percent. If he pays a flat tax of 25% then it would have been 15.5. This is income on money he receives, not what he has laying around. If all of us are taxed at that rate, we could have a balanced budget with all of our infrastructure taken care of AND national healthcare if we wanted it. But it won't happen. I won't even go into capital gains tax. It's at 15%...some of it 20%. That means the government lost somewhere between 3 and 10% depending on what kind of shares and dividends he gets. It's one of the reasons why I don't like CEO's getting paid in stock options.</p></blockquote><p></p>
[QUOTE="sortaisle, post: 1043920, member: 17605"] As much as I'd like to see a flat tax happen I tend to agree with you. If the poor and even us as a middle class had to pay a flat 25% tax, we/they'd be pissed. That would mean no refund. Zero. After tax refunds and child tax credits and such I pay about 15-20% But that's just a payroll tax. However, if we had a flat tax and we taxed someone like Romney or Obama or Buffet...let's use Buffet as an example...in 2010 he had an AGI of 62.8 million. He had an income tax bill of just under 7 million. That's 11-ish percent. If he pays a flat tax of 25% then it would have been 15.5. This is income on money he receives, not what he has laying around. If all of us are taxed at that rate, we could have a balanced budget with all of our infrastructure taken care of AND national healthcare if we wanted it. But it won't happen. I won't even go into capital gains tax. It's at 15%...some of it 20%. That means the government lost somewhere between 3 and 10% depending on what kind of shares and dividends he gets. It's one of the reasons why I don't like CEO's getting paid in stock options. [/QUOTE]
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