Don't get me wrong, I do NOT LIKE Mitt Romney, but at least he gets it.....

[Doc]

Glad to see him call out liberals to actually justify their absurd claims about taxing, tax rates...and the fallacies they repeatedly express. This lady does nothing but talk in circles while literally refusing to answer the questions. In my opinion, the most important part is at the end where he brings the topic of Capital Gains in addition to inheritance tax (43.4% PLUS 40% for an 83.4% tax rate on all inheritance over a million)



So in essence the gov't decided that regardless of how much you earn or are worth, you can only pass $1,000,000 to your descendants and then they (the gov't) deserves 84% of the rest.

[VirginiaCat]

Glad to see him call out liberals to actually justify their absurd claims about taxing, tax rates...and the fallacies they repeatedly express. This lady does nothing but talk in circles while literally refusing to answer the questions. In my opinion, the most important part is at the end where he brings the topic of Capital Gains in addition to inheritance tax (43.4% PLUS 40% for an 83.4% tax rate on all inheritance over a million)



So in essence the gov't decided that regardless of how much you earn or are worth, you can only pass $1,000,000 to your descendants and then they (the gov't) deserves 84% of the rest.

I detest Romney...but he Excoriated that economic liberal stooge.

[catmanjack]

How do I get to the 53% that do not pay taxes category?
I sure to not want to make much money just to give it to the government!

[MickintheHam]

Taxes and unbridled inflation are the most serious threats to America and the democracy. While we are busy doubling the minimum wage and raising taxes, the biggest threat is to those Americans on fixed incomes. We are mandating unskilled workers be paid more and we will have to turn around and address the impact the resulting inflationary impacts will have on Social Security payments. The SS CPI increase will only put more pressure on the bankrupt SS system. It’s a system problem no politician wants to discuss much less fix. There are a terrific number of people approaching retirement who will be totally dependent on SS to live, only exacerbating an unfixable problem.

Can we afford to spend trillions on “infrastructure” and give away billions to community organizers with the economy headed on the road to hell?

[Doc]

There are a terrific number of people approaching retirement who will be totally dependent on SS to live, only exacerbating an unfixable problem.

Not me. I never expected SS to be around. I have always planned my retirement without consideration for a government contribution despite me paying into it for over 5 decades.

[MickintheHam]

Not me. I never expected SS to be around. I have always planned my retirement without consideration for a government contribution despite me paying into it for over 5 decades.

You never planned on it and neither did I. Unfortunately 40% of all retirees depend solely on Social Security. In addition you have all of the hundreds of billion dollars in under funded state pension plans It will become one more giant welfare burden for our socialist friends to figure out.

[dan_bgblue]

Not sure this belongs here, but it is about income taxes.

[KeithKSR]

You never planned on it and neither did I. Unfortunately 40% of all retirees depend solely on Social Security. In addition you have all of the hundreds of billion dollars in under funded state pension plans It will become one more giant welfare burden for our socialist friends to figure out.

You start fixing the underfunded SS program by cutting a lot of the crap from the budget. The recent $1.5 trillion infrastructure bill only calls for about 6% to go to actual infrastructure. If it’s not actual infrastructure it shouldn’t be in that bill. We spend way too much money on repetitive alphabet agencies, we need to cut them to the bone. We need to eliminate most foreign aid, which primarily goes to lining pockets. We also cease any kind of assistance payments to immigrants. If people want to immigrate to the US they should do so as functioning contributors to society by getting jobs and paying their own way.

[VirginiaCat]

Not sure this belongs here, but it is about income taxes.

I had not seen this. And the answer, to me, under current code is Wealth clearly not defined in out current code as Income and the IRS would lose this battle in court.

Could Congress enact laws that pass taxes on wealth. Yes they can. Will they? I simply cannot imagine it...but they could...and we would see a mass exodus of rich people giving up their citizenship. And moving to tax havens in the islands.

A Flat tax is the simplest answer. Simply say every $$ above $XX is taxable at %rate. That XX would be the amount exempted for normal living standards then every $$ over that is "Disposable income" that everyone pays the same rate upon. No deductions. PEriod. Then the only battle is what that number is and the tax rate.